The Bakersfield real estate market is booming, roughly 60%% of buyers coming from outside of the city. This influx of buyers is driving up demand and driving down inventory, making it a great time for locals to take advantage of the market and purchase a home.
Real estate agents are seeing a lot of clients who are hesitant to take the plunge into homeownership due to the higher mortgage payments. However, they are encouraging locals to take the plunge and invest in their future, as the market is only going to get more competitive as the years go on.
Real estate agents are also seeing a lot of buyers from Los Angeles, Oxnard, Santa Barbara, and other areas looking to move to Bakersfield. This influx of buyers is driving up demand and driving down inventory, making it a great time for locals to take advantage of the market and purchase a home.
Benefits of Homeownership
Homeownership has many benefits, including:
- Building equity: As you pay down your mortgage, you build equity in your home. This can be used to upgrade to a bigger home, or to invest in other areas.
- Tax benefits: Homeowners can take advantage of tax deductions for mortgage interest and property taxes.
- Stability: Homeownership provides stability and security, as you are not at the mercy of a landlord.
- Pride of ownership: Homeownership provides a sense of pride and accomplishment.
- Community: Homeownership can help you build relationships with your neighbors and become part of a community.
Tips for Homebuyers
- Get pre-approved: Before you start looking for a home, get pre-approved for a mortgage. This will give you an idea of what you can afford and will make the process of buying a home much smoother.
- Do your research: Research the neighborhoods you are interested in, and make sure the area is a good fit for you.
- Get an inspection: Before you purchase a home, make sure to get a home inspection. This will help you identify any potential issues with the home.
- Don’t be afraid to negotiate: Don’t be afraid to negotiate with the seller. You may be able to get a better deal if you are willing to negotiate.
The Bakersfield real estate market is booming, and now is a great time for locals to take advantage of the market and purchase a home. Homeownership has many benefits, and with the right research and preparation, you can find the perfect home for you and your family.