Big Bear Real Estate Blog

1. I predict that the lake will rise to full capacity in June. This will increase Big Bear lakefront home values and the number of Lakefront homes that will sell in 2008. This is not only a prediction, it is what I hope and pray will occur. I enjoy the lake and there is nothing more beautiful than Big Bear Lake full of water glistening off of the sun. I love to get to the dock at 7am and jump in one of the Master Craft boats that we ski behind and get out on the lake and make a few turns, especially when we have a full lake.

2. I predict that the Big Bear Residential Real Estate inventory will grow to 1350 units or more in July. Inventory in Big Bear usually increases between May and July and this year should not be any different. My only hope is that these are quality listings that are priced correctly. Lets not list property based upon how much someone paid or owes. Lets not price property based on any criteria other than the market conditions and recent comparable properties in the neighborhood.

3. I predict that the number of active Big Bear Real Estate agents will decrease by 20% in 2008 vs 2007. This will be a spring cleaning that is overdue. These agents can and will come back when the Big Bear Real Estate market is strong again. Everyone wants to be an agent when the fish are jumping in the boat.

4. I predict that buyers of Big Bear Real Estate will continue to find values that create opportunities for equity growth over the next 5 years. I see foreclosure and REO sales continuing to drive pricing in many Big Bear neighborhoods.

5. I predict that sellers of Big Bear Real Estate will need to spend more time preparing their homes. Things like landscaping, exterior and interior painting, roofing and plumbing issues will all affect buyers decisions more than ever. Building quality and age of property will be bigger factors in property selection.  Sellers will need to work with high profile full time Big Bear Real Estate agents that provide pricing, marketing, and exposure that exceeds levels of 2007.

6. I predict that reduced prices on properties in the Moonridge, Fox Farm, and Big Bear Lake areas will affect the pricing of Big Bear City, Sugarloaf and Erwin Lake areas. This will drive the pricing in the East end of Big Bear Valley down. We will continue to see very few homes selling over $400,000 in the areas East of Division Road.

7.I predict that Big Bear Real Estate Agents that are not involved in Blogging with sites such as Active Rain, Real Estate Tomato, Copy Blogger, Inman, Rain City Guide, Technorati and (and so many others that it would be impossible to mention them) will find themselves wondering how the rest of us are continuing to grow our business and capture the confidence of buyers and sellers during this exciting time.

First of all, if you got an offer, good for you. That means you were priced well enough to sell the Real Estate agents on showing your Big Bear home. Now you'll need to get your ego out of the way and see if you can get your home sold before it looses any additional value. Most buyers in this market are investors, or they think like one. If your lucky enough to have a buyer that becomes emotionally committed, you are very fortunate. You are handling an endangered species, so be careful. Buyers in this market are illusive and hard to find.

It's kind of like fishing for hours, and then you get a bite. The first thing you want to do is pull hard and get them into the boat. You might have caught a few fish before, but these fish have very soft mouths. It's almost like using barbless hooks. Just enough pressure to keep everything moving in the right direction, but don't let them off. Once you get them in the boat, use 2 hands (they are slippery).

Ask your agent to give you an up to date market analysis to value your property. Remember, this buyer has looked at your best competition, and the last sale in your neighborhood is more than likely the new ceiling. Remember when the last sale was the new floor? Those days are over for now. Take a good look at the comps and be reasonable. Your agent wants to get you the most that they can for your property, but nobody gets paid unless their is a close of escrow (including the seller).

Always give a buyer a counter if you are not going to accept their offer.If your Big Bear home is price well, chances are the buyer is still going to try to buy it for 10% below your list price or more. If the offer you receive is $50,000 off of your list price, you are much closer to putting together a deal than you were before you got an offer. Often as a seller you have counted your eggs before they have hatched and you've made plans for all of the proceeds of the sale, but the market has probably changed since you settled on the price. 

