Big Bear Skinny Blog

The Big Bear market info minus the fat

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5 Questions Every Buyer Should Ask Their Realtor

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By Izzy Barden on March 10th, 2010
Categories: Big Bear Buyers, Big Bear Real Estate News, Big Bear Sellers

1. Are you a Realtor or an agent? Most folks probably don’t realize that there is a definite difference between the two. A person who joins the National Association of Realtors is bound by the code of ethics of the association and must conform their conduct to meet its ideals or face expulsion from the group. Only a person who is a member of this group can call themselves a Realtor. A person who is not a member cannot call themselves a Realtor. They are classified as an agent, and are not bound by the code of conduct. Their morals are their own and there is no governing body to chastise them for not acting with good ethics.

2. Are you operating in your area of expertise? Normally, it is considered unethical for a Realtor to list or sell property in an area that is out of their area of expertise. Due to the current recession, many Realtors are attempting to sell property in areas they know absolutely nothing about. Every market is different and it is impossible for any Realtor to do a good job in an area they are not intimately familiar with. If you are thinking of purchasing property in Big Bear Lake and your Realtor is from Los Angeles, do both of you a favor and ask your Realtor to refer you to somebody who is local and can adequately represent you. If you use an out of area Realtor, you are in dire risk of being poorly represented.

3. Are you a full time, professional Realtor? This question is very important as it establishes whether the Realtor in question is equipped to serve you in a proficient manner. A great many people in the industry are only part time agents. They usually work full time somewhere else and only dabble in Real Estate on the weekend. Beware of these folks. Anybody who is not working full time as a Realtor is not in a position to know the market like they need to in order to provide professional service. I work a minimum of forty hours a week in real estate and it is difficult for me to keep on top of everything that goes on. How is somebody who only dabbles going to be able to do it?

4. Are you experienced in this type of transaction? This question is of extreme importance if you are planning on purchasing a bank owned or short sale property. Both of these properties differ greatly from a traditional sale and using somebody who is not familiar with the pitfalls of these transactions is a surefire recipe for disaster. How would you feel if you lost your deposit because the Realtor you were using did not realize the contingency periods are much shorter on a bank owned purchase? If the Realtor you are dealing with has never successfully closed a short sale or REO, it is in your best interest to find somebody who has.

5. How many hours a week do you spend previewing property? I spend, on average, around eight hours a week making sure I see every new home that comes on the market. I do this so I can be sure I am an authority on every home for sale in this market. Just because you have spent hours scouring the internet, does not mean with a certainty that you know all the best properties. Many times a poor house will have great photos and a great house will have poor photos. Also, it is usually impossible to tell what the neighbors are like or the location in general. Your Realtor should know every facet of the area they specialize in. They will be able to tell you about the characteristics and pro’s and con’s of every home you are considering. When I show property, the majority of the time, the house my clients purchase is one I recommended. Because I have seen every house in person, I know which homes are the best values. This is something only a dedicated professional can offer.

Izzy Barden

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“But My Neighbors Are Asking A Lot More For Their Homes”

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By Tyler Wood on March 9th, 2010
Categories: Big Bear Real Estate News, Big Bear Sellers, Real Estate Video
Tags: , , ,     

I get that response a lot from sellers when we talk about the current value of their home. And my reply, “the same neighbors who have been on the market 6-12 months without selling?”

If you are going to compare prices with neighbors, make sure you are comparing with the ones that are currently in escrow, or those who have sold over the past 3 months, as those are the realistic prices being sold today.

Can’t see embedded video? Click here.

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Big Bear Home Sales – February 2010

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By Tyler Wood on March 8th, 2010
Categories: Big Bear Foreclosures, Big Bear Market Conditions, Big Bear Real Estate News
Tags: , , , ,     

Home sales in Big Bear remained relatively stable in February 2010 with no major shifts either way.

Big Bear Home Sales

Home sales in February were up a modest 7% when compared to the January sales (61 v. 57), and year over year, sales about 5% from the February 2009. Compared to Feb. 2008, however, sales were up 80%, further proof that 2008 was the bottom for number of sales.  As for the pricing bottom, that remains to be seen.

