Big Bear, CA Real Estate News

By Israel Barden
(RE/MAX Big Bear Village)
Earlier today, my coworker Joe was looking at RealtyTrac  and commented on the difference between the number of REO's listed on the site and the number actually listed on our MLS. Typically, it takes a little while for the homes to show up on the MLS after they are foreclosed on. We talked about it and decided it would be a good idea to get out and look at them before they came on the market. Sometimes a potential buyer will look at an REO site and contact us about a property that isn't on the market yet. In some instances, they are never listed on our MLS, and we would never know about them unless we took a look for ourselves.So, off we went. The first house we went to was still occupied, evidenced by the broken cars on blocks in the yard and the surly dogs in the yard. The notices tap...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Originally posted at The Big Bear Skinny.Below is the update for the Big Bear real estate market as of 3/17/2008. The residential properties listed for sale in Big Bear are up 17 from 1064 homes for sale to 1081. The number of homes in escrow is down 7 from last week to 92 while home sales year to date are now at 82 Big Bear homes sold since the beginning of the year, up 13 from last week. Vacant land listings in Big Bear were up 14 to 339 now for sale in the Big Bear Valley. The number of pending sales is down 3 from last week for a total of 25 escrows for vacant land. There were 4 new closed sales so year to date sales for vacant land are now at 12 closed sales. Selling a condo in the Big Bear area continues to be very tough. There are 64 condos for sale, 1 less that last week. There ...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Originally posted at The Big Bear Skinny. The absorption rate provides a clear picture of what is happening in the real estate market and is good to share with buyers and sellers. I determine the absorption rate for Big Bear by taking the previous month's sales in a particular price range or area (you can use others like bedrooms, square footage and such), and divide that into the total number of available properties in that same criteria set. This will give you the amount of months it will take for the market to absorb the properties for sale, assuming no other properties come on the market. I prefer to use the previous month's numbers rather than going back a full year or 6 months because the last month is more representative of the current market conditions. Determining the absorptio...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Originally posted at The Big Bear Skinny.I posted earlier this week on the new, higher conforming loan limits for Freddie Mac & Fannie Mae as well as FHA loan limits for the Big Bear, San Bernardino area. After a few more days of consideration, I think it is safe to say that these new limits will have no immediate benefit to the real estate sales in our area. I come to this conclusion based on couple key factors: Most of the homes in Big Bear are second homes.Given that approximately 70% of the homes in Big Bear are second/vacations homes for people who live in San Diego, Orange County, Los Angeles, and Las Vegas (plus a few others), the recent FHA loan limit increase to $500,000 won't help. FHA loans are for a primary home purchase, thus the majority of buyers in the Big Bear area will...
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By Joe Pecoraro
(REMAX- Big Bear)
Originally Posted on the Big Bear REO Blog. With all the foreclosures happening around the country, REOs have become the hot topic of real estate conversations.  Listing agents want to know how they can get them in their inventory, buyers want to find one to buy for cents on the dollar, and neighbors are complaining about how they are bring down the prices on their street. There is even talk that REOs can solve the JFK assassination or prove global warming.  So what's with  all this REO talk?  Are they really all they are cracked up to be?  Lets take a look at REOs in Big Bear and see.......Claim #1REOS CAN BE BOUGHT FOR 50 CENTS ON THE DOLLAR. By now everyone has heard about an REO being bought for an incredibly low price.   Either from friend, coworker, or a friend of a coworker, or a...
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By Steve Hirschler, Big Bear Real Estate
(Keller Williams Big Bear)
10 YEAR AVERAGE - DEED RECORDINGS                      Year  1998199920002001200220032004200520062007Monthly 10 Year2008% of RankAverageAverage                Jan 9612512515813019416312813977121344433%Feb 9712615812814816917314711280111344332%Mar 132183174168187197219186118999166 0%Apr 1101591691502132272381701318110165 0%May 129151193182269200268171132998179 0%Jun 154161198207224199246188148787180 0%Jul 188195180187247228275171108956187 0%Aug 1851912562642922462631981591061216 0%Sep 202231248199274281263228121822213 0%Oct 216188270224302227236199123773206 0%Nov 221227217187241231224192115874194 0%Dec 179237194199276216214186111685188 0%Total 1909217423822253280326152782216415171029 2163 0%     Yr Rank 86451327910       2006 vs. 2007  68%           This is the 10 year deed recording inf...
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By Israel Barden
(RE/MAX Big Bear Village)
SHORT SALES IN BIG BEARThese days it seems like interest in REO's (bank owned properties) has gone through the roof. Every other client I get wants to know everything they can about which bank owned properties are on the market and what kind of a deal they can get for them. When I tell them that the vast majority of them are selling very close to the listing price, they are skeptical. While it may be different in other cities, in Big Bear Lake, well priced REO's are flying off the shelves. If you aren't making a full price offer within a week of the home being listed, you aren't going to get it. Of course, there are always the over priced REO listings that sit on the market for long periods of time. Like conventional listings, the more unrealistic the asking price, the less likely it wi...
