It has been over 6 months since my last Monday market update so I figured, why not start it up again today? Below is an update for the Big Bear real estate market as of 11/17/2008. The number of residential properties listed for sale in Big Bear now stands at 1066 total. It is interesting that this number is relatively low. A lot of people I talk to seem to think there is so much for sale right now when in fact this number was much higher, near 1500, last year at the same time. The real story is that a lot of … [Read more...]
Searching For Real Estate In Big Bear Just Got A Whole Lot Better
November 15, 2008 by Leave a Comment
Searching for real estate in Big Bear is getting easier everyday. With more access to the data, consumers are starting to see the full picture of what is going on in a particular real estate market. I recently signed up for a map based IDX MLS search product from Diverse Solutions. For those not familiar with IDX, it stands for internet data exchange. It is essentially an agreement between real estate brokers in the same MLS which permits each broker to share their listings in eachother's online advertising … [Read more...]
Absorption Rates For The Big Bear Real Estate Market – October 2008
November 9, 2008 by Leave a Comment
If you are thinking of buying or selling a home in Big Bear, you may want to take a look at the absorption rate of homes that are currently for sale. This is a good way to become more informed on the most current real estate market conditions in a particular area. There is an easy to understand article here describing what the absorption rate is and what it means for the real estate market. In simplistic terms, it is a mathematical equation that tells the amount of time it will take for a specified set amount of … [Read more...]
Can I Keep The Buyer’s Deposit If They Cancel The Deal?
November 7, 2008 by Leave a Comment
This question always seems to come up from a seller when the buyer decides to back out of a real estate transaction or purchase. The answer to the question, as with a lot of real estate related questions, is "it all depends." Take a look below for my answer. [viddler id=ae8a8b4&w=437&h=368] Like the video above? Check out some of my other video posts. Related Articles Let's Be Earnest When Talking About A Good Faith Deposit … [Read more...]
Big Bear Home Sales – October 2008
November 6, 2008 by Leave a Comment
Home sales in Big Bear increased 28% in October 2008 as compared to the same month last year, but fell 11% from the September 2008 home sales number of 82. Though it is down, it was still the second best month for homes sales in Big Bear this year. The median price for the homes sold was $255,000, up 12% from Sept. 2008 but down 18% from Oct. 2007. The median price has been quite sporadic the past 6 months, ranging between $205,000 to $290,000. With such a limited amount of sales, any slight variation can throw … [Read more...]
Pricing A Property In Big Bear – Follow Your Real Estate Gut
November 3, 2008 by 1 Comment
Pricing a property in Big Bear is a lot different than your standard tract home or primary home location. The fact is that the properties in Big Bear can be dramatically different, even when they are in the same location. We have many areas with big homes next to small homes, old homes next to new homes, homes on the lake and homes off it, homes with ski slopes views and home with out a view. There are very few locations that contain homes with a lot of commonality between them. Areas with upscale, newer homes … [Read more...]
Bank’s Incompetency = Buyer’s Gain
November 2, 2008 by Leave a Comment
It is no wonder why so many banks are failing these days. They just do not seem to comprehend what is going on in the current real estate market. Here is a perfect example. This property just came on the market for sale in the Moonridge area of Big Bear. Listing price is $399,900, 3 bed, office, family room, & 2.5 baths. It needs roughly $15,000 to $25,000 in finishing details to complete it. The property is now bank owned. A little history on this property. I had it for sale from April to August of … [Read more...]
What’s More Important, Asking Price or Sales Incentives?
November 1, 2008 by Leave a Comment
Every seller is looking for a way to get their home sold in this market. With only 1 out of every 15-20 Big Bear homes selling every month, it is understandable to want to try every possible strategy. One question that comes up a lot is whether to offer sales incentives to help entice more showings and a buyer. The most common types of these incentives include a buyer's agent bonus, raised selling commission, and the seller paying some closing costs for the buyer. While offering sales incentives can help a … [Read more...]
Warning! A Scary Story On How Not To Sell Your Big Bear Home In This Market
October 31, 2008 by Leave a Comment
Selling your Big Bear home in this market does not need to be any tougher. The real estate market conditions are scary enough these days. So you can imagine my surprise when I went out on a listing appointment recently and the seller did not want to have their property listed on the open MLS. Nope, they just wanted me to know about the home, that they wanted to sell, and that they would pay me if I brought a buyer. Their plan was to let 5-6 of the top agents in the area know about their intent to sell, offer … [Read more...]