If your not willing to have some flexibility, I suggest you pull your house of the market and stop wasting everyones time. Buyers in this market are in charge and they know it. This market is for serious sellers only.

If you are telling your agent lets just price it where I want to and see what happens, they should be telling you that they already know whats going to happen. You are going to sit on the market while you loose more value, so don't list with a lets see what will happen attitude. You'll need to price your home at or below market value.The best thing you can do for yourself and the market if you are not motivated to sell is to pull your listing off the market.

I get this question quite often from sellers when I call to discuss their Big Bear Home, so this morning I pulled the information from the MLS to provide an accurate answer. In the past 30 days, we have had 47 residential sales in Big Bear close escrow. We have 70 sales that are pending in Big Bear Valley. So the answer is YES! Houses are selling in Big Bear

Below is the breakdown is of the closings in the past 30 days: 

1 - WHISPERING FOREST

8 - SUGARLOAF

9 - MOONRIDGE

5 - FOX FARM

1 - FAWNSKIN

3 - ERWIN LAKE

10 - BIG BEAR LAKE

10 - BIG BEAR CITY

It looks like the sells are spread out over Big Bear Valley fairly evenly by location.

The 2 lowest price sales occurred in Sugarloaf. They were both sold at $140,000. They were both one bedroom one bath cabins. One of these is shown in the photo on the right. These starter cabins in Sugarloaf are great for people that want to get their feet wet and buy a place to get a way. They are also great for people that are not able to afford a home in the market that they live, but want to enjoy the rewards of ownership. The average price sold was $360,340, and the median price sold was $286,000. The average days on the market was 126 and the price sold averaged 93.48% of the asking price. This doesn't mean you should offer 93.5 % of the asking price of the home that your Big Bear Real Estate agent shows you. What it does mean is that the houses that are priced well enough to generate an offer were negotiated to this price. The overpriced houses in the market didn't get any offers. This is important to understand. Have your Big Bear Real Estate agent tell you if a home is priced correctly. Have your agent run recent comparable sales to establish a fair price before you place that offer. Sometimes homes will still sell at or above asking price if they are priced correctly, and other sellers are so unreasonable that they will see offers that are far below their inflated asking price. Overpricing in this market is a recipe for disaster. The longer this goes on the less you will get for your Big Bear Home. 

The highest price Big Bear home sold in the past 30 days was $1,420,000 (see photo left). This was a Lakefront home in Big Bear Lake. The list price was $1,650,000. It was on the market for 62 days. This home had a dock and great location on Big Bear Lake. The market seems to be continuing to soften with values falling at a rate of approx. 1% per month overall. One of the areas that is being hit hard on price is Big Bear City. While the area is still seeing a fair share of the sales each month, the homes over $400,000 in Big Bear City are slow moving. The reason for this is the competition that these properties are getting from Big Bear Lake West, Big Bear Lake Central, Big Bear Lake East, Fox Farm, and Moonridge. Prices in these areas have come down and there are some great values in the $400,000's and $500,000's that we haven't seen for a few years. Most of the buyers in Big Bear are second home owners, and they tend to prefer the Moonridge, Big Bear East, Fox Farm, Big Bear Central, Big Bear West, Eagle Point, Eagle Mountain and Castle Glen areas. This means sellers in Big Bear City are going to need to get their prices in line if they want to sell.

I am really getting excited about some of the great deals that are available in the Big Bear area. As I have said before, if you are a buyer, what are you waiting for? This is a chance to pick up a second home at a discounted price. 

Big Bear is a Great Mountain get a way.

Many people from all over Southern California and neighboring states visit Big Bear to enjoy the four seasons of fun that only Big Bear has to offer. Big Bear has hundreds of cabins available to rent, and is located less than 3 hours from most locations in So. Cal.  Big Bear offers a chance to be in a different environment including winter sports, boating, fishing, hiking and biking trails. Often people who rent properties in Big Bear will become interested in buying Big Bear Real Estate. It's hard to forget how relaxed you feel here in Big Bear when your back on the freeways following a weekend in Big Bear. Most people that own homes in Big Bear will visit as often as 3 or 4 times a month. It's the smell of the fresh mountain air and the pinion pines, the friendly locals, and fun for the whole family that makes Big Bear hard to resist. 

