Why did most California dwellers purchase homes in 2013?
The Lawhead Team would like to share an Infograph on the latest reasons those in California are buying homes.
Most Californians bought in 2013 mainly because of low home prices. Just in 2013 alone, 38% of those in California bought primarily because of price reductions. While we have started to see a gradual increase in home prices, overall home prices since the last crash a few years ago are still very low.
Next up for California home buyers was the favorable financing that has been available. FHA loans allow a home buyer to purchase a home with only 3% down. Low entry cost combined with low housing prices tempted many Californians to make their home purchase this year.
We all want a better life and living situation. Well, 10% of those in California bought their homes in 2013 because they desired a better or new location. And why not? With housing prices still low and unusually low mortgage rates, 2013 made it the best time to upgrade your home for a lower cost than normal.
If you were in the housing market this year in California, you most likely experienced the bidding wars associated with putting offers in on various homes. In 2013, 9% of California dwellers bought a home for an investment and/or tax advantage.
Lastly, 7% of those in California bought a home because they were tired of renting. And rightly so, it probably cost less to own a home on a monthly basis than to rent based on 2013’s low housing cost and low mortgage rates.