Overview of the Commercial and Residential
Real Estate Market in California
The state motto of "Eureka!" is a Greek word that means "I have found it!" California adopted this motto in 1849 as a result of gold being discovered in Sierra Nevada. But much more than mere gold can be found in the Golden State. Both the highest and lowest points in the continental United States are in California. Mount Whitney is 14,495 feet at the summit and about 100 miles east is Bad Water in Death Valley at 282 feet below sea level. Twenty-six national parks, 118 state parks, the largest county in the U.S. (San Bernardino County: three million acres), 4,600-year old trees, and the world's largest outdoor amphitheater (The Hollywood Bowl) can all be found in California. According to the U.S. Census, about one out of every eight U.S. residents live in California; that's more than 38 million people. The state's median home value of $383,900 is more than double the national median home value of $181,400. About 30.9 percent of California adults have a Bachelor's degree or higher and the median household income is $61,400. Investor purchases, lending regulations, low inventories, foreign buyers with cash, and a low housing affordability index are the current major influences of the California residential real estate market.
California boasts the largest gross state product in the United States. At $2.203 trillion, its economy is larger than all but the top seven countries. Tourism dollars for the state are well above $100 billion each year and keep the demand for retail space high. The 11 major sea ports are a critical aspect of California's economy. Fifty-four Fortune 500 companies are headquartered in California, which is more than any other state. With home ownership out of reach for many esidents, rental properties and apartments are always in demand. The Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey expects new commercial space to grow on into 2017 for most of California's markets.
Office Rental and Executive Suites in Los Angeles, CA
How to Become a Realtor in California
The approximately 172,000 active real estate agents and 104,000 active brokers in California answer to the California Bureau of Real Estate (CalBRE). Prospective real estate agents must be at least 18-years old and able to verify that they are a legal resident of the United States. Anyone convicted of a crime may be denied licensure. Applicants must disclose all misdemeanours or felony criminal convictions. Applicants are required to submit a set of classifiable fingerprints that are acceptable to the State Department of Justice (DOJ). The applicant's social security number and a non-refundable fingerprint processing fee is also required. Potential agents must successfully complete three college-level courses covering Real Estate Principles, Real Estate Practice, and a third option from a CalBRE-approved list of subjects. California requires 45 hours of continuing education every four years for real estate agents to remain licensed.