The California Association of REALTORs most recent Home Affordability Index reveals that statewide home prices have doubled since the first quarter of 2012. Which, not coincidentally, was when home prices in much of the Bay Area took off like a rocket.
Millennials are doing their part to get more starter homes into inventory but, as usual, boomers are just being difficult.
More than half of homebuyers are willing to trade a larger house for a larger yard, according to a survey recently conducted by the Society to Talk Millennials into Buying Boomers’ Obsolete Sprawling Ranchers.
33 percent of 412 millennials recently surveyed listed their pet as their top homebuying motivation. 25 percent listed marriage. 19 percent listed the birth of a child.
From a reader: “The market has gotten VERY HOT this year and we are starting to wonder if the bubble is back…this time encouraged by zero inventory, a handful of IPOs and a great deal of foreign investors worried about the stability of the economy in their home country. Seems like a great time to sell but would you advise waiting for a market correction to buy?”
Are suburban buyers looking for urban-style features in their homes?
Anyone who goes to city hall to ask a question about permit status, tree removal or a lot’s development potential–questions potential buyers often ask–runs the risk of getting contradictory or even just-plain-wrong answers. The best legal thinking these days is that buyers should get their right, wrong or just confusing answers directly from the city (or county) rather than second-hand from their agent.