Wrightwood Real Estate - status

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.

Wrightwood homes for rent

Wrighwood has a number of full-time homes available for rent. Park place realty manages over 70 homes in the Wrighwood area. Parkplacerealty.com has more than a dozen currently available. They range in price and size from studios to 3 bedrrom and 3 bathrooms and over 3000 square feet. View these homes online at parkplacerealty.com. The Wrightwood mountain homes are more plentiful now do to the appearance of Spring. Most tenants prefer to look for a larger home or downsize once the snow has melted. Feel free to come by our office for a list of currently available homes for rent or lease and local maps. If eny home interests you please make an appointment for a viewing.

Wrightwood real estate signs of recovery

A number of prospective buyers viewed homes for sale in the Wrightwood real estate market over the weekend despite the return of some chilly weather. Most of the interest from buyer at Park Place Realty has focussed on some of the more affordable Wrightwood homes. Rates continue to be low and some new Wrightwood listings are coming on.

Wrightwood wildfire & disaster awarenesss day

Here in Wrightwood. today is the last free day to drop off pine needles, weeds, branches, tree trimmings, grass and pine cones. The event is sponsored by the Wrightwood fire safe council, CR&R (our local trash removal service company), Mountain Hardware (our local hardware company), SB County code enforcement and the San Bernardino Fire Department. Congratulations to all those who participate.

Wrightwood housing spring fever

Spring has finally sprung here in Wrightwood despite what the calandar tells us. Although we are still in a buyers' market the housing market in our moutain area is showing some signs of life. Paradoxically, for a buyers' market there are relativley few listings to choose from. Yet, gradually more listings are coming on and most are not bank owned. Also, several homes have recently gone pending and a number have closed over the last week. The weather is beautiful and the onset of the rental season is upon us. Most tenants prefer to move in the Spring and Summer so we have a lot of demand for new rentals and the supply of rental housing has also consequently increased. In short, it is a good time to look for new housing

Little Secrets about Foreclosures that Could Change Your Life

By Jessie Frost

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. 

During the 1st quarter 2008 in Stockton California 72% of its sales were in foreclosure. In Las Vegas during the 1st quarter 2008 45% of the properties closed were in foreclosures. So you can see why there is so much interest in foreclosure. 

The reason they are so attractive is if you are going to be successful in real estate, you need to work with a motivated seller. There is no more motivated seller then one whose will lose their property because they are not or cannot make their payments. Typically, foreclosures up to this point were from divorce, medical bills, or unemployment. In addition to these re-occuring reasons, today they are the result of the ARM ( adjustable rate mortgages) being reset from a lower interest rate to a higher rate, making the payment higher and unaffordable to the home owner and their property value dropping leaving no equity. 

What happened to create this situation? People with poor and bad credit were given loans for properties that should not have gotten them in the first place. In CA they were approving people at 22 times their annual earnings instead of the 3 times, which is normal. They were hoping the appreciation would continue and they would get out of the property with a fistful of money and use that for a down payment in a more affordable market. However the market lost its steam and property values dropped and these buyers were left with property that many times was worth less then what they paid for it and when the loan reset they were unable to pay for it. 

Investors also bought homes thinking they could ride the "gravy train" and earn a lot of money and be at the right place at the right time. Many of these people are actually walking away from their homes and have good credit and cannot afford the payment. But they figured why make a payment on a property that is not worth what I paid for it? It might take several years for the property values to comes back, so they let their property go to foreclosure. 

So great opportunity for the investor who knows what they are doing. Every once in a while when the planets align and everything is in sync it's a great time for us to take this opportunity and that is what is going on in real estate today.

About the author:

We offer free 7 day training on buying homes for pennies on the dollar and selling at huge profits. Please visit us at www.forcloseinvesting.com for more details.

Victorville and Wrightwood California Real Estate

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.....