Housing prices in the state of California are continuing to rise. From Southern California all the way up to the Bay Area, housing prices have gone up significantly month-to-month and year-over-year throughout the state. According to the Los Angeles Times, the median home price in April was up 3.5% from the previous month and nearly 23% from the same month last year. For the entire state, that equates to a median home price of $324,000, which is the highest it’s been in any month since June 2008.
Reports indicate that specific areas of California are doing even better than the state average. In the Bay Area, for example, the median home price has risen above the $500,000 mark, the highest since June 2008. Likewise, the median home price in Orange County sat at $535,000 in April. That marks a 27.4% increase over April 2012. According to information out of DataQuick, over 3,300 homes were sold in Orange County in April, marking a 13.9% increase over the previous year.
Buyer Confidence Fueling Competition
The increases across the state are only fueling buyer confidence as well as builder confidence. With the number of available homes at such a low level, builders are rushing to add to the state’s inventory and give buyers more options. In the meantime, the fight to land the best listings is as fierce as ever. Competition is coming from individual homebuyers as well as a surging market of house flippers looking for the best opportunities possible.
As always, ZINC Financial is prepared to support investors’ fix & flip strategies by offering a vast array of incentive-driven investor rehab loan programs. With reasonable terms, an exceptional reputation, and some of the fastest service available, ZINC Financial has set itself apart as the premier private money lending firm in California.
To encourage investors to take advantage of these amazing real estate conditions, the company is offering a brand-new iPad 4 to borrowers and brokers who successfully close fix & flip loans by the end of June. To learn more about this special promotion and terms, contact Amber Castro, Vice President of Business Development, at amber.c@ZINCfinancial.net.
Remember, with the competition being so fierce and today’s fast-paced real estate market conditions, it’s important to have a strong investment partner on your side. At ZINC Financial, the company’s team of experts is ready and available to help you make the most informed investment decisions possible. Call (559) 326-2509 today to discuss how the company’s various loan programs can be of value to you and your financial objectives.