24, or 39%, of the 61 home sales in Big Bear were bank owned, about 7% less than last month. 

8 of the sales, or 13%, were short sales, which is 6% more than last month. Short sales continue to make up a large amount of what is in escrow, nearly 41%, but yet very few of the closings, less than 10%.  This is important if you are buying a short sale – there’s a good chance it may not go through.

29, or 48%, of the sales in February 2010 were “organic”, or traditional sellers – an increase of 2% from last month.

Big Bear Home Prices

The median sales price increased a bit in February 2010, which was a welcome sign as January was the lowest we’ve seen in more than 2 years. The median went up 11% from the January number ($180,000 vs. $162,500), but was down 16% from the year over year median in February 2009 ($180,000 vs. $215,500).

Expect to see these numbers fluctuating quite a bit, with year over year median prices remaining lower.  But, the gap could get closer as we head thru the rest of 2010.

Homes Currently on the Market

The number of homes for sale in Big Bear dropped slightly, only 1% from the January number (617 vs. 624), which may suggest we will be seeing an increase inventory over the next few months.  that is not a definite as last year inventory remained flat around the 900 mark for 6 months or so.

Year over year, the number of homes for sale in Big Bear is down 31% from February 2009 (617 vs. 889).

So, in short, more sales, less homes for sale to choose from.

My advice from last month still remains -

The reality of lower inventory is showing up everyday in the market. Properly priced homes are coming on the market and have 3-4 offers within a week period. There are less options for sale, and the buyer’s eyeballs are looking at the same properties.

If you are trying to sell, and you are not seeing any activity, you have to ask yourself why?

For sellers, this is why it is extremely important to price your property correctly in the beginning. The first 30 days are crucial to a successful sale. Miss that opportunity and you will be fighting uphill the rest of the way as it’s very hard to get back in the buyer spotlight.

For buyers, if something good comes on the market, you can be assured that you will be competing against more than one buyer.

Big Bear Home Sales – Thru February 2010

Month and Year # Homes For Sale Median Asking Price # Homes Sold Median Sales Price
Feb 2010 617 $285,000 61 $180,000
Jan 2010 624 $298,750 57 $162,500
Dec 2009 661 $289,900 79 $225,000
Nov 2009 709 $299,900 88 $222,450
Oct 2009 765 $299,900 94 $206,500
Sept 2009 807 $310,000 94 $190,358
Aug 2009 864 $313,000 75 $170,400
July 2009 909 $309,000 87 $225,000
June 2009 927 $310,000 78 $265,000
May 2009 902 $316,000 56 $235,000
April 2009 894 $300,000 61 $205,000
Mar 2009 893 $299,950 54 $179,500
Feb 2009 889 $309,000 58 $215,500
Jan 2009 902 $319,000 51 $220,000
Dec 2008 956 $320,905 41 $262,000
Nov 2008 1032 $325,000 50 $240,287
Oct 2008 1078 $329,000 73 $255,000
Sept 2008 1109 $328,500 82 $224,500
Aug 2008 60 $282,500
July 2008 62 $205,000
June 2008 62 $247,500
May 2008 67 $290,000
April 2008 50 $299,500
Mar 2008 1082 $339,950 49 $288,000
Feb 2008 1049 $345,000 34 $249,950

Year to date, sales are up 8% from 2009, but the median and average prices are each down 22% and 16% respectively.  Prices today are still very comparable to what we were seeing in 2003/2004.

Year To Date Comparison (1/1- 2/28)

Year # of Homes Sold Median Sales Price Average Sales Price Days on Market List Price to Sales Price
2010 118 $168,750 $236,843 125 95%
2009 109 $215,000 $283,599 133 94%
2008 60 $259,950 $367,388 137 95%
2007 132 $314,950 $380,438 126 96%
2006 181 $324,500 $405,710 82 97%
2005 182 $272,500 $324,856 91 97%
2004 212 $195,000 $237,105 91 97%
2003 229 $169,00 $217,763 51 98%

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* Note: The charts above are updated on a monthly basis. They represent single family home sales in the Big Bear area, including Big Bear Lake, Big Bear City, Moonridge, Fox Farm, Sugarloaf, Erwin Lake, & Fawnskin. Data courtesy of the Big Bear MLS. These numbers do not include raw land or condos nor does it include homes in the Big Bear MLS that are located out of the Big Bear area or home sales not listed in the Big Bear MLS.