Currently Real Estate prices in Big Bear are down and it is a buyers market.

 We are seeing starter homes in the Moonridge area in the low $200,000's. Moonridge is a great place for a second home because of its location. I'm sure you've heard it before, but Big Bear Real Estate is no different, location, location, location. Moonridge is located in the area of Bear Mountain Ski Resort, Bear Mountain Golf Course, Moonridge Zoo, and the Moonrdige shops along Moonridge road. Moonridge is also a short drive to Big Bear grocery stores and restaurants. Some of the homes are close enough to Bear Mountain that skiers can walk to the slopes. As a resident of Moonridge for the past 18 years, I can say that I am very familiar with the area. Another area that is great for vacation homes is Castle Glen. This area was developed in the early 2000's, and has some beautiful homes. Castle Glen homes are currently starting in the low $600,000's and going up from there.You'll find lake view properties as well as ski slope view properties in both Castle Glen and Moonridge. Other areas in Big Bear that you might like are Big Bear Lake Central, Big Bear East, Big Bear West, Bear Loop, and Eagle Point Estates. On the East end of Big Bear Valley, you'll find the communities of Big Bear City, Whispering Forest, Forest Springs, Sky Valley Ranch, Shay Meadows, and Meadowbrook Estates. South East areas include Erwin Lake, Sugarloaf, and Lake Williams. 

If you are into boating, you have many options in Big Bear.

You can launch your boat for free at one of the two public ramps, or use one of the private fee based launch ramps located around the lake. Pine Knot Dock Clubalso offers boat dock ownership for people who don't own a Big Bear Lakefront Home. Obviously Big Bear Lake front homes are the ideal boating experience in Big Bear, but not everyone can afford a Lakefront Home in Big Bear. Big Bear Lake offers fishing, water skiing, wake-boarding, jet skiing, swimming, and relaxation. Many of my Real Estate clients ask me how cold the water is in Big Bear Lake. As an avid boater and waterskier, I have experience the temperatures from April though October. In late spring and early falls water temps will be in the 40's and 50's (full wet suits recommended). Mid summer water temps peak in the low 70's (no wet suit needed). Below is a photo of me making a turn on Big Bear Lake.

Lakefront Homes in Big Bear 
Currently we have 25 Lakefront homes in Big Bear on the market. They range in price from $659,900 to $4,775,000. Year to date we have had 18 lakefront sales. Currently their are 3 lakefront homes in Big Bear that are in escrow or contingent sales. Some of the premiere streets for Lakefront homes in Big Bear include Cove, Eagle Drive, Waterview, Lake Drive, Eureka, Lakeview, Willow Landing and Cienega Road. The areas that also have great lakefront locations are Eagle Point and Eagles Knoll. The Tim Wood Group here at Coldwell Banker are known as the lakefront specialists, so if you're in the market give us a call.

No matter where you buy a home in Big Bear, you'll not be far from all of the available attractions.

Most homes in Big Bear are within 7 miles of the lake and ski areas and no matter where you buy in Big Bear you'll be minutes away from everything.

Some of you are buyers that have not yet made a purchase.

If you are one of these people, what are you waiting for? Now is the best buyers market in over 20 years. Call me today to set up a time to go look at the many value priced properties on the market. Interest rates are at some of the best levels in history. Inventory is high, and sellers are motivated.

1. The agent is also your produce man, waiter, or mechanic:

Agents who are working at multiple jobs will have to take time off to show your house to prospective buyers. Knowing the inventory of available homes and recent sales activity is not possible without previewing homes as they come on the market daily. Pull out a Big Bear Real Estate magazine and point at a home. Ask your agent to tell you where the home is located and the features. If your agent can't find the house they want to show you, that should throw up a red flag.

