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Interest rates are way down. You can get a 2.5% loan with good credit. Lower rates means affordability goes way up.
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Income inequality is something many folks aren't talking about. If you own real estate or some other form of investment, you are probably doing very well. It might be shocking, but I just sold my home for MORE than my asking price. If you look at stocks, they are at an all time high.
Unfortunately, many hardworking people are struggling and working endlessly to make it. So, my only advice it to keep on getting your financial house in order. Take it day by day and it will work itself out. The US, with all the sh*t going, is still the greatest land of opportunity.
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I know ee're overdue for a house crash but i still think it will hsppen.
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I'm waiting to sell when the price is right and when I found a nice place in the right state  . Prices are ridiculous here to begin with.
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I don't see a housing crash, because the market isn't swollen from no-equity mortgages like it was in 2006+. There are a lot of people in SoCal who are getting out, though, headed to those states with a lot of land and few urban centers - the Dakotas, Montana (very hot), Wyoming, Idaho.
People want peace and quiet and nerves in big cities are jangled because of COVID, a divided govt., protests, LE issues and climate.
A couple I know moved to Central Florida to get away from the high cost of housing. They landed in a nice 3-bedroom home at $250k. The same house in SoCal would have gone for $600k.
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I say, hold on to ur home. Pull equity and buy yourself something in the growth path. Live in one, rent the other.
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I am looking for a pad down Laughlin way for retirement visits , I plan on waiting it out , recession coming. Prices will fall.
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CoachMila, if you have a lot of equity in your house you
May have a problem using that equity with a loan. You have
To show enough income to handle the debt service or you
Will be denied that loan even if you have a million in equity.
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Not too many are thinking of moving far away or to another state where home prices are lower. But, that means the answer to your question is people are not selling because their potential new home price is rising too fast.
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A lot of folks are tied to their residence location because of where they work. Understandable; especially since a 40 mile commute in the Los Angeles/Orange County/Inland Empire area could be 2 hours, which attenuates an otherwise sensible idea to move out to the hinterlands in order to get more house & land for the money but drive farther to work. 2 hours each way.  It gets old fast, particularly when gasoline is $4 a gallon, too.
Friends have moved to Boca Raton (a $300,000 house that was the equal of their $750,000 house in the SF valley; to Montana, Texas, Oregon, Eastern Washington, Indiana, New Mexico. Friends from O.C. moved to Oregon and bought a very cute 3 bedroom house last year in a very nice city with over 2,200 square feet for $250K. You couldn't buy a chicken coop in Los Angeles for 250K.
There are lots of good places to live, but if your income is tied to a particular area, you necessarily need to either boldly strike out for parts unknown with all the economic risk that entails, or stay where your income stream is.
My income stream is anywhere there is internet and mail delivery, and what my house would sell for would buy 3 or 4 nice ones in a more rural locale, but FAMILY keeps me local. If it weren't for wanting to live where my family lives, I'd be outta here in 60 seconds. I don't need museums, live music venues, fine restaurants, cute street scenes, any of it. I don't mind living among cowboys, farmers and other authentic folk.
Fuck this city.
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Loki....now tell us how you really feel about this city....
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I recently sold my SoCal home really quickly. We had multiple offers the day it went on the market.
I've been wanting to get rid of that home and totally cut ties with California for years, but my parents were living in that house and I couldn't convince them to leave the California weather. But Covid-19 happened and they decided it was safer for them to live with my family and just deal with the winters.
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There are parts of Riverside and other Inland Empire locations that are actually “coming up”, with decent living conditions, and good quality of life.
I remember when Temecula was a joke, but now it’s very desirable.
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property value is going up
my friend bought a house 2 months ago and it already went up 30k but that could have been cause of the start of summer and home prices go up.
He made 30k just from buying the house.
with times like these that is great. and if u have equity why not secure a 2nd line of credit with a 2nd mortgage for personal reasons or for remodeling.
i think if u can pull out equity to save for rainy day in these times ...aka 2020/covid/election year.
any nest egg around the house is good.
my 2 cents........
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Disagree investment groups are buying them up for Airbnb. The ROI right now, with inflated prices, is tough. I work with too many real estate agents. The competition is not investment groups. And their rates are much higher for the loans. And they have to come in with 25%. It is just a matter of too many buyers and not enough sellers.
