The Corona, CA housing market is still a busy hub with housing activities, despite the on-going pandemic. In my September 4 The Power Is Now Real Estate Round Table, I had the pleasure to host Jenny Gonzalez, a professional realtor from Keller Williams Realty, and a VIP Agent with The Power Is Now. Jenny was going to brief us through the general housing market in Corona, CA.
Corona, CA, has significantly stepped up in its proximity to Orange County and Los Angeles. The neighborhood has transformed into an affordable choice with a reasonable commute for residents who work in Orange County and LA. Meanwhile, many residents in Corona, CA, are complaining about the recent hike in home prices and are moving out of Corona, CA, to other outskirt areas.
According to Jenny, currently, the Corona, CA, the housing market is number seven out of 77 on the strong sellers’ market score. At the beginning of the year, the Corona, CA housing market was in the 50s. At the same time, the home prices were coming up to $600,000 on the median list price in Corona, CA. “Look at where we are now. We’re at $677,000.” Jenny states. “And $650,000 is considered luxury homes.”
“Most of the properties that we have listed right now are upper value homes.” Jenny adds. “And you can see the median rent is still almost $2600.” These figures clearly demonstrate the diversity of the Corona, CA area, and what is going on in its housing market.
Currently, the median rent in Corona, CA, is $2550. According to Jenny Gonzalez, since the beginning of the year, the median rent has been bouncing back and forth from $2500 to $2600. The Median rent being at $2500 is almost a house payment, especially with today’s interest rates. This means that with $2600, you can qualify to get assistance for a down payment for a house that costs anywhere below $550,000. You can get the down payment assistance from agencies such as the Golden State Finance Authority that gives conventional loans of up to $510,400. You will only be required to look for the closing costs, which are paid by the seller in some cases.
Low Inventory with high prices.
According to Jenny, the inventory right now at Keller Williams Realty is a little off. As of September 4, the inventory was at 170 and about 349 in escrow. “It’s like for every one listing that we get, two go into escrow.” This is a significantly low level of inventory compared to other times.
Meanwhile, the median prices seem to have gone up once again. A middle-sized house median price ranges somewhere around $465,000, while a 1500-square-foot three-bedroom and bathroom house range at $495,000. “If you want to get up to 2500-square-foot, you’re talking about over $600,000.” Jenny states. “To me that shows that we really are staying stable here in Corona, CA, and it’s continually going up.”
The high prices in the Corona, CA housing market can be explained by the low inventory, which has transitioned the market into a seller’s market. The low inventory is consequently a result of the low-interest rates that have given most Americans the perfect opportunity to buy homes. Going into the near future, home prices in Corona, Ca are not expected to decline as the demand grows. However, it is still the perfect time to buy a home due to the low-interest rates. You can watch the whole show at https://www.youtube.com/watch?v=xE2KGgtc0So.
If you need to buy a home in Corona, CA, Jenny Gonzalez is your best shot. Jenny has lived in Corona since 1994. So not only is she a realtor but also a member of the Corona community. You can get in touch with Jenny at https://www.thepowerisnow.com/jenny-gonzalez/.
Ensure you stay updated with any developing news in the real estate market by regularly checking our blog page at https://www.thepowerisnow.com/blog/. You can also set up an appointment to speak directly to me at https://calendly.com/thepowerisnow/ericfrazier.
Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent views of First Bank or any organization affiliated with Eric Lawrence Frazier, or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier, MBA, is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Eric.frazier@fbol.com. Ph: 714- 475-8629.
Eric Lawrence Frazier MBA
President and CEO
The Power Is Now Media Inc.