2. Your agent is your friend, sister, or brother:

Do you feel you will be best represented by your friend or family member? Is this person so desperate that there career is dependent upon your listing? Are you willing to jeopardize your relationship with this person if you have to fire them? Tell your friend or family member that you value the relationship that you have with them, and pick a professional.

3. It takes days for your agent to respond to your call:

Some Big Bear Real Estate agents only visit the office for up time. They are often unavailable before 9 or 10 in the morning or after 5 in the evening. Being available outside of the 9 - 5 schedule allows more contact with buyers.

4. The agents suggested price matches your perceived value:

Price is set by reviewing recent comparable sales, pending sales (escrows), and active listings (competition) . Pricing your property is the most important service that your agent provides. Property values are not set by the needs of sellers or the amount of debt. Property values are set by the market conditions.

5. Your Big Bear Real Estate agent doesn't need the Internet or a smart phone:

The Real Estate agent that you choose should be a tech wizard. Real Estate agents that are unwilling to change and use the tools that are available can't provide the best service to their clients.

6. Your agents marketing plan is an open house:

The agent that you choose should have a marketing plan that includes print, Realtor.com, Zillow.com, Trulia.com, Real Bird, Craig's List, Back Page, etc.,static web sites, and blogging ( not in that order necessarily).  

7. Your Big Bear Real Estate agent doesn't work weekends or have a car to show property in:

Seriously, you should ask. It is almost mandatory for a Big Bear agent to be available on the weekends when the buyers are in town and have a vehicle with all wheel drive.

8. You are not aware of the location of your agents office and need directions:

If your agent has an office that is difficult for you to find, how are they going to be able to maximize buyer traffic? Many agencies have small buildings with minimal  signing and parking.

1. People will drive like there drunk, even if they aren't.

Many people will either not know where they are going, or forget. They seem to park in the hardest places to miss while your sliding down an icy hill in your SUV. Many times they will tend to stop in the middle of the two way road to ask for direction from someone walking. Cars with bags of clothing or trash will have limited view, which will highlight these driving tendencies. If you do any driving in Big Bear Lake this holiday season, don't blink. You might miss the people laying in the middle of the road putting on there chains (not necessarily on the drive wheels).

2. Locals have short fuses, a sense of humor, and a good heart.

Many locals will actually advise these people mentioned above. They will give them directions that will surely land you somewhere other than your desired destination. They may actually blow the horn before they run over your leg that is hanging out while your putting on those chains. They will also be the first to offer to pull you out of that ditch you drove into, or offer you some hot coffee if you freezing while waiting for the tow truck.

3. People that rent homes forget that you have to go to work.

People that are renting and vacationing during the holidays love to party. They will have fun until all hours. It's kinda funny how well your voice travels in the mountains. That would be if your at the party, or yelling at someone who is.

4. The people visiting are having more fun than you are.

I think that this is the real problem with living in Big Bear. You are constantly running into people that are wearing smiles all day. This is very tough on us working folks.

5. Real Estate agents seem to love all of this.

Those of us that are in the Real Estate business in Big Bear seem to love all of these people. We can't get enough... we hope that the roads stay clear and everyone comes and has the time of their lives.

6. Toursits have better ski equipment and snowboards than those of us that live here.

For some reason, the person that has a hard time getting on the chair lift for the bunny hill has the best equipment ever designed. This person has no idea what this equipment is capable of, but they are ready to find out. If you are one of these folks, do yourself a favor a take a lesson to get the full enjoyment of your investment.

7. People that have young kids will often let them sled down the road... not a good idea!

As tempting as that icy road out in front of the cabin you rented is, please find a safe hill to let your kids sled on. Locals tend to drive on the roads as if it were mid week in September. They will whip around the corner, and dodging a child going 20 miles an hour down the street is tough.

We really do love our visitors, but the idea is for everyone to a safe season. Let's all be careful and enjoy this ski season..