Could more people pursue homes in Berkeley?
There are many available homes for sale in Berkeley, but the improving real estate market could quickly impact many property buyers' decisions in the next few months.
According to the Central Valley Business Times, northern California is home to some of the most expensive real estate markets in the country. Berkeley is one of several cities located near Silicon Valley - a portion of the Bay Area that features numerous technology firms.
"The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market," a local real estate expert told the news source. "Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live."
A technological breakthrough in Berkeley
Advancements in Berkeley's technology sector could drive more people to homes in the city.
For example, on December 12, 2012, the U.S. Department of Energy awarded $4 million over three years to researchers at the University of California, Berkeley. The funds will be used to develop innovative ways to track the stability of power grids.
Alexandra von Meier, co-director of the electric grid research program, said analysts will study the twists and turns of power as it moves through an electrical grid. The award will also be used to develop a new instrument called a micro-synchrophasor that could provide long-term support against large-scale power outages.
UC Berkeley has received 66 awards and $130 million in funding as part of the Department of Energy's Advanced Research Projects Agency-Energy "OPEN 2012" program. The government agency supports the development of unique technologies that could significantly impact the energy sector.
The U.S. Census Bureau reports that the Berkeley population was 112,578 in 2010, and it could expand thanks in part to the opportunities available across the city. The recent UC Berkeley award represents a milestone for the school and the local community, and more people could explore homes based on the technological breakthroughs completed by area researchers.
Additionally, mortgages with historically low rates are accessible for many property buyers. Freddie Mac states that the average interest rate on a 30-year fixed-term mortgage was 3.32 percent as of December 13, 2012 - a 0.35 percent drop from June 7, 2012. Homebuyers should consider mortgage options and the ongoing technological advancements taking place in the area when they explore some of the residences available in Berkeley.