Fontana Was Ranked among the places

FONTANA WAS RANKED AMONG THE PLACES HARD TO BUY A HOME AT THE BEGINNING OF THE YEAR! WHAT HAS CHANGED SINCE THEN?

Ameer Elahee

The process of buying a home can be more challenging in some markets due to higher home prices, lower inventory, and lower negotiating power. Now with the presence of a pandemic in our midst, the process of buying a home becomes a complete nightmare. In the US, different markets are ranked on their level of difficulty when buying a home.

The “Hardest Places to Buy a Home in America” 2020 edition that ranks places on the level of difficulty in buying a home was compiled by SmartAsset after conducting a study. During the studies, SmartAsset analyses three metrics; affordability, inventory, and price cuts. After completing the study, SmartAsset placed Fontana on position six on the list of the most challenging places to buy a house in the US. Fontana’s average home prices may be lower than some other cities in the country. However, Fontana appearance in the list of the hardest places to live in the country was majorly attributed to the fact that majority of its residents’ inability to make enough money to afford the purchase of a new home in the area.

“Fontana is farther away from downtown Los Angeles than the cities of Anaheim, Santa Ana and Long Beach. With that distance, housing inventory is nearly doubled. Based on data from Zillow and the Census Bureau, there are almost 82 homes available for every 10,000 households in Fontana,” SmartAsset said in its analysis. “Homebuyers pay relatively close to the asking price on homes in Fontana: The median price cut on homes in 2019 was 1.79%, the ninth-lowest rate for this metric in our study.”

“While affording a down payment may be the largest challenge to buying a home, many other factors play into finding the right place to take out a mortgage and put down roots,” SmartAsset said. “Inventory and pricing vary widely by city and affect buyers’ options and the ability to negotiate.”

WHAT IS HAPPENING IN FONTANA CURRENTLY?

According to Movoto, prices in Fontana City are still rising, like other real estate markets across the country. The November median list price in Fontana was $491,315, representing a 2% increase from October 2020.

On the other hand, the home resale inventories in Fontana in November were 119, which represents a 14% decrease from the previous month, according to Movoto. Moreover, the median list price per square foot in Fontana was $254, which is a decline from $269 in the previous month.

Elsewhere, Walletinvestor.com predicts that the median listing price in Fontana is likely to rise as we move forward. Wallentinvestor.com also predicts that for investors looking to invest long-term in the Fontana real estate market, the long-term profit potential is likely to increase by 2.78% in one year. Walletinvestor.com also advises investors against investing in the Fontana housing market on shortterm, but instead, they should invest on a longterm basis.

Since the naming of Fontana among the hardest places to buy a home in the country at the beginning of the year, the situation seemed to have improved. Housing activities are thriving according to data from various sources, as highlighted above. This is possibly due to the favourable housing market conditions that have been by the government and the Fed, such as low mortgage rates.

Works cited.

https://www.fontanaheraldnews.com/business/fontana-ranksno-6-on-list-of-hardest-places-to-buy-a-home-in-america/ article_7782c3b2-7b69-11ea-a706-233d7d045367.html. https://walletinvestor.com/real-estate-forecast/ca/sanbernardino/fontana-housing-market. https://www.movoto.com/fontana-ca/market-trends/.

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