Although there is still one business day remaining as I write this, March has shown an 18% increase in closed residential sales compared to the previous month. The number of open escrows remains solid as new escrows continue to more than replace closed sales. Big Bear’s real estate inventory has been increasing slightly as Spring typically brings many would-be sellers off the fence and into the market. Although demand has been increasing, it seems that many would-be buyers still remain on the fence. That said, there has been tremendous interest in bank-owned and short-sale properties of late. While these sorts of listings do not currently dominate the Big Bear real estate market, they are increasing in number. As such, for all of you ‘distressed property’ buyers, I have added additional information on my website at www.RealEstate-BigBear.com. In addition, I am planning upcoming blogs to explain short sales and how best to negotiate bank-owned real estate. Keep an eye out for these. In the meantime, please contact me directly if you are interested in purchasing bank-owned Big Bear real estate or investigating the short sale market.
Low Interest Rates & Increased Loan Limits: Good News for Buyers
Interest rates have recently dropped to historic lows: 30 year fixed loans were being quoted at 5.75% last week. Wow! This really impacts a buyer’s cash flow and affordability. And, the new loan limits are now in effect making super-sized or jumbo loans more affordable as well. The old FHA loans, which had fallen out of favor for many years, have once again become a very attractive option. In San Bernardino county, the location of Big Bear real estate, you can now get an FHA insured mortgage for as much as $500,000 ($729,750 in other counties) with as low as a 3% down payment. Limits for loans designated for funding by Fannie Mae and Freddie Mac have also increased, with a 10% minimum down payment typically required. Yet the larger loans many times still do not always have the same base interest rates, and often can have add-on charges.
On a Lighter Note...
The ski slopes are still open but as temperatures continue to warm the talk around town mostly involves the lake. The public launch sites are scheduled to open April 1st which officially kicks off the boating season here in Big Bear. The marinas all plan to be open by May 1st. Soon many with boats will be floating about, some trying to teach worms to swim, (a.k.a fishing,) others just enjoying the water, sights and scenery that our beautiful lake offers.
Contact Me with Your Questions
I am happy to help and always look forward to hearing from you. Have a great week!! And remember, “when it is time to buy, I am your guy.” That sounds corny, I know, but it does rhyme…The important point is that if you are serious about buying/investing in Big Bear, I am serious about helping you. All the best!