Before you buy property anywhere, whether it's condos in central Toronto or a house here in Santa Ana, California, you would be well advised to do your research into the real estate market in the area. Knowing what homes in the area are selling for, whether the trends are going up or down, and which other towns and cities have comparable values can help you make a decision as to whether or not to move there. This article can be your starting point in your Santa Ana research. It's all about the market conditions (current to November of 2010) in Santa Ana, California.
As you must be aware, if you've been following the news at all in the past few years, the real estate market in California took a hard hit during the sub prime mortgage crisis and the recession, which we have still not escaped. Markets here were hit much worse than in Canada, and have still not fully recovered. What this means is that if you went to buy a Toronto resale home you'll be paying much closer to its peak value than you would if you were buying a Santa Ana home instead.
The situation this has created in real estate is known as a buyer's market, in which people who sell their Poughkeepsie, NY homes and come to Santa Ana to buy have the advantage over the local sellers because there are so many houses for sale. This means that buyers, especially if they're first time home buyers or buyers from another state that wasn't as badly hit, have the chance to get a deal on their new home. If you want to take advantage, though, you'd better act fast. Since last month the real estate values have been rising steadily.
So how much does it cost to buy real estate in Santa Ana? Can you get a nice house if you put up your home for sale in Rosedale? Absolutely! The average listing price for a home in Santa Ana is only about $329,000. Breaking it down into neighborhoods, we can see that to buy a home in the most popular areas of the city would cost you between $282,700 (Riverview West) and $902,000 (Floral Park). And there are also plenty of up and coming neighborhoods where you can get a deal. A home in Cornerstone Village, for example, would cost you only $110,000.
Compared to many other cities in California, these prices are a steal. The average listing price in Los Angeles is over a million dollars, while Irvine, another small city, is averaging out at around $842,000. The only way you could actually lose money on buying real estate in Santa Ana is if you moved from somewhere with even lower values. Spokane, Washington real estate, for example, is only commanding an average price of about $240,000 right now.
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