Yeap, that's it. The impression with most buyers is that because they are paying cash, they should get a big discount off of the asking price. That is just not the case. (Click here to see embedded video) Cash buyers in Big Bear are only saving 1% for paying cash as compared to those buyers that are getting a loan or any other type of financing. I am no accountant, but it seems to me all the tax benefits of having a loan against the property add up to more than a 1% savings. Year to date, there have been … [Read more...]
Big Bear Foreclosure Numbers – July 2009
August 22, 2009 by 2 Comments
Foreclosure numbers in Big Bear are still on the rise. The foreclosure filings in July 2009 were up 16% from June 2009, and 81% from July 2008. Keep in mind, foreclosure filings are made up of Notices of Default, a recorded document that starts the foreclosure process, Notices of Sale, a recorded document that sets the date for the Trustee Sale, and lastly, Trustee Sales, properties that go back to the bank or sold to third parties. While the overall news on the real estate market may appear to be getting … [Read more...]
Big Bear Bank Owned Fixers – Some Pointers
August 21, 2009 by 1 Comment
With prices for real estate in Big Bear at an all time low, many folks are seriously considering buying a bank owned fixer. On the surface, it seems like a really great idea, and if done correctly, it can be. However, like most things, it is a little more complex than it appears to be. There are many issues that can come up and derail or at least cost more than one would expect. The purpose of this blog post is just to bring up a few things one should think about before you take the plunge. 1. Don’t be greedy. … [Read more...]
Big Bear Home Sales July 2009
August 9, 2009 by 2 Comments
Big Bear Home Sales Big Bear home sales hit a two year high in July 2009. Home sales rose 9% when compared to the June numbers (84 v. 77), and 35% when compared to June 2008 (84 v. 62). This is great news for the Big Bear real estate market as it is the second strong month for home sales. Even if prices are still a bit volatile, strong sales are always positive sign. It is important to keep in mind that in a normal market, sales should be in the range of 150-200 per month. We are still a long ways from that. 29, … [Read more...]
Big Bear Foreclosure Numbers – June 2009
August 6, 2009 by Leave a Comment
Sorry for being a little late with these. The number of Big Bear properties that went back to the bank (future bank owned listings) in June 2009 was an all time high at 52, 8 more than the previous high of 44 set in May. In total, the foreclosure filings for the month of June 2009 were down 2% from May 2009, but up 34% from the June 2008 numbers. Keep in mind, foreclosure filings are made up of Notices of Default, a recorded document that is the start of the foreclosure process, Notices of Sale, a recorded … [Read more...]
Actions Speak Louder Than Words In Real Estate
August 4, 2009 by Leave a Comment
Click here to see the embedded video. I see a lot of sellers in Big Bear saying they are motivated to sell, yet they continue to ignore the market reality and overprice their home. "Seller motivated, bring all offers" is pretty commonplace in the agent comments of the Big Bear MLS or other real estate websites. But if you are truly motivated as a seller, you don't really have to say it. Your actions of pricing the property correctly, and doing all you can do to help the sale (curb appeal, staging, making it easy … [Read more...]
Don’t Be Bullied When Buying A Bank Owned Property In Big Bear
August 1, 2009 by 1 Comment
When planning to buy a bank owned home, the first step should be getting pre-approved by your lender. Most banks won't even entertain an offer unless it is accompanied by a pre-approval letter from a credible lender. They do this to weed out buyers who may be " fishing " and not actually be able to close the deal on a bank owned purchase. Also be prepared to have to get pre-approved again from the sellers lender of choice. In more and more cases, the bank that is selling the home is requiring the buyer making the … [Read more...]
One Secret To Getting A Great Deal In Big Bear
July 24, 2009 by Leave a Comment
Focus your search for Big Bear properties that have been on the market for 6 months or more. Why? 1. More seller motivation. 2. Less buyer attention (your competition). 3. Probability of finding something undervalued is much better. Here are a few properties as examples. This property was listed on 1/19/2007 for $929,000. It had been in the market 908 days but is now in escrow. At 3300 sqft, it sold for comparable price to those 2200 to 2700 sqft homes in the Castle Glen area. This property was … [Read more...]
Big Bear Home Sales – June 2009 And Second Quarter 2009
July 5, 2009 by 3 Comments
Big Bear Home Sales Home sales in Big Bear rose over 37% in June when compared to the May numbers (77 v. 56), and over 24% when compared to June 2008 (77 v. 62). This is great news for the Big Bear real estate market. In fact, June was the best month for home sales that we have seen since Sept. 2008. 25, or 32%, of the 77 home sales in Big Bear were bank owned. This is a little higher than last month, but still well below the 50% mark we were seeing earlier in the year. 5 of the sales, or 6%, were short … [Read more...]
