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Foreclosures and Short Sales

Whether you're attempting to sell Big Bear real estate or you're searching local real estate listings as a potential buyer, it's important to know the difference between a foreclosure and a short sale. Foreclosure is generally a worse outcome than a short sale, if you are the seller, but as a buyer of a distressed property, a short sale is often the more difficult process to negotiate through. Foreclosure for Owner A property that has been foreclosed on means that the owner did make the monthly mortgage payments … [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...]

Big Bear Real Estate Market Update – Thru June 2011

Big Bear Home Sales - Year to Date (1/1/2011 thru 6/30/2011) The Big Bear real estate market has slipped even further when compared to 2010, with home sales down 11% - 354 total sold in 2011 vs. 399 total sold in 2010 thru June. This drop is due in large part to a very slow sales month in June.  There were 49 home sales in June, compared to 72 sales last June (32% drop), and down from 55 home sales in May.  This is actually pretty surprising as sales should be going up this time of year, not down as they have been … [Read more...]

Big Bear Real Estate Market Update – Thru May 2011

It's been quite a while since I posted some stats on the Big Bear real estate market.  To say things have been busy the last 8 months since my previous real estate market update would be an understatement.  Things are busy in Big Bear, just not overly productive :-).  "I am working twice as hard to make half as much," I like to say.  But, I'm not complaining. That said, I had a buyer come in the office yesterday asking where to find my updated monthly sales stats for Big Bear.  He was generally upset that I have … [Read more...]

2010 Big Bear Real Estate Market Breakdown

Click here to see embedded video. PDF of the presentation. … [Read more...]

Big Bear Home Sales – November 2010

Big Bear home sales hit their highest mark this year with a total of 93 sales in November.  The median sales price rose considerably, up 32% from October, while average sales price remained stable. Big Bear Home Sales Home sales in November (93) were up 18% when compared to the October sales (79). Year over year, sales were up just 2% from November 2009 (91). 26, or 28%, of the 93 sales were bank owned, down 12% from last month. 16 of the sales, or 17%, were short sales, which is 8% more than last month and the … [Read more...]

Big Bear Home Sales – October 2010

Home sales in Big Bear dropped 6% in October 2010.  The median sales price dropped considerably, down 12%, while average sales price dropped 16% in October. Big Bear Home Sales Home sales in October (79) were down when compared to the September sales (84). Year over year, sales were down 17% from October 2009 (94). 32, or 40%, of the 79 sales were bank owned, up 11% from last month and more in line with what we've been used to seeing. 7 of the sales, or 9%, were short sales, which is 1% more than last … [Read more...]

Big Bear Home Sales – August 2010

August home sales in Big Bear remained flat while the median sales price showed a slight drop, and the average sales price rose moderately. Big Bear Home Sales Home sales in August (68) were level when compared to the July sales (68). Year over year however, sales were down 9% from August 2009 (75). 20, or 29%, of the 68 sales were bank owned, 7% less than last month. This is one of the lowest months for bank owned sales that we've seen in some time.  The monthly average is normally in 40-50% range. 7 of the … [Read more...]

Big Bear Home Sales – July 2010

The number of homes for sale in Big Bear continued its upward rise with no end in site since hitting the trough in February 2010. The median and average sales prices jumped up again after falling in June,  while home sales slipped down slightly in July. Big Bear Home Sales Home sales in July were down 6% when compared to the June sales (68 v. 72). Not a huge decrease but would be better for the market if it were 10-20% higher.  Compared to last year, sales are down 22% from July 2009 (68 v. 87) :( . 24, or 35%, … [Read more...]

Big Bear Home Sales – February 2010

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 … [Read more...]