I Guess I'm Not Surprised... but the information is a little unsettling, and I really don't know why it should be.
Being the "numbers guy" in my office, I wondered.........
what portion of the California population actually owned a home. An obvious question since a post of mine last week charted the home affordability statistics for California and My Little Corner Of the World as being way up there.
The information was easy to find at the U.S. Census Bureau web site. I found the Quarterly Vacancy and Homeownership Rates By State and MSA. Here is what I found:
- California ranked 48th in home ownership with only Hawaii and New York having smaller shares.
- 56.2% of CA Families owned homes. The greatest share was West Virginia with 78.2%
- San Bernardino/Riverside/Ontario MSA have 62.5% Owning Homes
- Los Angeles/Long Beach/Santa Ana MSA have 49.0% Owning Homes.
So, with First Time Buyer (FTB) Affordability Rates so high, What exactly is holding buyers back? Is it:
- Employment uncertainty? Over 75% of FTB make enough to buy.....
- Home Prices? Prices have fallen for years now.... but we are seeing some upticks locally.
- Foreclosures? Granted, there is uncertainty here, so are buyers waiting for even better deals?
- Home inventory? There were over 3775 active listings in My 10 cities October 31th.... The average selling price was $311,251....
- Interest Rates? Starting to edge up slightly according to Freddie Mac's survey....
- The Holiday slow season?
- Not realizing how important home ownership really is to your family well being?
- Is it the sensational news in the papers?
- The prices of rentals?
What is keeping the buyer away? It's time for home buyer prospects to weigh-in.
I Guess I'm Not Surprised may change to I guess I'm Not Surprised.
What Say you?
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It's All About YOU! Brad Rachielles, REALTOR, Upland, CA
Brad Rachielles, REALTOR. Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.
Web Page: http://www.BradRachielles.com