Not far, according to a poll of renters by the California Association of REALTORS. California renters like the area where they rent. 14 percent plan to stay in the same neighborhood, another 41 percent in the same county. At the other extreme, 1 percent say they’ll buy in another country, and a statistically insignificant number indicated they were relocating to another galaxy.
Stronger Hiring Boosts Outlook for US Home Sales, say the teasers for Reuters’ latest poll of 29 “investors and economists”, or maybe they were just “economists”, or maybe they were just “property analysts”–all these descriptions appear in the article, and I have to think that an investor is different from an economist is different from a property analyst. But anyway, we know that Reuters asked 29 people, none of whom were me. How about you?
A survey by Brand X Realty–okay, Century 21–reveals that the top three reasons singles decide to buy are:
1. as an investment in their future
2. rent fatigue
3. because they thought it was the right time
But it’s not easy buying when you’re single.
“Duncan Stott moved to [X] to take up a job in the area’s booming tech economy, but like others who move for work, he’s finding the city’s popularity is pushing up prices.”
So where is X? Palo Alto? San Francisco? Maybe Vancouver, eh? No, it’s Cambridge, and not Cambridge MA but Cambridge UK.
New homeowners are keeping themselves and their contractors busy, according to a Nielsen Scarborough study and, I’m guessing, keeping Home Depot and Orchard in business. Leading the list of home improvements are kitchen remodels and landscaping jobs, the two projects that, in my experience, usually offer the most bang for the buck.
Remember the Y2K scare? No? Well, it was your parents’ version of Mars invades Earth. Once 1/1/2000 rolled around, so the experts said, computers would read 2000, shortened to 00, as 1900, and either roll over and die or mill about in confusion. Big scare.
The New Yorker’s recent article Real Estate Goes Global gives us insights not only into the Vancouver real estate market but also the San Francisco and Silicon Valley markets. It tells us that a city’s ratio of average home price to income can get out of whack without necessarily signaling a bubble.
The “one cool fact” infographics are fun, and they always present a relevant idea in a catchy way, but they usually need translating for local market conditions. I get them from the California Association of REALTORS, which gets its data from the National Association of REALTORS, which means we’re steadily moving away from “all real estate is micro-local” and toward the illusory national real estate market that exists mainly for the benefit of statisticians and the economists who love them.