Who's buying Californians Homes ?? (short sales, foreclosures, mortgage)

[shannon94]

Originally Posted by Need_affordable_home

I was wondering the same thing. I have a friend whos parents sold their tiny 1080 living square feet house in "Silicon Valley" to some rich guy who got hired as vice president for Intel! Is there really enough rich people with super paying jobs to buy all those houses?

In a word NO!!! silicon valley...maybe...that's one small dot on a map!!

[shannon94]

Originally Posted by cre8

But for those who have to live in CA, maybe there isn't a choice. In this case, the "he" you speak of is perhaps more of a hostage than a fool, no?

Yes!! lol Hostage is a very good way to put it. That's how I'd feel if I were still living there!!

[shannon94]

Originally Posted by dusesean1986

Until there are more people who reside in Texas then California, I will not ponder your statement.

The total population of California are not homeowners.............population has nothing to do with this subject. Love the name of your city by the way!! ha ha ....I'm from San Diego.

[Socalgrl]

My husband and I plan on buying our first home in Southern California once he finishes getting his engineering degree in Texas. (We're native Californians..) So I guess we're the fools huh? lol..

[Roma]

No, Not a fool, but a smart move!

[Kingsnkali]

Most real estate being sold by Californians is being bought by other Californians. Foreign buyers make up a big chunk of the sales too. A favorable foreign currency exchange vs USD still remains.

The price differential with neighboring states is still there but it is not as great as it once was. Good housing in good locations is really not "cheap" anywhere out west. California is still higher, but Washington, Oregon, Nevada etc. are hardly bargain basement.

Much of the East Coast is expensive too. Florida is expensive. Parts of the midwest like Chicago, Minneapolis etc. are quite expensive.

Cheap is Kansas, Oklahoma, Nebraska etc.

If you live in an area where people would like to move to if it became "cheap" or even cheaper then that area will NEVER be cheap. Desire is what California is about. I would love to move to Carmel from Sacramento. I think I will be waiting a long....long...long time for Carmel to be "cheap" enough for me.... It's all relative.

[Need_affordable_home]

Originally Posted by Socalgrl

My husband and I plan on buying our first home in Southern California once he finishes getting his engineering degree in Texas. (We're native Californians..) So I guess we're the fools huh? lol..

Theres still some good deals in CA, most of the good deals are in northern CA(more north than the bay area) I found some affordable land an hour east of LA. Long commute though but many people do that. You arent fools, just people looking to live in a desirable location while the price is still good. I am thinking how ill afford CA, the land is cheap but having a house built isnt

[Kellypink]

Originally Posted by Sassberto

A combination of CA residents who cash out their old house but don't leave, Rich people from all over the US and the world, and high income-earning younger people who have become very common in the coastal cities in the last 5 years.

Reality is the days of making a retirement on a starter home are pretty much over at this point.

Really?? I don't think so, before I left 9 months ago. My best freinds Mom sold her home for 545K to a Mexican Family who had Grandma, Dad, Mom, and Auntie on the Mortgage.. with about 7 children in a 4 bedroom house!

It's not all rich people buying in CA...
I actually wished I never left because now I realize I was stupid to think I couldn't buy in California, starting out as a young family. I'm going home though, ASAP!

[Winston Smith]

Originally Posted by Kellypink

It's not all rich people buying in CA... now I realize I was stupid to think I couldn't buy in California, starting out as a young family. I'm going home though, ASAP!

I can certainly empathize with this sentiment. Life took me to my late 30s before I realized that buying a house in CA was possible. I now own two. All through my younger days in the 1980s I passed on even trying to buy because I thought $60k or $70k for a condo in areas like Ventura County was exorbitant and out of my reach. Man how wrong I was, and how I regret not trying back then.

[Don9]

My mom sold her house in Redondo, made a good profit and moved out of state.

I sold my house at the peak for a very good profit.

Now I'm waiting for the market to bottom and will probably buy again but not necessarily in California.