I am sure you owners are also getting solicitations from everywhere on your properties (primary or investment). I would consider trading up and doing a Sec 1031 on one or more of my properties but there simply is nothing out there I want. I just keep telling the soliciting brokers, you find me a suitable replacement property you can have the others to sell. Since nobody can perform and come through (as expected), they go away…
Housing shortage is the biggest cause of low inventory…If you sell there is nothing to buy…Lots of buyers want to move up but are afraid to be left homeless if they sell first…
Did they break down home tenure by race and ethnicity? I feel that white people tend to move more frequently, sell & buy more frequently. Many black people hold their houses for generations. Hispanic and Asian also tend to keep property for longer time and sometimes passed to next generation.
If my observation is true, diversity in California will reduce home turnover rate.
Black people rarely sell their houses maybe due to the fact that they do not relocate much for jobs and their community tie is much more stronger than white. White people have better career upward mobility, it’s easier for them to relocate to remote locations since they face less discrimination and have more confidence to move to an non-familiar city.
Hispanic and Asian are less confident in adapting to a random new city so they tend to stay out for long time. Also they care more about next generation’s welfare.
Also age is a factor as well. With California’s high price. people buy their first home at an older age. Older people is more settled and less likely to change houses frequently.
A built-up city also has less house turnover.
I think slower house turnover might be a permanent shift and we’ll get used to it
I think it’s pretty permanent when people are afraid if they sell they won’t find a new home to buy. That or you have people that are doing so well they don’t need to sell the buy the next home. They just keep accumulating homes.
In the government’s rush to punish banks, they have comdemned a generation to poverty by forcing millenials to become permanent renters…Thank you Dodd Frank
Just talked to a banker about a loan my buyer is getting…The first bank rejected him…They screwed him basically. Said he could remove contingencies and then reneged with no consequences. …Meanwhile his house is sold and he and his family is homeless…These bankers are all assholes…I am giving him another chance…letting him move in to my house at $5k/m. $1500/m over market…My buyer has the $250k cash makes $220k enough to qualify for the piti and has parents willing to gift another $100k.
So the new banker at Usaa bank out of San Antonio was absolutely the most useless piece of crap I ever talked too…A good candidate for a government job…Could not promise anything. .Was a licensed loan officer. .Couldn’t give any underwriting info. Couldn’t promise a timeline, didn’t know what table funding is, was only there to get things started to send to underwriting. .How can banks stay in business when they are so inept…
Let our OC banker pipe in…But banks are screwing up a lot of deals…They come up with last minute requests that bust up a lot of transactions. .No remorse and no accountablity. .This time they told their client it was ok to remove contingencies…Bankers caused the recession and are disenfranchising a whole generation of buyers. …Time for tar and feathers…And USAA is supposedly supposed to help veterans…With that kind of help the next war will be against the banks…lol