With the slowing of COVID, we have had numerous requests for a market update comparing the real estate frenzy of the past few years with today’s more normalized market. Simply put, the markets of 2020 and 2021 were unprecedented. Given that, those are not market periods we would usually compare to the more typical trends that have occurred in the last 20-30 years. To get a more realistic idea of where the market currently stands in comparison to the recent past, for today, I’ll be covering 2019 through today. As … [Read more...]
A Look into Big Bear’s Market Trends, 2019-Today
The COVID-19 Effect – April 2020 Real Estate Sales Down 57% in Big Bear.
Well, we knew it would have an impact, and that impact is showing up in the home sales numbers. Residential sales were down 57% in April 2020 compared to the same month in 2019. Per the Big Bear MLS, there were 48 home sales this past April. In April 2019, there were 112 home sales in Big Bear. Home prices were up a modest 2% year or year, with an average sales price of $327,757 in April 2020 vs. $321,508 in April 2019. What's in the numbers? There were approximately 30+ … [Read more...]
Big Bear Real Estate Market off to solid start in 2020!
Residential sales in Big Bear were up 9% year over year during the first quarter of 2020, while the average sales price was up 6% as per the Big Bear MLS. There were 270 residential sales from January 1, 2020 to March 31, 2020 vs. 247 sales during the same time last year. The average sales price rose from $364,000 in 2019 to $386,000 in 2020. The average days on market went up a modest 11 days year or year. Given all of the craziness with COVID, it's important to note that the Big Bear real … [Read more...]
Is the Big Bear Real Estate Market Cooling Off?
It appears that the real estate market in Big Bear is cooling off quite a bit. 2014 was the slowest year for unit sales over the last 10 years. Take a look at the chart & notes below for some more interesting findings. Here's what I noticed - 1. Residential unit sales were down 27% in 2014 compared to 2013. I am not sure if this has something to do with the rising prices, about 10% higher year over year, or more of just a general slow down in the market. Seems to me it could be a little of both. … [Read more...]
Big Bear Real Estate News
In our digital economy, international, national and local economies affect our marketplace. As we keep our eye on China, the Euro, the unemployment rate and other leading indicators, the news seems to show an upswing in several economic factors. On the international scene, China’s lifting of some controls is the strongest sign that the government intends to change; according to the New York Times. Some have called the restructuring a symbolic move. But, since it signals a broader acceptance of western banking … [Read more...]
Big Bear Real Estate and Mortgage Rates
Looking to purchase a home in Big Bear, CA? Obtaining the best mortgage rates can be daunting, especially since the lender requirements have changed over the past few years. There are fewer lenders and higher standards, due to the mortgage industry crisis. Your credit score has the most influence, but lenders also take into consideration your debt to income ratio, equity, job history and assets and savings. We distilled the qualifications for you: FICO Score Your credit score is the most influential part of … [Read more...]
Sales Up & Inventory Down for Big Bear Real Estate Market
That's the current Big Bear real estate in a nutshell. Here's a good chart for the Sugarloaf area that parallels the other Big Bear neighborhoods. If this holds steady, get ready to see prices slowly increase. If you're interested in more markets stats, be sure to check the Big Bear Communities pages on our website. Each area is updated monthly with pretty charts like these :-) … [Read more...]
Interest Rates May Have Bottomed Out
The Big Bear real estate market has been picking up steam lately thanks to the correction in home prices and historic low interest rates. And while many potential home buyers have been waiting on the sidelines for an indication that the market has bottomed out, the recent up-tick in interest rates may be signaling that the time to buy a Big Bear home or investment property is NOW. The most recent “Primary Mortgage Market Survey” by Freddie Mac reports that fixed mortgage rates moved higher following stronger … [Read more...]
Big Bear Sellers, Time is Not on Your Side.
Click here for video link. Back in the "crazy" Big Bear real estate years of 2000 thru 2007, the longer a home was on the market, the more a seller could get for it. The prices were going up every month, and sellers were getting lucky. Over the past 5 years however, this process has flip flopped. Generally, the longer a home sits on the market, the lower the price it will fetch. Seems pretty simple. Yet, sellers continue to tell me they want to sell, but they are not in a hurry. Therein lies the … [Read more...]