It’s hard to believe that only a few years ago, home prices were dropping across the country, even in the Santa Clarita Valley. By the end of 2011, the median price of a single family home in the SCV had dropped to $340,000; down from a pricing zenith in April of 2006 when they temporarily topped out at $643,000. Now, that high price was predicated on shaky ground made up of sub-prime loans and market overspeculation, but even still, it stung a lot of homeowners to know they lost over $300,000 in equity during the “Great Recession.”
Things really began to turn around for the Santa Clarita real estate market in 2012, when, by December, prices had climbed to $100,000 over December of the previous year. Things were definitely looking up.
2013 saw signs of continued market improvement when prices, and finally foreclosures, reached pre-recession levels, and we continued toward the light at the end of the “recession tunnel.”
Single family homes have seen a rise of nearly $60,000 in equity this year alone, as median prices rose to $490,000; up $25,000 from July. Condos, while holding steady, have still climbed $35,000 price-wise since January.
Are you still renting your home?
Maybe you’re thinking home prices will drop again if you wait long enough? OR, perhaps you’re thinking you’re not sure you can qualify for a loan. If you’re on the fence, playing the “waiting game” might not provide you with the opportunities you’re hoping for. Yes, the market can, and does, change in unexpected directions, but we’ve seen continued signs of stability not only in the real estate market, but also the support industries such as mortgage and finance. National economic indicators are more positive, with unemployment recently dropping below 6% (Something we haven’t seen in over 6 years. Interest rates are also still holding in the low 4% range, giving you incredible purchasing power to get into the home of your dreams.
Finally, if you don’t know if you can qualify for a loan, there’s one way to find out, and that’s by contacting us so that we can put you in touch with trusted mortgage loan professionals who will provide you with all the answers and options at your disposal. There are so many programs out there now that offer low down payment options as well as take into consideration “less than golden” credit scores. Again, you’ll never know unless you make that first move to “make your move!”