Being a successful sales rep in any field means having access to information profiling prospective clients and allowing you to target market those buyers and sellers.
A recent study by Irvine based Attom Data Solutions reveals 6 of the 12 U.S. metros areas, whose have homeowners have been residing in their property the for the most amount of years!
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Because homeowners lack upward mobility 1st time buyers, or renters trying to re-enter the housing market are having a hard time finding starter housing.
The study further outlines 11 of California’s regions, all of which have an average ownership above the national length.
Attom’s study ranked the following California markets on current results vs. 5 years ago:
Nationally, home ownership averaged 7.94 years in the 4 quarters ending March 31 vs. 6.1 years in the year ending in 2012’s first quarter. That’s an increase of 1.84 years.
Ventura County: California’s longest tenure & ranked 5th nationally for the length of stay at 10.13 years now vs. 7.74 years in 2012.
San Francisco-Oakland: No. 7 nationally with 9.95 years vs. 7.72 years, up 2.23 years.
Silicon Valley: No. 8 with 9.79 years vs. 7.57 years, up 2.22 years.
Los Angeles-Orange counties: No. 10 with 9.59 years vs. 7.11 years, up 2.48 years — California’s largest increase and 5th biggest jump nationally.
San Diego: No. 11 with 9.43 years vs. 7.35 years, up 2.08 years.
Fresno: No. 12 with 9.41 years vs. 7.65 years, up 1.77 years
Sacramento: No. 16 with 9.13 years vs. 7.10 years, up 2.03 years.
Inland Empire: No. 18 with 8.91 years vs. 6.54 years, up 2.36 years.
Modesto: No. 20 with 8.75 years vs. 7.01 years, up 1.74 years.
Bakersfield: No. 21 with 8.50 years vs. 6.75 years, up 1.75 years.
Stockton: No. 24 with 8.28 years vs. 6.24 years, up 2.04 years.
The years of 2005 and 2007 built up a backlog of buyer demand but many buyers were simply priced out of the market.
As the data shows, many of the buyers (egged on by declining interest rates) went on a buying binge between 2007 -2009 — approximately at the time when the housing market was both bubbling (because of lax lending criteria) and beginning to collapse with the impending Great Recession.
Now with prices finally near pre-recession peaks, many owners may be waiting until their losses have been erased, by the current housing boom before exiting California or purchasing another home!
Either way this cycle of the market offers commission opportunities for agents who do their homework and begin identifying which community they wish to “door knock or farm”.
Simply begin by obtaining a farm package.And don’t ignore the homes being currently occupied by renters as their landlords will also be eying today’s rise in prices and those marketing efforts may produce a “two-fer” by locking up seller and the current renter as buyers.
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Daniel Dobbs (.org)
Broker
Mutual Home Mortgage
265 S. Randolph #120
Brea, Ca. 92821
Cell: 949 250-3981
Dandobbs6@gmail.com
DRE # 00986886 …..NMLS# 307631