And your friend did not make $30,000 just by buying a house.
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Flippers and people buying for Airbnb are entirely different.
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I know someone whose 2nd cousins sisters boyfriends parents dog watcher........ Never mind.
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Who the fuck wants to retire in Temecula?
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@TheRealGuido
LMFAO!!
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Cuz you are correct sir!
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Oh yes. Cause retired people's 2 main requests for retirement properties are vineyards and horses.
I forgot about that.
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I think housing markets like Las Vegas may have a bigger percentage drop in price than properties in Southern California due to the impact of Covid19.
Nearly a third of the Las Vegas economy is dependent upon the hotel and entertainment business. The number for the greater Los Angeles area is around 11% or 12%.
How quickly business returns to normal after Covid19 may determine at least part of the impact on the housing market.
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mila...pm me your email and I will help you with that thing
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A lot of property owners are just doing refi's and buying houses left and right because of the very low interest rates that can be locked in despite the eventual inflation that's going to hit
It really does suck to be young and under privileged right now. Unless you have some trust fund or really really scrape away for a home you just aint gonna get one the way grandpappy boomer did
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I see tons For Sale on Zilliow. Even one across the street went up. A couple of weeks ago.
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All the stay at home orders means no new homes were being built. Decreasing supply and normal demand. Once everything opens up again, prices will likely drop. Also, low interest rates means people are okay with paying a higher price. Cost of borrowing money is lower.
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Selling my place in OC, but not moving out of state.
Bought a nice tent at REI
And got my eye on some sidewalk space in downtown LA
I will save a bundle
Added bonus?
No more wasting time taking showers
Shorter distance to the bathroom too
You guys come visit, k?
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There’s a lumber shortage causing a pricing increase.
There won’t be a housing crash, too many peeps with equity.
Banks are throwing home equities out left and right. I took it , who knows when the right deal might come around.
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I wondet if burned up lumber will work, plenty for sale all along the east coast. Should be cheaper.
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One of the biggest reasons for low inventory in the California market (and others across the country) is new construction, or the lack thereof. The volume of new home construction relative to the larger number of newly employed workers is off balance. This is definitely a widespread issue, especially in metropolitan areas like LA and the OC. So much of the new construction focus in these areas have been on apartment buildings and not on single family homes, while the job market has seen a huge increase. So now you have an influx of people with money, employment and loan approvals in hand, and no homes to purchase.
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And AF Madness, while Zillow may be popping, but you've got a 6.71% vacancy rate in Los Angeles while your buyer rate (at median price) is currently 25%. There's stuff on the market. But it's not enough.
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SSL, I can assure you this is not a bank with holding issue unless the properties being withheld are repossessions. Currently, the repossession rate in Los Angeles is low (about .5% per every 10,000) and even lower nationally so I doubt that's the issue.
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Authentic folk are attractive to me. I like guys who speak their mind, who might drive a beat pick-up, who might work with their hands, and don't need to lease a high-end BMW to try and impress their onlookers.
Quite the opposite of a bitter old man, I can't believe my luck. I graduated college at a time when a person could work and attend college and graduate with no debt because of that work. I graduated at a time when the ads were full of jobs for new college grads and I was one of them.
I'm lucky because with some serious focus and discipline I was able to buy a "first house" for 150 grand with 15K down, which I scraped, saved and borrowed some to get. I'm lucky because I started a biz that, in spite of everything I did, was a modest success, enabling me to buy a 2nd, much larger and grander home in which my offspring, now in their late 20's, grew up amid terrific friends who are still their best friends since kindergarten.
All of this has made me feel grateful and lucky.
When I said "fuck this city," I meant the unpleasantness of getting on the freeway only to come to a screeching halt in what used to be called "rush-hour" traffic, but which is currently any day, any hour.
"Bitter old man" ? -- LOL, not hardly. Grateful that I have so many options, can live wherever I want and see my offspring through their own start-ups in life, with Pops right here to help out and give them the leg up that I never had.
Carry on...
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I agree with loki, old car and a couple of motorcycles. Al paid for including house. Busted my ass 2 get it so now can relax.
Bored sometimes but ill take that over debt.
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The end
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