California, going back to Victorian economics?

Asked by Arnoldo M, Los Angeles, CA Mon Jan 13, 2014

Do you think that California is becoming more like in the Victorian era, where housing became scarce and unaffordable, so for most people it was easier to rent than to own property? Accordingly to a survey I'm making between the middle and lower class, the answer is yes. What do you think?

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3
Clint Lohr, Agent, Glendale, CA
Mon Jan 13, 2014
BEST ANSWER
Arnoldo, no one can predict the economic future. You can talk to 10 different agents and get 10 different opinions. In any given real estate market, those who can afford to buy a home and want to will buy. Those who cannot afford to do so won't.
The real estate market has gotten stronger in California. As the market becomes more active in many areas, prices increase to a peak level as they did about 2008, then they drop as they did by 2010. It's an up and down cycle as I'm sure you know. Often, those who can't afford to buy will rent and then buy later. Others were former home owners who sold their properties when prices peaked, and then rented until real estate prices dropped and they could buy a better home that was by that time more affordable. There are many scenarios.
World events and presidential elections can affect the loan interest rates-- which definitely affect peoples' ability to buy homes or refinance their property loans. If California is returning to the Victorian era, it will only be temporary.
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Shannon Chang, Agent, Arcadia, CA
Wed Jan 15, 2014
I think this is more for a Blog than this forum
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Carmen Hill, , Los Angeles, CA
Mon Jan 13, 2014
Homes in Southern California are in great demand. There are many financial assistance programs for those in between lower and middle class to help you afford to buy a home: grants, federal income tax credits, deferred loans, etc. I encourage you to attend the 3-hour workshop hosted by Cerritos College Community Education called "Uncle Sam Can Help You Buy a Home". You can email me at citihousing20@aol.com if you have any further questions.
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