Will Big Bear Real Estate Experience a Seasonal Slowdown this Year... or not?
2009 is rapidly winding down and what a year it has been so far in the Big Bear real estate market. Let’s check in with what has transpired to date, take a look at some recent trends in the market and what those indicate for Big Bear real estate sales in 2010 shall we? The abundance of early snow fall in Big Bear has the winter tourist season well underway. Normally, the busy holiday season and the prime ski season months that follow translate into a slowdown in real estate sales in Big Bear. That said, the real estate market in Big Bear of late has been anything but normal, so it is questionable as to whether or not we should expect a seasonal slowdown in the coming months.
Overall so far in 2009 a few numbers stand out: ...continue reading →
Is the Big Bear Real Estate Market Stabilizing?
Wow, it continually amazes me how time flies. It is hard to believe summer is already winding down. Let’s get caught up on the happenings in the Big Bear real estate market shall we?
Overall the real estate market in Big Bear has shown a decrease in available inventory and an increase in overall demand.We are seeing multiple offers quite often on aggressively priced listings. Most of this activity remains in the lower price ranges as financing for loans over $417,000 for second homes in San Bernardino County remains an issue.
There are, however, a few cash buyers jumping in at the upper end of the market as there are certainly some great deals to be had if financing is not an issue. ...continue reading →
Signs of Stabilization in Big Bear Real Estate
My Dad used to tell me “it is better to be chasing your tail than twiddling your thumbs,” and for a lot of Big Bear real estate agents, myself included, that recently has been the case. The Big Bear real estate market has been gaining momentum this spring and that speaks well for the chances of having a busy summer selling season as well.
It has been very refreshing to see so much demand for nice, well-priced homes in Big Bear. Recently three well-priced, newer, log-style homes in Moonridge hit the market and sold in days -- and these were seller-owned, not bank-owned inventory. Buyers interested in Big Bear real estate seem to have grown increasingly optimistic that the economy will get better before too long. That, coupled with the dramatic decrease in prices and fantastic interest rates, have many realizing that it is indeed a great time buy. We have been tracking this increase in number of residential transactions for some time and to illustrate below are the numbers. ...continue reading →
Time Flies in Big Bear Real Estate
As we are already approaching the end of the first quarter (it's truly amazing how time flies), let’s check in on the Big Bear real estate market. Lately when folks ask me, "Mike, how is the market up in Big Bear?", I answer "it is unbelievable." Which, although it is true, often leaves them guessing, so I will elaborate.
For sellers, it is a tough market and only those seriously motivated to price well achieve a sale as a result. The competition from banks is increasing -- more to follow on that below -- and an extended time on the market, although commonplace, is extremely detrimental to the seller. ...continue reading →
The January Effect Hits Big Bear Real Estate
With January in the books and winter back in full force here in Big Bear, let’s take a look at how Big Bear real estate started off 2009. Overall for the Big Bear real estate market, January of 2009 was much improved when compared to how 2008 started off. The total number of residential closings was up 60%. Sales under $250k were up a whopping 86% and between $250k-$500k they were up 89%. This strong showing in January provides a great indicator that the number of Big Bear real estate transactions will be up in 2009.
It is great to see signs of an increasingly healthier market as prices ...continue reading →
Interest on the Rise for Bank Owned Foreclosures in Big Bear
The Big Bear real estate market has seen increased interest and activity in bank owned property and foreclosures. This makes perfect sense as the active foreclosure inventory is often priced well below current market value.
Bank Owned Real Estate aka Big Bear Foreclosures - June through December 2008
Of the 459 residential transactions that closed in this time period, 117 or 25% were bank owned foreclosures. (However, see below as now roughly 40% of what is currently in escrow is a bank owned foreclosure.) ...continue reading →
The "Perfect Storm" of 2008 Will Be Hard to Forget
For Big Bear real estate, 2008 was a year that will certainly be hard to forget. The analogy of a 'perfect storm’ comes to mind in trying to describe the array of unprecedented events that transpired last year. For real estate in Big Bear the year started out slower than molasses on a very, very cold day. The deed recordings for January (44) and February (43) were roughly half those of 2007 which, by historical standards, was also a very slow year for sales. The 10-year averages from 1997 through 2006 for deed recordings in both January and February are 133 and 134, respectively. The 20-year averages from 1987 through 2006 are 126 and 121, respectively. So, the first two months of 2008 were roughly 65% off the 20-year average. That would point to a dramatic shift in the market wouldn’t you say?? ...continue reading →