Related Articles

Big Bear Home Sales – January 2010

Big Bear Home Sales – December 2009

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The Seclusion Factor – Tips on Finding a Great Setting for Your Big Bear Cabin

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By Joe Pecoraro on March 6th, 2010
Categories: Big Bear Buyers, Big Bear Real Estate News
Tags: , , , , , , ,     

The first thought most people have when thinking of a mountain cabin is a secluded, charming place in the middle of the woods. 

Most buyers are looking for a place to escape from the city and hustle and bustle they live in.  Obviously, a secluded cabin would be the best way to make sure you will have a place to relax, uninterrupted in the mountains. Seclusion goes hand in hand with with the setting and the peace and quiet that buyers in Big Bear are looking for.

While secluded cabins in the woods do exist in Big Bear, they are not very common.  Although there are very few of these cabins available, they are always in high demand.  Unless you want to jump into a high price range and large homes, it is getting tougher and tougher to find a completely secluded cabin in Big Bear. 

Or is it?

BACKING OR ADJOINING THE NATIONAL FOREST

Big Bear Valley is surrounded on all sides by the San Bernardino National Forest.  That means the outskirt streets all have some properties that are adjoined one way or another to National Forest.  This is best way to get a great setting and maybe even a starting point for little hikes or walks through the woods.  Although more than likely you will have neighbors,  you will at least have a beautiful “never ending” back yard full of trees and animals.  If you can find a place that has part time neighbors on both sides, even better. 

You can find these properties backing to National Forest throughout the valley.  Moonridge, Fawnskin and even Erwin Lake have properties with this unique feature.  There are properties in Sugarloaf that have the National Forest behind and to one side of them.  If you are lucky enough to find one of these cabins, you will have one more feature that helps your resale.

BACKING TO OPEN LAND OR ACREAGE

Not quite as good as backing to the National Forest but there are also properties in the Big Bear Valley that are right next to open land or acreage.    Even though this is not National Forest, you wouldn’t be able to tell in some instances.  The same trees, creeks and flowers grow on this private land as in the forest.  Of course since most of these areas are private land, you wouldn’t be able to just hike through them or use it as you please.  You would how ever have a much better setting than a property with a back neighbor. 

If you find one of these properties, you must realize that there is potential for this setting to change.  However, with a little research it is usually easy to find out if anything major is planned or how the layout would be if it was developed.  In the meantime, it is one way to find piece and quiet for the time being.

“GOVERNMENT LEASE” CABINS

Some of the best settings and views in the valley are government lease cabins.  Regulated by the National Forest Service, these cabins are personal property with a special use permit allowing them to sit on National Forest Land.  Most of these cabins sit in “tracts” or groups of cabins in different parts of the valley.  Some are lake front and some are tucked away far into the woods. 

Since you don’t own the land, you can not get traditional financing on these properties.  That means they are usually cash deals.  The price ranges vary from under $100K on a small cabin that needs work to the $800ks for a lake front beauty.  Although these cabins are not real property, they still follow the ebbs and flows of the local real estate market.  Rising and falling in value over the years.  These are not for everybody, but if you are purchasing with cash you should consider taking a look at these places.

 These were just a few suggestions for finding some sort of seclusion that everyone needs every now and then.  Here are a few more suggestions for finding a good setting.

  • MEADOWBROOK ESTATES-Newer subdivision in the East Valley with acre and over lots.
  • HIGH TIMBER RANCH-Newer Upper Moonridge subdivision with larger lots and lots of trees.
  • LARGER LOTS-The larger your lot, the farther you are from your neighbor.
  • HILLS-Lots of times being on a hill can add to your setting because you are either higher or lower than your neighbor.
  • SECOND HOMES AS NEIGHBORS-With close to 75% of the homes in Big Bear being second homes or vacation properties, chances that you won’t have anyone next door disturbing you goes up if the cabin next door is vacant most of the time.  This, like open land or acreage, can change but it is also the type of property that would be the easiest to find.

Joe Pecoraro

 

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