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Showing posts from November, 2013

California's Future Home Buyers - Converting Renters into Buyers

1675 Surveys taken in California, stats gathered from 23% Northern Coastal California and 77% Southern California

AVG BUYER DEMOGRAPHICS
25 to 34 yrs of age63% Female/37% Men4yr Degree+ avg30% make 100k+ which is average48% made 50k min AVERAGE RENTER DEMOGRAPHICS
54% Female/46% Male42 yrs average age58% Single/37% Married30% Bachelor's Degree or higher54% Caucasian61% Single Moms (31% Single with Kids/30% No Kids)$30k Income AvgHave major Student Loan Debt50% Have no Debt26% Credit Card Debt6% Own RE now/26% previously owned/68% have never ownedOf Renters 2Bd/1.5Ba is average51% live in Apts27% SFR15% OtherReasons to Rent30% Reasonable Rate22% Neighborhood10% AmenitiesLeast Important is SchoolsAvg Tenure 5+yrs38% of Renters will pay $1,00032% of Renters will pay $1500Avg Rate Increase is 3%52% Expect to Buy a Homeof the 52%, 56% of said they would use a Realtor to buy a homeof the 56%, 47% will look Online first22% will contact a Realtor 1st (this number is diminishing annually)15…

2013 Fresno Housing Market Symposium - 10/4/13

2013 Fresno Housing Symposium|SYNOPSIS
Gazarian Real Estate Center, CSUF, Fresno, CA /October 4, 2013
SERIES/topic
Agenda topic Housing Market Conditions – Views from the Top
Discussion/Conclusion:
1.Jennifer Clark, Development & Resource Management Director – City of Fresno:
a.1945 – 2000 Fresno has had exponential growth
b.1970s to 1990s we had top growth in the Country
c.10 yr permit history – COF has largest # of vacancies – 10,000+ vacant, unoccupied & depresses city values
d.COF must use money to maintain
e.Permits pulled in Dec typically 1400 – 1500 housing start average; this year we’ve exceeded #s
f.Seeing return of the Move Up & 1st Time Home Buyers
g.Expectations for greater demands for SF Housing, smaller neighborhoods, connectivity to schools, parks and multi-generational living needed for mixture of housing types
h.Challenges are with Long term funding needed for planning demographics of 30 and younger which is Fresno’s average age at this time.Housing needs are for m…