ACTIVITY: Strategies & Solutions (Term Paper Part 6)
For this assignment, you will simply type your paragraphs into the text box here. First, click the “Submit” button. A text box will appear. Type your contact information and then your two paragraphs. Then click the “Submit” button again. Remember, please SAVE a copy of your assignment to a Microsoft Word document or google doc. You will need a copy of it later for your final paper, “Real Estate Economic Forecast,” in which you will analyze the local real estate market and predict the future trends. SCROLL DOWN TO THE END TO VIEW A SAMPLE ASSIGNMENT. Lee use sample assignment as a guide but do not copy please original work No Plagiarism. no A I. No chat bots . Please use and cite. the pages and the book attached also attached previous assignment to help with the second paragraph demographics
Instructions
Begin with your name, date, and class number at the top of the paper. Write 2 paragraphs about Local Economic Strategies & Solutions in which you give solutions to a local real estate problem. Refer to the list of issues below and base it on the city you previously selected and wrote about in your activity, “Local Area Demographics & Data”. Each paragraph must be at least 5 sentences long and include at least one citation (page number from the textbook).
In the first paragraph, respond to the following prompts in complete sentences based on the textbook chapters 1, 5, 6, and 15. Do NOT use numbering or bullet points and do NOT include these questions/prompts in your responses:
What is the process of financial forecasting (page 423)?
How are real estate cycles forecasted (pages 21 – 26)?
Why is a break-even analysis important in real estate development (pages 425 – 427)?
In looking ahead, what factors will continue to influence housing supply and demand (pages 435 – 438)?
Explain why fair housing regulations are important to the future of real estate (pages 444 – 448).
In the second paragraph, respond to the following prompts in complete sentences based on the city you selected for your Local Area Demographics & Data Research activity. Reference the textbook Chapter 6 at least once. Do NOT use numbering or bullet points and do NOT include these questions/prompts in your responses:
Select the SAME topic that you previously reported on in your Week 3 Activity. Before starting, go back and read your assignment submission from that activity. What problem did you identify in the local real estate market?
Home Ownership Affordability in the High Desert
Commercial Property Development in the High Desert
New Home Construction in the High Desert
Student Housing in the High Desert
Homelessness in the High Desert
High-Speed Train Rail from Apple Valley to Las Vegas
As VVC students and graduates, we are leaders and problem-solvers in our community! We make a difference.
Re-state the problem or issue you brought up in your Week #3 Activity, “Local Area Demographics & Data Research”
Offer two or three possible solutions (textbook Chapter 6). Document your sources.
Explain what you believe is the best solution for this issue or problem, and why.
What may happen if your solution is NOT implemented?
What would likely happen once your solution IS implemented?
Remember: if you use any sources (other than your own original work), you MUST cite them in your paragraph, and reference them at the end.
EXAMPLE
Below is an example. Do NOT copy the wording, but you can use the structure as a template to follow.
Name: Ima Student
Date: January 1, 2022
Class: BRE-139-xxxxx
Textbook: Huber, et al., 2016
Strategies & Solutions
Financial forecasting is the process of … (p. 423). Real estate cycles forecasted by … (pp. 21 – 22). A break-even analysis is important in real estate development because … (p. 426). In looking ahead, the factors that will continue to influence housing supply and demand include … (pp. 435 – 438). Fair housing regulations are important to the future of real estate because … (p. 445).
Regarding the problem of lack of affordable home ownership as discussed in the section above, “Local Area Demographics & Data Research”, there are several possible solutions. One strategy is … and another possible solution is … (p. 193). With all possible avenues considered, the best solution for this issue is … because … If this problem is not solved, it would lead to … However, if this proposed solution is implemented, then the community and residents will benefit due to … As VVC students and graduates, we are leaders and problem-solvers in our community! We make a difference.
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Bre139 Real Estate Economics
4-29-24
Master Muhammad
Textbook: Huber, et al., 2016
Victorville, California in San Bernardino County has a current population of
approximately 139,810 as recorded in the year 2024 (World Population Review, 2024). With
regard to its median age, the city is at 31. 8 years having a racial make up that consist of Whites
(42. 07%), Two or more races (18. 9%), and Black or African Americans (17. 17%) among other
ethnicities (U. S. Bureau of Labor Statistics, 2024). The average family earns $87,081 per year;
however about one out every nineteen families live below federally defined poverty level(19.
15%); and individual residents earn an estimated $23,0231 on average (World Population
Review, 2024). The majority of homes in Victorville are occupied by married couples which
represent about 71. 4% with an average household size of 3. 54 people(World Population
Review, 2024). The top employers in the local area include fields such as education, local
government, health care, manufacturing, retail and small businesses (Livability, 2024). The
median price of listed houses in Victorville, CA stood at $450,000 with a yearly growth rate
estimated as 5. 9% (NAR Housing Statistics, 2024)..
Homeownership in the High Desert area of Victorville, California, in San Bernardino
County is posing a challenge for residents. The increasing costs of buying property have created
a situation where most people who wish to own homes cant afford one. Homeownership has
turned into an obsession because individuals now believe that their houses are only economic
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commodities (CBC, 2022).The Victor Valley is home to several communities, but the one in
which most people live is Victorville, with a population of over one hundred twenty two
thousand. In Victorville, the median value for houses is around $270,000. For rental rates,
specifically at High Desert Villas in Victorville, you can get yourself a one-bedroom unit from
$1,389 upwards monthly. The affordability index is medium. Many families and individuals
experience the impact of this issue since they cannot easily get cheap housing. The problem
spills over to surrounding areas whereby neighbors undergo financial stress due to reduced
chances for mortgage uptake and/or affordable loans (p. 278). The rising real estate sector has
compounded the issue on affordability especially for potential buyers; this has led to a sellers
market (CBC, 2022). The lack of affordability in home ownership has had profound effects on
property values and the local real estate market in Victorville. As housing costs continue to
outpace earnings in Canada, owning a home has become increasingly unattainable for many
families (CBC News, 2022). The demand for investment properties has also played a part in
raising prices thus reducing options available to those intending to buy houses for their very first
time. According to the Bank of Canada report cited in the CBC article, investors were
responsible for 30% of home purchases in early 2023, while first-time homebuyers accounted for
only 43% (CBC News, 2022). This shift in buyer demographics has led to a reduction in
available housing supply for first-time buyers and increased competition among investors.
Consequently, neighborhoods witness unequal distribution of homeowners as well as
overstretched resources occasioned by high population under rental or extended family
accommodation situations (Huber et al. 2016). These trends arise from and influence highly
expensive property valuations within which most potential clients cannot reach (CBC News,
2022).
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References
CBC News. (2022). The dirty secret of the housing crisis? Homeowners like high prices.
Retrieved from https://www.cbc.ca/news/business/housing-prices-affordability-realestate-1.7170775
Huber, W., Messick, L. P., & Piva, W. (2016). Real Estate Economics (6th ed.). Covina, CA:
Educational Textbook Company.
U.S. Bureau of Labor Statistics. (n.d.). Retrieved from https://www.bls.gov
U.S. Census Bureau. (n.d.). Retrieved from https://www.census.gov
NAR Housing Statistics. (n.d.). Retrieved from https://www.nar.realtor/research-andstatistics/housing-statistics
Livability. (n.d.). Retrieved from https://livability.com/ca/victorville/education-careersopportunity/victor-valley-ca-top-employers/
World Population Review. (n.d.). Retrieved from https://worldpopulationreview.com/uscities/victorville-ca-population
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