In order to conduct our analysis we have the following mortgage status classifications for the target market of Alameda County:
Our analysis reveals that 78% of the housing stock of Alaeda County has a mortgage compared with 76% for the state of California. This of course has very important implications for Home At Last Realty. The larger percentage of housing stock with mortgages indicates on average more homes in the target market actually have mortgages which may be an issue when times comes to sell their homes. As discussed in our earlier analysis in this business plan, it is important to understand that if homes have large mortgages, and the real estate market turns down, many folks tend to find themselves upside down on their mortgages and are not able to sell their homes even if they want to. Critical to understanding just how much folks are upside down on their mortgages is of course key and the only way to understand that is to know the amount of the average mortgage outstanding on the typical home in Alameda County. The good news here is that the number of homes without a mortgage for Alameda County is not much more than the State of California.
Also important to note is that 22% of the homes in Alameda County do not have a mortgage. When we overlap that information with the higher property values for each home in the County when compared to the State, it bodes well for a real estate office like Home At Last Realty, since it implies that there are plenty of homes in the County that don't have any mortgages and command on average a much higher market value than the statewide average. Higher market values homes when sold result in higher real estate commissions for the realtor.
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