I received a question last week on Trulia.com asking about the difference between a bank owned property and a foreclosure. These terms can be confusing to those who are not in the business, and even for some of us in the business. Here's a short video explanation of the differences between bank owned properties, foreclosures, and short sales and how they are all related in the end. Feel free to add comments or ask me any questions. [viddler id=6a9e0eb6&w=437&h=368] … [Read more...]
Short Sales, Foreclosures, & Bank Owned / REO Properties – What’s The Difference?
October 23, 2008 by Leave a Comment
Sales Up, Prices Down In Big Bear Lake
October 21, 2008 by Leave a Comment
There was some surprising news to come out yesterday regarding home sales in the Southern CA area. Sales were up quite a bit in September 2008 though prices were down. I guess some news is better than no news at all but I think this report needs to be looked at in the proper perspective. I had a couple thoughts about it, check out the video below. [viddler id=75e77d9&w=437&h=368] Mr. Mortgage, as always, also has some good points on this article. … [Read more...]
Big Bear Bank Owned Buyers – Be Ready!
October 20, 2008 by 1 Comment
Bank owned properties in Big Bear are continuing to come on the market for sale at a steady pace. Don't expect that to change anytime soon. In the month of September 2008, there were 41 properties that went back to the bank. And there have already been 10 so far this month. While a few of these properties are already on the market for sale, the majority of them are still "in the listing process" with the banks and should be on the market in the coming weeks/months. What do the banks do between the time they … [Read more...]
What Time Is It? Time To Winterize Your Big Bear Home!
October 19, 2008 by Leave a Comment
It is getting to be that time of year again when the weather in Big Bear is turning colder. It is pretty common these days that the temperatures during the night hover near the freeze mark. This will only increase as we head into winter. Given that most of the people who own property in Big Bear do not actually live in Big Bear and are only able to make it up from time to time, winterizing your home now is very important. Trust me, you do not want to take the chance of frozen pipes. The resulting damage can be … [Read more...]
MLS Data vs. Public Records – Which Can You Trust?
October 18, 2008 by 5 Comments
News about the real estate market is huge these days. There is a lot of talk about prices going down, sales going down, and lots of numbers to prove the point. But, are these numbers legit? I use the Big Bear MLS to substantiate a lot of the real estate data that I provide on the Skinny. Pulling sales data from the MLS only provides part of the story however. One of the biggest problems with the Big Bear MLS data is that it does not include all of the sales in the area. Along with the increase in REO … [Read more...]
Big Bear Home Sales For September 2008
October 17, 2008 by Leave a Comment
Home sales in Big Bear hit their highest mark of the year with 82 homes sold in the month of September. This surpasses the previous monthly high of 2008 which was 67 homes sold in the month of May. This is also 22 (27%) more than Aug. 2008 and the previous Sept. 2007. The median price for Sept. home sales was $224,500, down 21% from Aug. 2008 and down 17% from Sept. 2007. The median price has been all over the board the past 5 months, ranging between $205,000 to $290,000. With such a limited amount of sales, I … [Read more...]
Real Estate Reports Should Be Like the Weather Reports….Local.
October 12, 2008 by Leave a Comment
If you turn on any national news channel in the morning before work you will always see the weather forecast for the day. And sure enough, when they go to the "your neck of the woods" weather report, you will see your local weather news person give a quick 15-20 second local weather report. Seems to be just the way it is with weather reports. But then, the next segment that comes on talks about the national real estate market.....is there such a thing? No local reports as with the weather, just one report that … [Read more...]
Big Bear Home Sales 2008 – 2nd & 3rd Quarters
October 9, 2008 by 2 Comments
Below are the details on home sales in Big Bear for the 2nd and 3rd quarters of 2008. See the 1st quarter home sales here. Why am I posting the 2nd and 3rd quarters together? Because I was lazy (or busy) in July and did not post the 2nd qrt. numbers then :). 2008 - 2nd Quarter #s Year Q2 # of Home Sales Median Sales Price Days on the Market List Price to Sales Price … [Read more...]
