Wed, Aug 24 2005

Renters, Buyers And Other Endangered California Species

This is Review crunch week, so time to write lengthy blog posts is minimal. I found a good link or you might enjoy in the meantime. It's the California Department of Real Estate Reference Book. (Chapters link to .pdf files). You can also order a printed version of the book.

Finding a home in this state can turn into a full-time job. There has been a scarcity of homes to buy, but lately we've seen more For Sale signs going up in our area. But the prices are still really high. So if you are looking for something affordable you may continute to be very disappointed for some time to come.

Most of the people currently selling their homes in this neighborhood are moving away to areas where housing will be cheaper. But they're trying to sell at top price. I really wonder if they'll get what they're asking.

Earlier this month We had our own home appraised in the process of refinancing our mortgage and I can tell you that supply and demand is alive and well when it comes to California real estate. We laughed at the inflated numbers. But if expectant home can't come up with an income to qualify for a mortgage, it does mean the market will have to either adjust downward or become stagnant.

Rental housing is increasingly sold out from under renters by owners eager to cash in at top prices. Many units are converted to condos and sell in a short time, leaving renters high and dry. What's going to happen when many of the renters can't find rental housing and can't qualify to buy? I hope we're not forcing more people into a very strange new kind of homeless situation, but it does look more and more like that could happen.

posted at: 09:57 | category: /Miscellaneous | link to this entry