Real Estate Industry in San Dimas, CA
San Dimas offers housing options for everyone from convenient and affordable mobile homes to beautiful and spacious new builds. Located in the San Gabriel Valley to the west of busy Los Angeles, San Dimas currently has a relatively competitive housing market with an average home price of around $700,000.
If you are planning on moving to San Dimas soon, it’s important to understand real estate in California has changed since the Recession in 2008. The severe slump in the housing market caused many new homeowners to owe more on their mortgage than their home was actually worth on the market, which led to countless foreclosures across the entire country. It is now over ten years since these events and thankfully the housing market has recovered to pre-crisis levels.
Better Employment Rates
Compared with a decade ago, the unemployment rate in California has improved greatly. Falling from 10% in 2009 to just under 4% in recent years, this drop has greatly improved not only the housing market but the entire state economy.
While employment rates climb at a slower rate than the housing market, they still move in parallel and jointly signal economic growth.
Better Mortgage Rate
One of the major problems in the early 2000s was the extravagant and unrealistic mortgages home buyers took out. This was a huge contributing factor to the recession. At the moment, mortgage rates are far more reasonable and hover around 4%.
Bear in mind that these rates do appear to be steadily rising so it is wiser to adjust your price range for a more affordable home to ensure you can make payments on time.
These days you might struggle to find your perfect dream home and that’s because of an increase in buyer’s demand. With fewer new developments but more people looking to purchase, house prices have naturally been driven up throughout Southern California.
Don’t let that you deter you though! There are still plenty of options for a patient buyer or for those who are flexible with amenities and location.
Overall, it’s clear that the housing market in San Dimas is thriving. The city itself encourages newcomers and welcomes them with open arms. With monthly events and lots of annual festivals, it’s a great place to settle down or raise a family. Even better, the homes in San Dimas can rely on an amazing city infrastructure with top-notch electricity, gas, and plumbing and water systems.