With Congress reaching agreement on a $789 billion stimulus package for Americans and the President expected to sign it into law, don't expect it to help boost the Big Bear real estate market. The package contains two benefits related to the overall housing market. The first provision is fairly well-known. It gives first-time home buyers an $8,000 tax credit provided they purchase a home between January 1, 2009 and August 31, 2009. This is a true tax credit. To reduce misuse and abuse, however, the $8,000 … [Read more...]
Big Bear Real Estate Monday Market Update For 2/9/2009
February 9, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 2/9/2009 (a very snowy day I might add). Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week RESIDENTIAL 904 -2 129 +3 57 +17 VACANT LAND 344 +10 11 -2 1 +1 CONDOS 47 -1 6 0 1 0 GOVERNMENT LEASE 12 +1 0 0 0 0 COMMERCIAL & RES INVESTMENT 52 +2 4 +1 0 0 BUSINESS OPPORTUNITY 11 0 0 0 0 0 TOTAL 1370 +10 150 +2 59 +18 A few notes about the market … [Read more...]
Job Growth Numbers Not A Great Sign For Big Bear Real Estate Market
February 6, 2009 by Leave a Comment
If job growth & housing numbers are related, today's news is not a great sign for the real estate market in Big Bear. Employment figures released this morning show that the economy has now shed 3.6 million jobs since December 2007, included close to half that in the last 3 months alone. The Unemployment Rate is now 7.6%. But jobs aren't fading in every housing market equally. As reported by Ajilon Professional Staffing, there are still areas around the country in which unemployment rates are low and job … [Read more...]
Lower Mortgage Rates Impact Home Affordability
February 5, 2009 by 1 Comment
Comparing July's conforming mortgage rates to today's average rates, there's a 1.5 percent difference in favor of homeowners. Rate drops like that make big differences in a household budget. Look at these before-and-after payments, based on rates from the chart: $150,000 mortgage ($144 savings/month) July 2008: $958 monthly February 2009: $814 monthly $250,000 mortgage ($240 savings/month) July 2008: $1,597 monthly February 2009: $1,357 monthly $350,000 mortgage ($335 savings/month) July 2008: $2,235 … [Read more...]
Big Bear Home Sales – January 2009
February 5, 2009 by Leave a Comment
Home sales in Big Bear for January 2009 (47) were up 37% as compared to January 2008 (30), and 13% compared to December 2008 (41). January is normally one of the 4 slowest months of the year for sales so this is pretty good news all things considered. 25, or 59%, of the 47 home sales in Big Bear, were either bank owned or short sales. This is up from 44% of the total sales last month. I suspect this number will continue to rise this year. Not great news but we have to get them sold in order to get through this … [Read more...]
Home Buyers Are Getting Off Of The Fence
February 4, 2009 by Leave a Comment
The National Association of Realtors reported Tuesday that Pending Home Sales ticked higher in December 2008. A "pending home sale" is a home under contract to sell, sometimes referred to as "in escrow", but not yet closed. The group positions Pending Home Sales report as a predictor of future activity, suggesting that home sales will spike 60 days hence. This is good news for the economy. However, despite the Pending Home Sales report's correlation to the actual number of homes sold in the future, that … [Read more...]
Big Bear Real Estate – Monday Market Update For 2/2/2009
February 2, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 2/2/2009. Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week RESIDENTIAL 906 -24 126 +7 40 +10 VACANT LAND 334 -11 13 +3 0 0 CONDOS 48 -1 6 0 1 0 GOVERNMENT LEASE 11 0 0 0 0 0 COMMERCIAL & RES INVESTMENT 50 -1 3 0 0 0 BUSINESS OPPORTUNITY 11 0 0 0 0 0 TOTAL 1360 -37 148 +10 41 +10 A few notes about the market - Residential properties are … [Read more...]
Big Bear Home Sellers, Have You Considered Staging?
January 30, 2009 by 2 Comments
Super Bowl Weekend traditionally marks the start of the Spring Buying Season in real estate. Anecdotally, real estate agents will tell you that buyer activity tends to tick higher at this time of the year. Meanwhile, with mortgage rates still trolling near all-time lows and Congress debating a first-time homebuyer tax credit, 2009 may bring out even more buyers than we've seen in the past. Just having your home on the market may not be enough to attract an offer, though -- the home has to have appeal. That … [Read more...]
