Big Bear Real Estate The Tim Wood Group Real Estate

Home Appraisal Tips

By BigBear on May 20th, 2012
Categories: Big Bear Real Estate News, Big Bear Sellers
Tags: Big Bear City, Big Bear Lake, capital improvements, home appraisals, real estate

Home appraisals are meant to establish market value. A lowball appraisal can kill your real estate transaction.

A Home Appraiser is a specialist who uses mathematical analysis to determine your home’s value (Sales Comparison Approach). This value is based on similar homes in your neighborhood.

First, the value per square foot is determined and applied. Then the appraiser looks at the overall condition of the home.

1. All appraisers are not created equal

Appraisals are not fact. Rather, they are the opinion of value of the appraiser that completed the appraisal. And this opinion is only as good as the knowledge & competence of that appraiser. You’d think that they would all have similar knowledge and access to the sales data used to determine the value. This is not the case. Many appraisers are coming from out of the area to complete appraisals in Big Bear and they are only working with 50% of the data.

There have been a lot of changes in the appraisal industry over the past 3 years. In short, many inexperienced, unqualified , and geographically incompetent appraisers are out there doing the majority of appraisals these days. This only raises the odds that you will be dealing with an appraisal issue in your next real estate transaction.

2. Cosmetic Improvements

Your home does not need to be perfect. You will want to remove any eyesores. Mow, trim and get rid of weeds. We suggest you also remove carpet stains, marks on walls and un-clutter the kitchen. Make sure you’ve fixed leaky faucets, cracked windows and any structural damage. “Condition, condition, condition!”

If you plan on spending money, prioritize and make sure there is a return on your investment. Popular improvements include plumbing and light fixtures, carpeting and paint.

3. Make a list of capital improvements

What distinguishes your home from others? Is there a finished basement or an extra half bath? You’ll want to provide your appraiser with an itemized document of upgrades and associated costs. Improvements can include things like a new roof, insulation, and air conditioning. Do not put regular maintenance items, like painting, on this list.

4. You can challenge the appraisal

Given today’s market conditions, your home may not be worth what you think it is. According to the Los Angeles Times, “More lenders are using automated valuations, particularly in the home-equity sector, to speed up the process and cut costs. But they are notoriously inaccurate.” Some appraisers never leave their car.

You have a right to request a copy of the report. Check through it carefully for errors in dimension, or ignoring upgrades. You can politely suggest to the lender that the appraiser assigned to your home erred, and request a second look.

Remember, appraising homes is an art, not a science! However, it is much easier to work with the appraiser up front, by meeting with him, providing him comparables and other details prior to him putting the appraisal together.

More About Real Estate Appraisals;

Overcoming challenges of borrower-ordered appraisals | Cross … – This was the major purpose of the Home Valuation Code of Conduct (HVCC), which became effective May 1, 2009, and which has substantially changed the appraisal landscape. Assuring appraisal independence: The crux of …
Avoid a Low Home Appraisal | Buying or selling a Home … – Even if the buyer is willing to pay a certain price for a home they usually need a mortgage. That means it is actually the bank who is buying the home. The bank wants to protect their investment so they do an appraisal.
Evaluating the Assessed Value of Your Home or Business Property … – Find similar homes in your neighborhood and look up the assessed values for the homes on your appraisal district’s website. This will let you know if your home’s value is unequal compared with other similar properties.

Renting Out Your Big Bear Home

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By BigBear on May 13th, 2012
Categories: Big Bear Buyers, Big Bear Market Conditions
Tags: Big Bear Lake, big bear real estate, home rentals, Homes, market conditions, properties, vacation rentals

If you own a second home in Big Bear, you’ve probably considered jumping into the rental market. The Big Bear vacation rental market is one of the most active and lucrative markets in California. The City of Big Bear Lake currently has over 1,100 registered vacation rentals on the books and they estimate another 300 to 500 properties are operating “under the radar”. If you take into account the hundreds of vacation rental properties located outside of the city limits, the total number of rentals in the Big Bear valley is somewhere around 2,000.

