California recently experienced more than a half-million home sales in a calendar year. It’s one of the hottest states in terms of real estate transactions, and people move to and from the state in large numbers each year.
The housing market in Southern California is intriguing. When you consider areas like Los Angeles, Orange County, and San Diego, there’s no shortage of people wanting to purchase property so they can live amongst year-round sunshine. But how can you navigate buying real estate in SoCal? We’re happy to explain.
Here’s what you should know about investing in southern California real estate.
1. Home Prices Are Going Up
Home values and prices are always a strong indicator of things like the economy, jobs, and the state of a particular city or region. Home prices are going up in Southern California, which means that property owners are getting a tremendous return on investment (ROI).
It also means that several people are finding homes unaffordable, which makes for a thriving renter’s market. Consider these price matters as you approach the market.
2. Make Eco-Friendly Changes
Eco-friendly homes are one of the hottest real estate trends at the moment. This trend is doubly popular in an eco-friendly, green-conscious state like California.
Solar energy is one of the biggest trends for several reasons. People that switch to solar energy:
- Are no longer reliant on electricity that comes from fossil fuels and is bought and sold
- Get unlimited access to electricity through the sun’s rays
- Will get tremendous value in Southern California, with its year-round sunshine
- Are eligible for tax breaks after switching to solar energy
- Can keep their power on during storms and outages
In addition to solar energy, you might consider some eco-friendly upgrades like tankless water heaters, infrared sink faucets and water filters, and smart Heating Ventilation and Air Conditioning (HVAC) systems. Energy efficiency and tech go hand in hand, so you’re making your home more modern in the process.
3. Invest in Real Estate to Rent
There’s a lot of turnover in Southern California properties. For that reason, people are looking for quality starter homes and condominiums, and are finding no shortage of rental opportunities.
People are also finding luxurious options like La Jolla condos that also give them more bang for their buck. Buying a condo and later renting it out is one of the best investment moves that you can make. It’ll teach you the ropes and build your comfort level so that you can acquire other rental properties all over Southern California.
Airbnb trends heavily in Southern California due to the fact that it’s a tourist destination.
Make the Best Southern California Real Estate Purchase
Now that you know more about investing in Southern California real estate, you’re ready to put in an offer on a property that you’ll appreciate. Consider the points above so that you can get the most out of any real estate transaction you’re interested in.
Check out our other articles to help you with any real estate decision you’re considering.