July 13, 2024

California Housing Markets 2021

California’s Housing Market is in a massive bubble territory in 2021. There are signs that the current real estate market cooling, is about to turn into a major downturn. But, that is just my personal opinion & if you disagree, or for other reasons, are considering purchasing a California home, this video may shed light on the best California areas to consider. Some California cities are more at risk of a Housing Crash than others. Find out what the BEST v. WORST cities are for real estate in California!

Real estate prices across California have reached record levels relative to wages. At the same time, there is an exodus of people migrating out of California.

California Housing Markets 2021

California Housing Markets 2021

One has to wonder – how much longer before the Housing Market Crashes? Certain areas of the state are in rough shape. San Francisco, San Jose, and Los Angeles are losing people left and right, with huge outward migration and job losses. These are also the most expensive real estate markets in the country, with home prices well above local wages. But markets such as Sacramento, Riverside, and Stockton are actually receiving inward migration. Their population and job counts are growing, unlike the rest of California. At the same time home prices in these cities are much closer to local wages.

One downside with the markets like Sacramento and Bakersfield is that they got hit very hard in the last housing crash. Home prices declined by 50-60% from 2007-12. With that type of historical downside and volatility, there could be risk, especially in the midst of the 2021 Housing Bubble. But there are significantly fewer homes and apartments being built in the Central Valley of California now compared to the mid-2000s. That means there is a more legitimate Housing Shortage in the region today than before the last crash.

My first post where I called the real estate market top was June 15, 2021 (https://brokerforyou.com/brokerforyou/real-estate-market-downturn/ ) just a couple of weeks ago. Then, two days later on June 17 I had a follow-up post ( https://brokerforyou.com/brokerforyou/real-estate-market-bust/ )where I added additional indicators, that to me showed that the market was in a topping phase right now! I put the links to each one of those prior post above, and would suggest if you’re interested, to reread those posts!

DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Your use or your reliance on any information on the site is solely at your own risk.  Before acting on any major real estate purchase or sale decision one would be extremely foolish not to first consult with your own legal and financial advisors before making the move that could turn out to be detrimental for your particular situation.

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