Vacation rental listing sites like VRBO and HomeAway make it much easier for the “rent by owner” to market vacancies to the masses. If you have the time and patience to set up your listing and respond to inquiries you can save thousands of dollars on management fees. You’ll still need to hire housekeepers, coordinate cleanings, respond to emergency calls, and have a secure way of getting the keys to your guests. As long as you have someone local that you can count on, renting by owner can be an excellent way to generate income while you’re not using your home. Just remember that the property will receive wear and tear that may be hard to take. Be sure to collect an adequate security deposit and always inspect the property thoroughly before you refund any deposit money.

Many property owners employ management companies to market and manage their rentals. Commissions range between 25% and 50% of the nightly rental rate, depending on the company, and some charge for monthly inspections, snow plowing, spa service, etc.

Over the Christmas / New Year’s holiday season practically every available Big Bear property gets rented. Depending on how much snow we receive, the winter months usually account for 75% of the annual rental income. Nightly rental rates for a two bedroom cabin average about $165 annually and three bedroom properties average about $215 per night. Occupancy rates for Big Bear vacation rentals rarely rise above 50%, with average occupancy in the 35% to 40% range.

Long term rentals can be a bit more challenging. The trick here is to screen your prospective tenants thoroughly. You must obtain and investigate credit/background information, references, employment history and past addresses. If things don’t work out or the tenant stops paying rent you will have to go through the eviction process to get them out. Long-term rental rates have remained relatively low for years. Two bedroom properties typically rent for $750 to $1100 per month and three bedrooms average $1000 to $1800, depending on location and amenities.

More Home Buyers News;

Home Buyers – How to Avoid Costly Mistakes Business Services – There are some simple steps that home buyers often miss when looking for their new home. Taking the time to consider these steps can save you thousands of dollars, but more importantly, can smooth the process of buying a …
Ten Commandments for Home Buyers at Save Money with Credit … – With record low mortgage rates, the dream of owning a home is more affordable than ever. If you’re in the market to buy a house, here are ten commandments every home buyer should know.
Delaware launches “Green for Green” rebates for state’s new home … – the program available for Delaware new home buyers. In the photo above, left to right, are: Sec. O’Mara, Sen. McDowell, Gov. Markell; Delaware State Housing Authority Director Anas Ben Addi; Matthew Peterson, Element …

Big Bear Lakefront Homes

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By BigBear on May 6th, 2012
Categories: Big Bear Buyers, Big Bear Neighborhoods
Tags: big bear, Big Bear Lake, lakefront homes, real estate, real estate investments

It’s the ultimate in Big Bear real estate – a single family home on Big Bear Lake with a private dock. Imagine being able to jump in your boat for an afternoon cruise or entertaining a few friends on your lakeside deck while enjoying one of the best views in California. Now imagine that dream becoming a reality.

Thanks to the correction in the Big Bear real estate market, what was once out of reach for most homebuyers is now becoming surprisingly affordable. Bank-owned lakefront homes, some located on prime deep water parcels, have been coming on the market at prices that haven’t been seen in a decade. Add in record low interest rates and these properties are easily some of the best values our local real estate market has ever seen.

A recent example is a three bedroom bank-owned home located at the tip of Gilner Point that came on the market at $449,000. The property quickly had multiple offers but it’s a prime example of the amazing opportunities that this market has created.

If you’ve always dreamed about owning a home on Big Bear Lake now is the time to act. The real estate professionals at The Tim Wood Group are Big Bear lakefront experts and they’ve been helping homebuyers make their Big Bear real estate dreams become reality for over 25 years. Call us today and find out just how affordable the ultimate in Big Bear real estate can be.

