|Buyer Demand is Out-Pacing Seller Supply; a market change?|
The biggest complaint I hear from local Realtors is “I can’t find a home for these home shoppers. They’ve driven up the mountain twice, I’ve shown 18 houses in their range but, I don’t have anything else in their price and feature range. I think I am going to lose them.”
Over the decades, I’ve listed and sold 1,000 homes, so the high and low is not a surprise. The long term pattern, reflected in this FreddieMac report, does cause me to wonder.
ARE WE LOOKING AT A CHANGING MARKET?
Compare the chart below as a left and right pattern, similar to the recent First Tuesday Journal. The left half of the chart below began well before the bubble with sales above 500 a year. The right side of the chart hardly breaks through 400 sales a year, long after the recession is over.
The seventeenth year since 2000 in Lake Arrowhead is turning from the traditional supply available to the second home market of affluent get-away homebuyers to the question, is there a shift in consumer attitude and confidence?
SELLERS ARE IN THE DRIVERS SEAT. WHY ARE THEY SITTING TIGHT?
Not an easy answer. Are vacation home sellers holding back? Are getaway buyers too fussy? Prices too high? Inventory too low? Loss of confidence per Harry Dent? A new generation? Tightwads? VRBO, a new angle?
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Coldwell Banker Sky Ridge Realty, Lake Arrowhead CA, 92352-1089 Since 1982.