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.
As the numbers show, the market under $250,000 has been amazing. But what is also encouraging, is that so far this year there has been a substantial rise in the $250k - $500k price range as well. Financing with a substantial down payment and good credit has been relatively smooth. I have had a number of clients lock in great rate rates and close escrows in 30 days or less. However loans over $417k are still more challenging and, as such, the market for homes listed over $500k is still very slow. That said, the market for well-priced lakefront homes remains solid. In addition, there are many incentives in place. For example, if you have not owned a home in the last three years and are buying as your primary residence, there is an $8,000 tax credit that is fantastic.
Let me know if you have questions or would like more information on real estate in Big Bear. There are a couple of amazing soon-to-be-listed bank-owned homes I can send along if you would like… I am happy to help and always look forward to hearing from you.