In the city of Visalia, California, $229,700 is the average house worth median. 8.7 percent is the amount the worth of homes has risen in the last year. There has been a forecast made that the worth of houses will increase by 3.1 percent in the following year.
In Visalia, $150 is the per square foot list price median. The metro area of Visalia has a slightly lower per square foot list price median of $147.
$279,000 for Visalia, California is the cost median of presently listed houses. $1,300 is the rent cost median in Visalia. Visalia Metro area has a slightly lower rent cost median of $1,295.
When it comes to value of real estate for a particular area, one factor is the foreclosure rate for that area. The lower the foreclosure rate for a particular area, the higher the value of realty for that area.
For every 10,000 houses in Visalia, 0.8 houses go through foreclosure. The Visalia Metro area has a much higher foreclosure rate of 2.3 houses that go through foreclosure for every 10,000 houses. And the United States has a foreclosure rate of 1.6.
The first thing that happens in a foreclosure is what is called mortgage delinquency. How is mortgage delinquency defined? It is the situation in which an owner of the house does not make one or more payments on their mortgage.
In the banking and credit world, missing a mortgage payment is a serious concern. It is a red flag for the bank as well as the customer.
In Visalia, 1.4 percent of owners of homes are delinquent on their mortgages. The United States has a higher mortgage delinquency rate which is 1.6 percent.
In the year of 2008, there was an economic recession that had a very negative effect on real estate. One thing that happened was that the value of real estate in the United States went down by a greater amount than 20 percent.
As a result, quite a few owners of homes are presently underwater regarding there mortgages. What does being underwater on a mortgage mean? It has the meaning that the owner of a house has a debt on their mortgage which is bigger than the worth of the house.
11.8 percent, is the percentage of owners of houses who are experiencing being underwater on their mortgages in Visalia. The Visalia Metro area has a higher underwater rate which is 12.3 percent.
Being underwater on a mortgage can put the home owner in “hot water” when it comes to finances. Because they owe more on the mortgage than the worth of their house, when they sell their house they could quite possibly have to pay money out of their own pocket to pay off the mortgage debt.
In the first paragraph of this article, it was mentioned that house prices in Visalia California rose 8.7 percent in the last year. This amount of increase makes it so difficult for many people (particularly young people) to enter the housing market. Not only do many young people lack enough savings to buy a home, but with a real estate market in which real estate prices have been increasing a lot, it makes it even more difficult.
An aspiring home owner needs to form a savings plan that estimates the amount of the increase in the value of real estate for a certain number of years. Then that home owner needs to have strong self-discipline to follow through on that plan. It may be pretty challenging to cut back on spending to save the money.
But, it is worth the effort because once you own a house, you can be more stable financially. You can have a mortgage that does not increase for many years, as well as enjoy the build-up of equity, tax savings, etc.