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...]
Getting Pre-Approved For The Loan, Not As Boring As It Sounds
January 16, 2009 by Leave a Comment
It goes with out saying that the getting a loan could be the biggest factor in determining whether or not a buyer is able to successfully close on a property. Along with a home or property inspection, I would say that 80% or more of the challenges that come up in buying a home in Big Bear fall into these two areas. Paying cash? Great, but you are one of the very few these days. With tighter lender standards in this market, especially in the jumbo loan category (over $417,000 for my area), getting your loan in … [Read more...]
Big Bear Real Estate – Monday Market Update For 1/12/2009
January 12, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 1/12/2009. 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 -18 115 +9 6 +6 VACANT LAND 338 -3 8 +2 0 0 CONDOS 51 +3 2 -1 1 +1 GOVERNMENT LEASE 11 0 0 0 0 0 COMMERCIAL & RES INVESTMENT 51 +1 4 -1 0 0 BUSINESS OPPORTUNITY 14 -1 0 0 0 0 TOTAL 1401 -18 129 +10 7 +7 A few notes about the market - The residential inventory … [Read more...]
Big Bear Real Estate Market – 2008 Breakdown
January 12, 2009 by Leave a Comment
Below is the breakdown for the Big Bear real estate market in 2008. Big Bear Home Sales As previous mentioned on this blog, the residential sales, or homes sales, made up a significant amount of the sales in 2008, nearly 85% of the total market. Year # of Homes Sold % Change Median Sales Price % Change Average Sales Price % Change Days on Market List Price to Sales … [Read more...]
Big Bear Real Estate – Monday Market Update For 1/5/2009
January 5, 2009 by Leave a Comment
Below is your weekly update for the Big Bear real estate market as of 1/5/2009, the first one for 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 954 -79 106 +8 0 n/a VACANT LAND 341 -36 6 -1 0 n/a CONDOS 48 -4 3 0 0 n/a GOVERNMENT LEASE 11 0 0 0 0 n/a COMMERCIAL & RES INVESTMENT 50 -3 5 -1 0 n/a BUSINESS OPPORTUNITY 15 0 0 0 0 n/a TOTAL 1419 -170 120 +6 0 n/a A few notes about the market … [Read more...]
Big Bear Neighborhood Overview – Meadowbrook Estates
January 3, 2009 by 1 Comment
Want space & seclusion from your next Big Bear property? Meadowbrook Estates could be the answer. This is a heavily treed acreage subdivision located on the east end of Big Bear, in between Sugarloaf & Erwin Lake. History of Meadowbrook Estates Meadowbrook Estates is comprised of a total of three phases and 154 lots. Apparently, this property was designated as National Forest at some point in time prior to initial development but I don't know how many years ago that was. The first phase came up … [Read more...]
Big Bear Home Sales – December 2008
January 3, 2009 by Leave a Comment
Home sales in Big Bear for December 2008 (41 total) dropped 26% as compared to December 2007, and fell 18% from the November 2008 home sales number of 50. Typically, November & December are the best two months of the year for closings/sales, but this year they ranked 5th & 3rd respectively as the slowest months for sales in 2008. The median price for the homes sold was $262,000, up 9% from Nov. 2008, but down 5% from Dec. 2007. With such a limited amount of sales, any slight variation can throw these … [Read more...]
Driving To Big Bear During The Winter Months – Some Advice
January 2, 2009 by 85 Comments
This post is inspired by the pleasure (not really) I had of driving off of the mountain recently, and to educate those who plan to make the trip to Big Bear this winter. With all the snow we have received so far, the driving conditions on the various Hwys. and roads to & from Big Bear are bad. Couple that with the thousands of people who are trying to come up or leave the mountains, and you have some pretty frustrating & dangerous driving conditions. Weekends are typically the worst, especially after a … [Read more...]
In Big Bear, 2008 Was Not Great
December 31, 2008 by Leave a Comment
But hey, who is living in the past, right? In Big Bear, 2008 will go down as the slowest year for sales (# of properties sold) in more than 20+ years. It could be the slowest year ever but I don't have the data to prove it. It is what it is. The fact is that we are in this position and have to go through the "reckoning" process. Some call it karma, ying & yang, or the boomerang of life, it is the natural way to correctly a wrong. Like Newton's law of reciprocal actions, "To every action there is always … [Read more...]
