The state of California is going through a massive problem in its real estate market, and the biggest issue is that not many people can recognize it. At the moment, the prices of the house in California are amongst the highest it has been in the past few years, and the growth in the prices has been consistent.
In the past five years itself, the price has gone up by nearly seventy-five percent, which is a massive increase that no other state in the country has witnessed. Many of the metropolitan areas in the state of California has witnessed a price jump of nearly hundred percent as well. It only indicates that the demand for houses has increased drastically in the past few years in California, which is a good thing.
It shows that the people from across the nation as well as from other countries are coming to the state of California to work and grow here. Even though it is a good indicator regarding portraying growth in the state, one of the problems it is facing is that the housing development in the state is lying idle and there are not many properties under construction at the moment.
At the speed in which the demand for the new houses is increasing, the number of new projects under development signifies that the demand would not be met. Many of the people who are working at top positions in the companies in the major cities in California have to travel for hours to reach work and back, and it is a trend that is growing across the state.
Most of the people who are earning good amounts from their jobs are giving away a considerable portion of their income towards rent. It is because along with the increase in the prices of the properties in California, the rentals have also gone up significantly. It only goes on to showcase that the young generation in the state would possibly have to wait for the next couple of decades to buy a home, and the majority of the millennials would probably never be able to afford a home.
Nick Vertucci, a well-known real estate investor in California says that the problem needs to be recognized by concerned authorities at the earliest. Nick Vertucci says that there is a lot of money that can be made in the real estate market through the techniques he has learned over the years. Nick Vertucci is the founder of NV Real Estate Academy, where he teaches lessons drawn from his experience with the real estate market to the interested members. Nick Vertucci says that by following his tips and techniques, making money in real estate market becomes much easier.