Competitive markets often resulted in multiple-bid situations. Buyers were advised to remain data-driven and avoid overextending their budgets.
Buyers were encouraged to set aside 1.5% to 5% of the purchase price for closing costs, which in California include escrow fees, title insurance, and appraisals. Steps to Buying a Home | CA Housing Finance Agency - CalHFA buying a house in california 2017
With high competition and limited stock, sellers in 2017 frequently required a mortgage pre-approval letter before even showing a property. which in California include escrow fees
Supply hit historic lows, with an "unsold inventory index" of just 2.5 months toward the end of the year—the lowest level since 2004. buying a house in california 2017