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In 2003 I started selling Real Estate for the Tim Wood Group at Coldwell Banker in Big Bear. I remember those days well. When you wrote an offer on Big Bear property, you worked with the seller to try and write the cleanest and strongest offer possible. It was not uncommon to see multiple offers on these listings and you wanted your offer to stand out as being the best offer presented to the seller.
The market has changed tremendously since 2003 yet there are some similarities. With the decline in the stock market, many investors have pulled their money out and are now buying Real Estate. They aren't out in the market buying just any home. The buyers of today are looking for the best deal possible. It's not uncommon to see a bank owned property list in the Big Bear Multiple Listing Service at a great price, only to find that it has multiple offers on it. Even though it's a Buyer's market the structure of an offer is just as important today as it was back in 2003. The Big Bear multiple listing services have 928 residential listings and out of that 928 listings, 55 of them are bank owned properties. What is really interesting is when you take a look at what is selling this year. Since January 1, 2009 there have been 218 residential sales recorded through the Big Bear Multiple Listing Service. Of the 218 home sales, 98 of the sales were bank owned properties. Almost 50% of the home sales in the Big Bear valley in 2009 have been bank owned properties.
What does this mean if you are a home owner in the Big Bear Valley? How does this affect you if you want to sell your cabin? Here is a good example of what I'm talking about. I'm working with a seller right now who doesn't understand that he is competing with bank owned properties. His thought process is that not only did he pay more for the home that it is listed for, but he also spent a lot of money in a re model. He doesn't understand that it doesn't matter what he paid for the property. He hasn't figured out that it doesn't matter how much money he has spent on the property. If he is going to be successful in selling his property, it is going to come down to price. The question is what should he price his home at so that he can compete with the bank owned properties. What price does he need to place on his home so that it stands out as being the best deal out there? Until he is ready to make that kind of price adjustment, the house is not going to sell.
As a buyer who is looking to get a great deal on a property, there has never been a better time than now to buy. Interest rates are at an all time low and there are some great properties for sale.
For more information on real estate in the Big Bear valley, give me a call at 909 866 3481 or email me at tony@tonycard.com
