Not long ago, you had to go to a real estate agent in order to get information on property listings. Books filled with all the local real estate listings were distributed to real estate offices and the agents would review the books and find homes that matched their clients' needs. This information was not readily available to the public. The times have drastically changed. Today, much of the once-private information is now public. But does that mean you can handle the entire real estate transaction on your own? … [Read more...]
Understanding the Value of a Real Agent
How Much Should I Offer?
What you offer on a Big Bear property depends on a number of things, such as the maximum price you’re willing to pay for the home, the risk of losing the home to another buyer, appraisal value, and how realistic the asking price is. Though homes in Big Bear are selling for an average of 96% of the listing price, there is no cardinal rule for a fixed amount that a seller will negotiate from their asking price. Every property & every seller is unique. The Big Bear real estate market is in a transition from a … [Read more...]
Maximizing Your Real Estate Agent
CNN Money: “When you go to an open house and meet a real estate agent showing the property, that agent represents the seller's interests. So you might be better off using a buyer's agent whose job is to represent your interests.” Purchasing real estate in Big Bear is an important financial decision. Home buyers will confront complex issues and lots of paperwork. Finding a buyer’s agent with expertise and local knowledge is invaluable. Market knowledge is one of the most important assets a buyer’s agent brings … [Read more...]
Market Conditions – New Home Down Payments
With the housing bubble burst, the real estate market has returned to a “back to basics” mentality. The days of creative financing and piggyback loans are over. The credit bar has been raised and there are more obstacles to overcome in making a purchase. Cash is still king. The trick is to balance the amount of your down payment with a reasonable monthly mortgage payment. Depending on the size of the down payment, you can generally expect to pay between .75% and 1.15% of the purchase price for your monthly … [Read more...]
Who Controls the Real Estate Prices in Big Bear?
Direct link to Big Bear Real Estate - Who Controls Real Estate Pricing? In short, the buyers. Real Estate agents like to think they have some effect on the pricing, but I believe it is determined mostly by the buyers, and to some degree, sellers. It doesn't matter how great an agent thinks they are, our how much money they spend marketing the property, if the price is too high and the buyers don't agree with it, it won't sell. No amount of skill or marketing will force a buyer to pay a significant amount … [Read more...]
Big Bear Real Estate Buyers – Time is of the Essence!
Click here if you cannot see the video above. The standard real estate contract for the state of California includes a clause that says, "Time is of the Essence." Essentially, this means that the parties to the contract need to perform according to the timelines laid out in the contract or they could otherwise be in breach of the contract. It appears to me that a lot of buyers, and many agents, seem to totally ignore this clause. It is pretty common for most escrows to be delayed 1-2 weeks or more. It is … [Read more...]
The Proctologist Called…….
And they found the bank's head! It's no wonder that the majority of short sales don't ever close escrow. There's not a week that goes by that I don't hear a story similar to the one below. Several months ago I had a short sale property in escrow located in the Boulder Bay area at 39029 Robin Rd. We had it in escrow for $465,000, and after 60-75 days of back-and-forth negotiating with the first lien holder, Freddie Mac, as well as the second lien holder, a private party, we were about 10-14 days away from … [Read more...]
Renting vs. Buying a Home
Extremely low interest rates, lots of inventory, and cheap prices are all reasons why you should consider a home purchase. But, is it right for you to buy now? Let’s take a look at a few of the factors to consider when making the decision to buy or to rent: When To Buy A Home Buying a home is one of the biggest investments that you will ever make. If you have excellent credit, a stable job, and enough cash in the bank to make a down payment with money left over, then buying a home may be a wise financial decision … [Read more...]
Low Appraisals – The Kiss Of Death for Your Big Bear Real Estate Deal.
I've had a few appraisals come in low the past couple weeks, and both times the buyers chose to back out of the deal. While this certainly happens from time to time, and is part of the real estate process, there are some things to keep in mind when talking about appraisals. As the video points out, appraisals are not fact. Rather, they are the opinion of one individual appraiser. While you would expect most appraisers to agree and come to the same value on a property, they don't. This is because some … [Read more...]
Does Your Big Bear Home Have The “Cabiny” Feel?
Link to YouTube Video. If not, selling your Big Bear home is going to be a litte tougher. Nearly 80% of the real estate buyers in Big Bear come from out of the area, and they are looking for a second home retreat. That said, the vast majority of these buyers are looking for something completely different than their primary home - a woodsy, cabin retreat. They want a home with lots of wood or logs, T&G (tongue & groove) wood, high ceilings, heavy beams, & a rustic fireplace. So, if your property … [Read more...]
- Next Page »