At Home in Upland: November 2010

I Guess I'm Not Surprised

I Guess I'm Not Surprised... but the information is a little unsettling, and I really don't know why it should be.

Market Update

 

 

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

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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.

CDPE Certified Distressed Property Expert, Brad Rachielles, Real EstateCell: 909-816-7333

Web Page: http://www.BradRachielles.com

e-Mail: bradrachielles@dslextreme.com

 

4 comments • Brad Rachielles, REALTOR, CDPE Upland, CA • November 29 2010 02:54PM
Need LOCAL Stats On Which To Make A Home Buying Decision? Upland &…
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Need LOCAL Stats On Which to Make A Home Buying Decision? The National or California State wide statistics can be misleading if you are considering communities around Upland or Rancho Cucamonga, CA. You will want to consider the following:.. more
THANKSGIVING - A Different Perspective
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THANKSGIVING - A Different Perspective Depending on your definition of "turkey", we would likely say that turkeys portrayed here can not talk in any language that we can understand. By the looks of it, Mr. Thomas T. has lived a fairly… more
Short sale supplies needed: Time, Patience and Fortitude.
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Andrea makes a great point here. I support efforts to get some consistancy and standards in Short Sales. Thanks Andrea for permission top re-blog this post to my friends, readers and clients. well Done! Via Andrea Swiedler - REALTOR - Greater New… more
Friday Foto Fun… OR… Phriday Photo Phun - You Pick
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Friday Foto Fun… OR… Phriday Photo Phun - You Pick The BUCK Stops Here! Photo credit - Creative Commons via Flickr Bruno Girin The question is… Is this representative of a home buyer waiting for the market to hit bottom?… more
Love the Home - Love the NUMBERS - THEN Buy!
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Several days ago, I read a story about a buyer that somehow paid WAY too much for a home. Neither party was represented by a Realtor(R) which may have been why this happened, but the important lesson is that as you shop for your next home, Make sure… more