Monday, April 11, 2011

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.