The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today. It remains within a target range of 0.000-0.250 percent. In its press release, the FOMC reiterated most of the key points from its December 2008 statement, including: The U.S. employment outlook continues to deteriorate Consumers and businesses continue to cut spending The housing sector is still showing weakness In addition, the FOMC addressed the "extremely tight" credit conditions for U.S. households and business, even as … [Read more...]
Explaining What The Federal Reserve Did In Plain English (January 28, 2009 Edition)
January 29, 2009 by Leave a Comment
How Today’s Federal Reserve Meeting Could Change Home Affordability
January 28, 2009 by Leave a Comment
The Federal Open Market Committee adjourns from its 2-day meeting today. The monetary policy-setting group is expected leave the Fed Funds Rate within its current target range of 0.00-0.250 percent. This is the lowest range for the Fed Funds Rate in history and, frankly, there isn't much room left to go lower. Therefore, markets aren't really concerned about what happens to the benchmark lending rate today. Instead, markets will focus on the Fed's ideas to revive the U.S. economy. In its post-FOMC press … [Read more...]
Big Bear Real Estate – Monday Market Update For 1/26/2009
January 26, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 1/26/2009. Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week RESIDENTIAL 930 -6 119 +6 30 +9 VACANT LAND 345 +6 10 +1 0 0 CONDOS 49 -2 6 +1 1 0 GOVERNMENT LEASE 11 0 0 0 0 0 COMMERCIAL & RES INVESTMENT 51 -1 3 0 0 0 BUSINESS OPPORTUNITY 11 -1 0 0 0 0 TOTAL 1397 -4 138 +8 31 +9 A few notes about the market - Of the 15 residential properties … [Read more...]
Bank Owned & Short Sale Homes Taking Market Share In Big Bear
January 25, 2009 by Leave a Comment
Active Listings % of Total Pending Listings % of Total Sold Listings Last Year % of Total Mom & Pop Seller 775 83% 36 31% 534 80% Bank Owned 69 7% 52 46% 115 17% Short Sales 89 10% 26 23% 18 3% Total 933 114 667 As evidenced in the table above, bank owned and short sale homes have taken a larger piece of the overall real estate pie here in Big Bear. 80% of the home sales in Big Bear for 2008 were your traditional, Mom & Pop seller. That made sense as there was a similar percentage, 90-95%, … [Read more...]
The Best In Show Is First To Go
January 24, 2009 by Leave a Comment
[viddler id=9775a0e6&w=545&h=349] Everyone knows it is tough to sell a home in this market. It is not impossible though. While there are some things you cannot control, like location, there are certainly some other things that you can. The asking price, the overall property condition, showing restrictions and the like are all things well within a seller's choice to make. Whether they decide to make the right choice is up to them. The two most important factors in getting a home sold in today's market … [Read more...]
The Big Bear MLS – Is Your Property In It?
January 20, 2009 by 1 Comment
The vast majority of properties sold in Big Bear are sold by real estate agents who live, work, and breath in Big Bear. Yet, some sellers (read:banks) list their properties with out of area agents who don't have much experience selling property in Big Bear. It is kind of like a knee doctor working on your elbow. Can they do it? Sure, but are they really the expert? What's worse is these real estate agents rarely put the listing in the local Big Bear MLS (Multiple Listing Service). How are the local agents … [Read more...]
Big Bear Real Estate – Monday Market Update For 1/19/2009
January 19, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 1/19/2009. Property Type Listings for Sale Change from Last Week Pending Sales Change from Last Week Sales Year to Date Change from Last Week RESIDENTIAL 936 0 113 -2 21 +15 VACANT LAND 339 +1 9 +1 0 0 CONDOS 51 0 5 +3 1 0 GOVERNMENT LEASE 11 0 0 0 0 0 COMMERCIAL & RES INVESTMENT 52 +1 3 -1 0 0 BUSINESS OPPORTUNITY 12 -2 0 0 0 0 TOTAL 1401 0 130 +1 22 +15 A few notes about the market - The residential inventory leveled off … [Read more...]
Absorption Rates For The Big Bear Real Estate Market – December 2008
January 18, 2009 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. Knowing the absorption rate is a good way to become more informed on the current real estate market conditions in a particular area. In simplistic terms, it is a mathematical equation that tells the amount of time it will take for a specified set amount of properties to be absorbed under current real estate market conditions. I like to look at it from a monthly … [Read more...]
How Not To Reduce The Price Of Your Big Bear Home
January 17, 2009 by 2 Comments
Price reductions are commonplace in today's real estate market. Many days, they actually outnumber the number of closed sales & new pending sales. Price reductions happen because the seller or real estate agent overestimated the market value of the property in the beginning and the buyers reject it. Dropping the price is not necessarily a bad thing, it happens. But, the key reason to drop the price is to spark some interest, generate some activity, and hopefully, an offer. Many times though the seller only … [Read more...]
