Monday, April 11, 2011
The current slow market in Wrightwood real estate is different from the last cyclical slow down. Although it seems to be a buyers' market and home prices are at levels not seen since 2000-2001 or before, inventory remains tight. Currently, there are only about 45 non-short sale homes listed on the local MLS. See our web site for Wrightwood listings .During the last downturn of the mid to late 90s active listings numbered up to 175.
This seeming paradox generates confusion for buyers and sellers alike. Despite difficulty in finding an acceptable home, buyers think they can make low offers and be successful. This is rarely the case as private sellers are normally unwilling or unable to move much on price and bank owned sellers are already at a competitive price point and often receive multiple offers.
Wrightwood homes are selling but they tend to be mainly bank owned homes. Buyers confront what rapidly becomes a sellers' market for a specific home that is priced well. Private sellers become disillusioned as they must lower their prices to untenable levels in order to find a buyer. Short sales are frustrating for everyone as buyers and sellers grow discouraged during what many times is a long, uncertain approval process.
The Spring season tends to generate an uptick in inventory. Homes for sale on the local MLS have increased about 5% in the last 10 days. This could be helpful for buyers and sellers as it could spur increased demand with an improved selection of homes to choose from.
Friday, May 14, 2010
Wednesday, May 12, 2010
Saturday, May 8, 2010
Friday, May 7, 2010
Sunday, October 25, 2009
Foreclosures have been around forever. Only now there just more of them. It seems to be the buzz on the street. Seasoned and novice investors want to invest in foreclosures. In 2004 the number of foreclosures was 2% of the total sales in the US. In the first quarter of 2008 the foreclosures accounted for 30% of the total sales.
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Saturday, April 25, 2009
National foreclosure rates and President Obama's stimulus plan have intertwined themselves for most home owners still facing uncertain futures in regards to their current home mortgage obligations. Nationwide over two million homes are heading into foreclosure. Barack Obama is considering a number of options to ease the mortgage burden on these home owners. The Obama White house has supported loan modifications based on 32 to 38% of home owner income which aims to drastically reduce the slide into foreclosure for home owners nation wide. A more controversial measure, in the eyes of the financial industry, is a plan to include home mortgage defaults in bankruptcy proceedings. We will have to wait and see how this proposal will work out.
In Victorville, California approximately 60% of the homes on the local High Desert MLS are bank owned. Although Wrightwood California home prices have declined somewhat they still tend to retain their overall value due to their unique mountain location, country life style and ski resort atmosphere. This is due to the high desirability of the Wrightwood's mountain location and to it's close proximity to Southern California employment centers located in the Inland Empire and the High Desert area.
Wrightwood, in addition to its location, is quite fortunate ,anecdotally, having population demographics that show a much higher disposable income consequently averaging lower overall foreclosure rate percentages. Currently there are only 10 bank owned homes out of a total of 73 homes active on the local Wrightwood MLS - (12% of the total). Ultimately you may obtain a lower price, per square foot, for your money in Victorville but Wrightwood homes historically maintain their values at a much higher level over the long run.
In conclusion, it’s not clear which program President Obama will eventually adopt and how it will effect Wrightwood and surrounding communities located in Southern California's Inland Empire High Desert areas such as Victorville.
So we will, like home owners everywhere, have to just wait and see.....