A SELLER’S MARKET SEARCHING FOR SELLERS. A STRANGE DILEMMA.
Sales are up 6% year over year. But how much higher might sales have been if listings were higher? 2012 to 2013 listings were unchanged.
Is this an inventory problem or a lack of homeowner confidence? Buyers feel there is a shortage of homes – in their price range – to look at. We have buyers. They come, look, ask… ‘have we seen everything’?
Buyers, in a vacation home market do not act the same as a primary residence search. They don’t have to buy. It is discretionary money, a second home, no deadline. Decisions are made based on the economy, revised debt ratios for mortgages, confidence, family time, delays due to weddings, cash, kids T-Ball on the weekend. And Lake Arrowhead is a couple hours away so ‘let’s put it off for a week or two’. They get excited and raise the shopping budget $50,000..and more.
In 2014, we are being assured there will be good growth in the economy. A revised National Association of Realtors forecast sets it at 4% to 5% price growth. Not much is changing in the long range forecasts for SoCal real estate. Some areas will boom, but largely we expect steady price appreciation.
Do not boast about tomorrow, for you do not know what a day may bring.Proverb 27:1For serious thinking, ask Bob for a MARKET REPORT ON YOUR HOME
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