Baby boomers and the golden handcuffs of real estate: Will low inventory be a trend for the next few years?

The Baby Boomer generation in California are seeing some changes. In many neighborhoods, the prices of homes are going up, bringing in a wealthier group of home owners to areas where the owners have been there for some time. Their property is worth quite a bit, but they would need to sell it to cash in on it. The average price of homes in California is up 28% from last year without such an increase in the average income. It's the high quantities of investors that have driven up the prices.

Even though the demand is high currently - a trend that is not predicted to last long - building permit requests are down. While there is plenty of land to build in California, the more desirable areas along the coast may have less space, driving up the prices as well.

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POSTED October 14 2013 1:53 PM

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