More Lakefront Real Estate;

Larry Ellison now snapping up Lake Tahoe lakefront real estate … – “Since the mid-1990s, software billionaire Larry Ellison has accumulated hundreds of millions of dollars worth of top-shelf properties around the world,” according to the Wall Street Journal. “Mr. Ellison has been applying this …
Lake Geneva Wi Real Estate Insights: To Buy a Home or Rent in the … – Filed Under: Featured Posts, Geneva Lake Lakefront Estates, Geneva Lake Lakefront Real Estate, Lake Geneva real estate agents, Lake Geneva Wi Area Lakefront Properties, Lake Geneva Wi real Estate, Renting vs Buying …

Big Bear Lake’s Memorial Day Weekend

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By BigBear on May 2nd, 2012
Categories: Local
Tags: Big Bear City, Big Bear Lake, garagesales, memorial day weekend, real estate news

Now that the weather has settled down, Big Bear is switching gears for Spring and Summer. Many call this the “slow time” of Big Bear. You can’t ski and you can’t swim! Not to worry. Everything is being prepared and this is NOT the “slow time”.

In less than 2 months, official Summer starts. Here in the mountains, we take advantage of every warm day we can. We set our calendars a little differently. We watch the weather and plan ahead. Set YOUR calendar. Spring is here and Summer is coming fast!

No matter what the weather, Big Bear is declared in “high gear” on Memorial Day weekend. Plan ahead and don’t forget to carry lots of cash! The whole Big Bear valley wakes up to little signs all over the roads…”GARAGE SALE”. Many organizations, shops and churches also open up for the long weekend. In fact, Big Bear is rather famous for opening and closing the Summer with garage sales. Memorial Day and Labor Day should be added to everyone’s calendar.

In 3 days if you take the time to hunt, you will find more than you could possibly imagine. From bedroom suites to handmade jewelry, stoves, trucks, generators, clothes and more knicknacks than you can imagine. Now is also the time to find next Winter’s goodies. Snowboards, skis, sweaters and boots are discounted heavily on the boulevard. Meanwhile, if you are planning your Summer, mountain bikes, motorboats, sailboats, canoes and kayaks can be found. Over the years, we’ve seen computers and monitors, swords and rugs, yard spinners and all kinds of art, paintings and prints. Books? You want books?

Are you getting the idea that you can find almost anything?

If you are looking for collectors and their collections, try the Elks Lodge. Some of the vendors are as old as what they are selling! The Elks show is a very long running affair in Big Bear. If you are looking for hobby collectors, they draw quite an eclectic crowd.

Don’t forget to check out the churches on the North Shore. The variety and quality of their donations give some great picking! This is where to look for large appliances and furniture, as well as those small treasures you didn’t even know you needed.

It seems funny to have to say this…

Please be careful driving during the Memorial Day weekend. Those “Garage Sale” signs can be small and hard to read.

*PLEASE*

Watch behind you!

When you hit your brakes to read the tiny print, you don’t want to get hit from behind. Not everyone is reading as fast as you. When you slam on the brakes, the people behind you may not have a clue to what you are doing. Give some space and avoid “fender benders”.

Memorial Day weekend in Big Bear is always a lot of fun. The last of the boots and sweaters are put away and shorts and t-shirts are the norm. Serious Summer tanning needs to be taken into account. Ice cold drinks need to be poured and barbecues lit. Activities on the lake, in town, and in the hills need to be planned. For the “slow time”, Big Bear has quite a bit happening.

Real Estate News;

Real Estate Market on Course for Recovery in 2012; The National Association of Realtors is adding their support to the growing opinion that 2012 is the year of recovery for real estate. The reason behind this estimation stems from the fact that pending home sales rose in March above an upwardly revised February estimation, showcasing a 4.1 percent increase to 101.4 in the Pending Home Sales Index. This has been the highest the index has climbed since April 2010.
Bill to Help California Short Sellers to be Heard in Committee; A bill that could give struggling homeowners a better chance to negotiate a short sale – and avoid foreclosure – passed the Assembly banking committee Monday on a unanimous vote.