Some interesting news for a Wednesday
Happy Wednesday! We just came across two interesting pieces of information that we wanted to pass along:
Share of equity sales increase
According to an article in the San Diego Daily Transcript, the percentage of homes that sold in September in the State of California that were equity sales increased to its highest level in four years. To put it another way, the percentage of sales that were distressed (short sales and foreclosures) fell to its lowest level in four years. In San Diego County, the share of distressed property sales fell to 15% of the total number of salesin September, down from 17% in August and down from 25% this time last year. That is a dramatic drop, and more continued good news on the foreclosure front
Younger generation not fazed by the housing crisis
A recent survey conducted by Better Homes and Garden Real Estate in July showed that 18-35 year olds are not deterred from buying a home, even with the recent housing downturn. For 69% of the people surveyed, their “readiness indictor” (when they were ready to purchase a home) was based upon whether they could maintain their current lifestyle. For 61% of those surveyed, landing a secure job was a strong indicator that it was time to buy.
This is a very positive sign for the future of the real estate market. The great concern was that potential home buyers would shy away from purchasing because of their fear that prices would continue falling or that their “nest egg” would crumble. It is also a very positive sign that the likelihood of another housing crisis anytime soon is very small. If buyers are able to purchase a home and maintain their lifestyle, there is a greater chance that they will actually be able to afford their mortgage payments. And, if anything changes in their lives, they will be able to eliminate some discretionary purchases before deciding to stop paying their mortgage payments.
Bryan & Allison Devore
Prudential California Realty
North San Diego County and Carlsbad Real Estate
Blog Archive2018-11-13 08:33:28
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