Anyone who is trying to buy a home today knows how tight the supply of availables homes for sale is. Even though things are improving some, the low inventory makes it hard to buy a home priced close to the Napa County median price of $455,000. The the following article in the latest issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS® confirms this for the state of California.
- According to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2013 Renter Survey,” renters continue to hold homeownership in high esteem, and it remains a goal for the majority of them. Nearly three-quarters of renters rated homeownership as “important,” and more than half of renters (52 percent) said they plan to buy a home in the future.
- Most renters (44 percent) who expressed the desire to own instead of rent were only renting out of financial necessity and the majority plan to buy in the next three years or longer.
- More than four out of every 10 renters (41 percent) indicated they plan to purchase in the same county where they currently reside, and 14 percent plan to buy in the same neighborhood. Currently, about half (51 percent) of all renters live in an apartment, with the remainder residing in a single-family home, a townhouse, or a condominium.
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