State Of California Real Estate Market
A good number of first-time home buyers entered the California property market due to an array of reasons as listed below by the California Association of Realtors (CAR).
Amazingly low interest rate Home buyers tax credits Friendly home prices Large numbers of highly attractive properties First-time home buyers increased significantly by 11.
1 percent in 2009 to hit the 47 percent mark up from 35.
9 percent the previous year.
The long-run average of the California real estate market stood at 38.
6 percent which meant that first-time home buyers' share exceeded this average by close to 10 percentage points.
This phenomenon was last observed way back in 1995 when more than half of all the property investors in the market were new to the scene.
According to CAR, the impressive performance in the home sales sector is due to the success of the federal home buyers' tax credit program.
The homebuyers' tax credit program has been hailed by industry experts as being one of the most successful economic stimulation strategies employed by the government.
In a survey carried out by the CAR, almost 40 percent of the respondents said they wouldn't have been able to buy their homes if the federal government hadn't offered the federal tax credit program.
A further 70 percent of the respondents termed the federal tax credit program as being 'most important' or 'very important'.
More than 50 percent of all first-time home buyers in California acquired properties that were either short sales properties or foreclosures/Real Estate Owned (REO) properties.
Collectively, REO and short sale properties are known as distressed properties.
In 2009, distressed properties recorded a median price of $250,000 while non-distressed properties had a median price of $485,000.
First-Time Buyers Housing Affordability Index (FTB-HAI) throughout California which is determined by CAR hit an all time high of 64 percent towards the end of 2009.
The FTB-HAI is basically a percentage measure of the number of households that be able to buy an entry level house in California.
This was attributed to the friendly home prices prevailing throughout the state.
Currently, first-time home buyers are not only able to buy a house; they are buying larger houses due to increased affordability.
In early 2005, the average square feet of a first-time buyer's home stood at 1,300 square feet.
As of 2009, the average square feet of first-time home owners stood at 1,560 according to CAR.
Orit and Gadish properties have a large listing of all types of properties in California.
Visit them today and get information on all types of residential REO properties.
Amazingly low interest rate Home buyers tax credits Friendly home prices Large numbers of highly attractive properties First-time home buyers increased significantly by 11.
1 percent in 2009 to hit the 47 percent mark up from 35.
9 percent the previous year.
The long-run average of the California real estate market stood at 38.
6 percent which meant that first-time home buyers' share exceeded this average by close to 10 percentage points.
This phenomenon was last observed way back in 1995 when more than half of all the property investors in the market were new to the scene.
According to CAR, the impressive performance in the home sales sector is due to the success of the federal home buyers' tax credit program.
The homebuyers' tax credit program has been hailed by industry experts as being one of the most successful economic stimulation strategies employed by the government.
In a survey carried out by the CAR, almost 40 percent of the respondents said they wouldn't have been able to buy their homes if the federal government hadn't offered the federal tax credit program.
A further 70 percent of the respondents termed the federal tax credit program as being 'most important' or 'very important'.
More than 50 percent of all first-time home buyers in California acquired properties that were either short sales properties or foreclosures/Real Estate Owned (REO) properties.
Collectively, REO and short sale properties are known as distressed properties.
In 2009, distressed properties recorded a median price of $250,000 while non-distressed properties had a median price of $485,000.
First-Time Buyers Housing Affordability Index (FTB-HAI) throughout California which is determined by CAR hit an all time high of 64 percent towards the end of 2009.
The FTB-HAI is basically a percentage measure of the number of households that be able to buy an entry level house in California.
This was attributed to the friendly home prices prevailing throughout the state.
Currently, first-time home buyers are not only able to buy a house; they are buying larger houses due to increased affordability.
In early 2005, the average square feet of a first-time buyer's home stood at 1,300 square feet.
As of 2009, the average square feet of first-time home owners stood at 1,560 according to CAR.
Orit and Gadish properties have a large listing of all types of properties in California.
Visit them today and get information on all types of residential REO properties.