As winter comes to an end and springtime comes to Southern California, we should continue to see the local real estate market get hotter and hotter. Housing inventory continues to be low while demand from buyers keeps going up, so homes are selling quickly. This is especially true in San Diego County, which should continue to be one of top real estate markets in the country.

Realtor.com recently published an article listing “America’s Hottest Real Estate Markets for February 2017.” California dominated the list with 12 of the top 20 hottest metropolitan markets, including San Diego ranking at 6th overall.

Trending Upward

This February, homes nationwide were selling 5% more quickly than they were in February of 2016. Average sales were happening five days faster in February than in January, as well. Prices still remain at record highs. In fact, the median price for a home in the U.S. is 9% higher than it was just one year ago. At the same time, mortgage rates remain relatively low, which is enabling buyers to afford more. Rent prices are also very high throughout Southern California, which inspires more people to buy. It all adds up to a really hot market.

The list below shows the full top 20 of America’s Hottest Real Estate Markets for February 2017:

  1. Vallejo, CA
  2. San Francisco, CA
  3. Dallas, TX
  4. Denver, CO
  5. San Jose, CA
  6. San Diego, CA
  7. Sacramento, CA
  8. Stockton, CA
  9. Colorado Springs, CO
  10. Yuba City, CA
  11. Modesto, CA
  12. Midland, TX
  13. Detroit, MI
  14. Oxnard, CA
  15. Fresno, CA
  16. Columbus, OH
  17. Boulder, CO
  18. Boston, MA
  19. Santa Rosa, CA
  20. Los Angeles, CA

 

What it Means for Home Buyers

The San Diego market is quite exciting right now. At Transparent Mortgage, we are doing everything we can to help our buyers get into homes. The fast pace of this real estate market means it’s more important than ever for home buyers to get pre-approved for a mortgage before they start making any offers. If you see a home you like, you have to act fast with your offer and a pre-approval will certainly help make your offer more appealing to the seller. It can also speed up the final loan approval and escrow period.

It can also be a good time to refinance or cash out some of your equity while interest rates are low and home prices are high. If you are considering buying a home or refinancing, contact Transparent Mortgage today and we’ll help you get the most out of your mortgage loan. Call us at (619) 929-0199.

Keith Lindsey

Keith Lindsey

Keith Lindsey joined Transparent Mortgage in December of 2016 as a blogger and content manager. Keith works with Beau and the team to help them tell their stories and share what Transparent Mortgage is all about. He lives in Rancho Mirage, CA and is a golf enthusiast.
Keith Lindsey