According to the LA Times, homebuilding is on the rise in Southern California following several years of slow activity. Within the Los Angeles metro area, building permits increased by 44 percent in 2013 and have continued to increase throughout the spring. Homebuilding is also showing signs of increasing in Santa Clarita, as well.
In 2013, there were 25,198 units of housing permitted in Orange and Los Angeles counties, according to data released by the Census Bureau. That is an increase from 17,500 during 2012 and approximately triple the amount that was issued in 2009. Still, housing permit numbers have not quite reached the peak numbers seen during the mid-2000s, which was around 30,000. A Los-Angeles-based homebuilder recently purchased 278 lots within two Plum Canyon subdivisions in Santa Clarita. Construction is planned to begin by early summer.
Why Homes in Santa Clarita Are Growing in Popularity
With home prices in Santa Clarita back to pre-recession levels, now is certainly a good time to consider investing in a home, as prices are expected to continue appreciating, which means that the time to buy into the market is now. Many homes in the area are beginning to receive multiple offers and it is not unusual for final sales prices to actually go over the asking price.
In terms of value for your investment, Santa Clarita is largely considered by many to provide the most value. This is particularly true given that mortgage rates are still relatively low. There have been some indications that mortgage rates will begin to tick upward toward the end of the year, but for now buying a home in Santa Clarita makes a lot of fiscal sense, particularly compared with the higher rents in Los Angeles. Owning a home compared to renting is also offers numerous other benefits, including tax deductions.
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