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Originally posted at The Big Bear Skinny.I received the email below from the California Assocation of Realtors this past Friday and thought I would pass it along. UPDATE! Government Announces Conforming Loan Limit Increases The Office of Federal Housing Enterprise Oversight (OFHEO) today announced it has temporarily increased limits on conforming loans offered by government-sponsored enterprises, Fannie Mae and Freddie Mac, from $417,000 to as high as $729,750 in fourteen counties in California for loans originated between July 1, 2007 and Dec. 31, 2008. Fannie and Freddie are reported to be working out new underwriting standards and expect to begin offering the new loans soon. Also, on Wednesday, the government raised the conforming loan limit for mortgages guaranteed by the Federal Ho...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
As originally posted at The Big Bear Skinny.Below is the update for the Big Bear real estate market as of 3/10/2008. The residential properties listed for sale in Big Bear are up 16 from 1048 homes for sale to 1064. The number of homes in escrow are down 6 from last week to 99 while home sales year to date are now at 69 Big Bear homes sold since the beginning of the year, up 11 from last week. Vacant land listings in Big Bear were up 4 to 325 vacant parcels now for sale in the Big Bear Valley. There were 2 additional pending sales for vacant land this week in Big Bear, but the number still remains at 28. Year to date sales for vacant land are now at 8 closed sales. Selling a condo in the Big Bear area continues to be very tough. There are 65 condos for sale, 2 less that last week, and o...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
Original article posted at The Big Bear Skinny. There are a few different ways to answer this question. Looking at the average sales price or the median sales price are a couple of the most popular ways to do so. One way that I thought would be interesting is to look at direct comparison of some Big Bear properties that have sold the past few years. I pulled data on some properties that sold within the past few years and have subsequently resold, and then compared the sales price data. It is interesting to see how the home prices have fared in Big Bear the past couple years. Property AddressPrevious Sales PricePrevious Sales DateRecent Sales PriceRecent Sale Date% DifferenceBank Owned895 Knight, Big Bear Lake, CA$639,0009/28/2006$524,0002/11/2008-18%Yes208 Turlock, Big Bear City, CA$356...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
The listing price is $244,950, 2 bed, 1 bath, 1,020 square feet with a detached garage. This photo was pulled from our Big Bear MLS this morning. It has been on the market 36 days with this same photo. Given that close to 80% of all home buyers are now going online to start their search, the fact that first impressions and curb appeal are huge, and the reality that there are many properties/options on the market for sale, does this photo make you want to buy this home? I would think most buyers are going to pass right by this one online.A couple other items to note: There is only one photo of the home (no interior photos), the snow in the picture has long since melted (maybe it is covering up some hidden gems). What about a photo of the detached garage? The notes in the MLS say, "the s...
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By Steve Hirschler, Big Bear Real Estate
(Keller Williams Big Bear)
These are the utility phone numbers and addresses for the Big Bear Area. If your are a buyer you should contact the providers before the close of escrow so that their will be no interruption of service. If you are a seller, you should contact the providers and make arrangements for the transfer at the close of escrow, or have them turned off after the close of escrow takes place if the buyer does not make contact.Steve HirschlerAssociate, The Tim Wood GroupColdwell Banker Mountain Gallery 42153 Big Bear Blvd.P.O. BOX 6820Big Bear Lake, CA 92315steve@bigbeargallery.com909 866-3481 EXT. 217 CELL 909 725-5889Fax 909 866-3531http://www.stevesellsbigbear.com/
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By Joe Pecoraro
(REMAX- Big Bear)
 Originally posted on the Big Bear REO Blog. One of the most sought after features of property in Big Bear is some sort of view.  Whats more relaxing than sitting on a deck in the summer and looking out at a beautiful lake.  Or enjoying a spa during the winter with the ski runs you conquered that morning as a backdrop.  One thing is for certain, nothing adds to a setting like a incredible view.Lake Views A lake in the middle of a valley surrounded by hills and mountains makes for some dramatic lake views.  The lake is visible from many different parts of the valley.  The cabin can be across the street from the lake or up on a hill a .  There are many different areas to find a lake view. When looking at lake view listings online, make sure to keep in mind that a seller is going to market...
