In a Tight California Home Market, Think of Location

By Jonathan Haeber
CMR Columnist

If you'd still like to buy a home in the faltering home loan climate, a few considerations will help put you above the fray. Ask yourself one question: Who will want to buy your home five or 10 years in the future?

The Influence of Boomers on California Homes

According to Washington Post columnist Kenneth R. Harney, baby boomers will drive the real estate market well into their retirement. A lot of retirees demand condominiums; and many will pay premium for location, sweeping vistas, access to water and recreation, as well as local art and cultural institutions.

Consider Florida: Despite a growing risk of Hurricanes and skyrocketing prices, retirees continue to purchase there. Or in Hawaii, where a two-bedroom, two-bathroom condominium on the beach fetches 2.5 million!

A Home with a View

John and Sherry Crimmins, of Palm Coast, Florida, say that the view was the "most important" factor in their decision to take out a new home loan and purchase a condo. Following closely behind was the proximity to water "About once a week we take the boat out looking for manatee or to go fishing," said John Crimmins. The local art scene was another factor. "We're a few miles from Flagler Beach, an artists' town that I remember going to while growing up," said Sherry Crimmins.

When considering a California home loan, look for things like transportation access, festivals, air quality, weather, and more. As evidenced by the booming Arizona and Nevada market of the past ten years, the presence of year-round sun plays a big role in how well a home will sell.

Even in a bad real estate, loan, and mortgage market, there are still bargains out there. And, as always in real estate, location is king. Good luck in your search!

Sources
New York Times: The View Comes First
Washington Post: Baby Boomers Still Buying

About the Author
Jonathan Haeber is a marketing writer for Discovery Channel Stores. He recently purchased his first home and took a self-taught crash course in home mortgages.

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