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By Israel Barden
(RE/MAX Big Bear Village)
Dealing with Short Sales can be so frustrating. My clients made an offer around three months ago, on a short sale property here in Big Bear. We knew it was going to take the bank some time to accept or reject our offer, but three months? Then, when they finally gave us their acceptance, they demanded a three week escrow. I spoke with my clients and they agreed it could be done, if barely. Then, the next day, they send over the paperwork and they now want a two week escrow. Two weeks? How are we supposed to get in all the inspections, title work, escrow instructions, and get the loan funded in two weeks? My buyers are highly qualified and have a very substantial down payment. You would think the bank would much rather have the house bought by a qualified buyer than have it go into forecl...
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By Steve Hirschler, Big Bear Real Estate
(Keller Williams Big Bear)
Choosing an appraiser that knows the Big Bear market and is a member of the Big Bear Board of Realtors MLS will save you time and money. When an escrow is opened and the lender is from out of the area, we sometimes have to deal with an appraiser that is not familiar with our local market. In case you haven't heard, "REAL ESTATE IS LOCAL".The other day I got a call from a down the hill appraiser that said he was coming up to Big Bear to do the appraisal on a house that I had listed and is now in escrow. He said he would need access to the house and wanted to know if I would meet him at the house. I asked him if he was familiar with the Big Bear area, and his response was "Oh yeah, I am always up their doing appraisals. Well, I haven't ever heard his name in any of the 90 transactions tha...
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By Joe Pecoraro
(REMAX- Big Bear)
originally posted on the Big Bear REO Blog. So you found a cabin in Big Bear you would like to buy, whats the next step?  If you said buying new furniture you are wrong.  Choosing the right lender is a very important step that is often overlooked or undervalued. Finding Lenders Thru AdvertisementsMany buyers believe they just need to open the phone book, search the Internet or listen to radio ads to find someone to get them a loan.  They may get lucky using one of those methods and get a lender that earns their business.  However they can also get unlucky and end up with a lender that jeopardizes the deal on their Big Bear property.  Without anyone you trust to verify that the lender is going to take care of you, it turns into a crap shoot.  The main problem with choosing the lender in ...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
As posted originally at The Big Bear Skinny.Below is the update for the Big Bear real estate market as of 3/3/2008. The residential properties listed for sale in Big Bear are down 8 from 1056 homes for sale to 1048. The number of homes in escrow are up by 5 from last week to 105 while sales year to date are now at 58 Big Bear homes sold since the beginning of the year. Vacant land listings in Big Bear remained nearly the same with only one less this week. The number now stands at 321 vacant land listings on the market for sale. There were 3 additional pending sales for vacant land in this week in Big Bear, up to 28. Year to date sales for vacant land still remained unchanged at 6 closed sales. Selling a condo in the Big Bear area these days is almost impossible. There are 67 condos for ...
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By Tyler Wood, Big Bear Real Estate
(RE/MAX Big Bear)
See the original article here at The Big Bear Skinny.The real estate market in Big Bear continues to move along at a very slow place. Even with the extra day this February, home sales in Big Bear last month totaled only 28, one less than the number sold in January. The median price for properties listed for sale was up 1% from $339,900 to $345,000, while the median sales price for the homes sold in February was down 13% from the previous month, $250,000 as compared to $287,500 in January. This is the lowest monthly median sales price for Big Bear that we have seen over the past 2 years (see below). Compared to the homes sales in February of 2007, the number of homes sold was off by more than 60% and the median price was down by approximately 17%. What do all these numbers mean? The real...
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By Mike Wochner, Big Bear Lake Real Estate Agent
(Coldwell Banker, Mountain Gallery Realtors in Big Bear Lake)
(print these out before your next trip to Big Bear Lake, California)If you're like me, you like to go places prepared.  Below are numbers that you may or may not need on your next trip to Big Bear.  This is not a comprehensive list, but it will make your life easier.  Big Bear City Airport                                                    909-585-3219Big Bear Animal Shelter                                               909-866-4943Big Bear City Code Enforcement                                    909-866-0181Big Bear Lake Code Enforcement                                   909-866-5831Big Bear Valley Code Enforcement                                 800-722-3181(anonymous complaint)Big Bear Municipal Water District                                  909-866-5796Big Bear Resort Directories  ...
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Originally posted on the Big Bear REO Blog.So you want to buy a second home in Big Bear.  You have been coming up for years and enjoying the ski resorts in the winter and the lake in the summer.  You have always dreamed of owning a cabin up here and feel ike now is the time to strike.  Interest Rates are very low, inventory is high (plenty of cabins to choose from) and its finally a buyer's market.  You know what price range you want to look in and what you can afford.  So whats next?Big Bear Valley has many different sub-areas all with distinct characteristics and settings.  Figuring out where in Big Bear you want to be should be your first decision.  Now if you are familiar with Big Bear Valley, this is obviously a easy step.  You already know where you want to buy and its just a matt...
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Big Bear, CA Real Estate Professionals