Bank Owned REO Properties Sold in Big Bear in the past 6 months.

The Statistical Summary above was taken from the local Big Bear Board of Realtors Multiple Listing Service.

Recently I have had a number of clients ask about the bank owned inventory and sales prices. This chart shows that in the past 6 months we have had 91 Bank owned REO properties that have sold through the Big Bear Board of Realtors Multiple Listing Service. (Obviously we have had some transactions that were not listed through the local MLS)

What is interesting and a point of discussion with the buyers is the price differential. Unlike some of the more traditional markets in Southern California, these properties have been selling at list price or higher. (101.61%). Even traditional sellers are getting an average of 94% currently here in Big Bear. Those that are overpriced simply are not being shown or sold.

So, if you plan to buy a bank owned property in Big Bear, a couple of thoughts….

Work with an agent that understands the local market. That would be an agent that works full time in Big Bear only.
Realize that once you’ve looked at the available inventory and found the very best deal, you might have to pay list price. (If you are opposed to this ask, your agent to show you the overpriced listings, and then you can get the type of deal that make you feel like a winner by getting a huge discount off of list.)
Act quickly once you find your deal, the average days on the market for bank owned properties is 59 days, less than half of the days on the market of properties that are not bank owned.
If you would like more information on the Big Bear Market, or would like to schedule a time to look at the Real Estate opportunities here in Big Bear, give me a call or shoot me an email.

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

Horse Property, Equestrian Estate, Big Bear

Horse Property, Equestrian Estate, Big Bear

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Communication is Critical if you want to Buy a home.

I have closed over 125 sales in the past 3 years. I communicate and advise clients for a living. If a buyer won’t call you and talk, or respond to other forms of communication, it’s tough to close the deal. I guess it shows how motivated someone is. Lately I seem to waste my time with buyers that want the best deal, but aren’t willing to pull the trigger when I find it for them. If you are not going to respond to a good deal, how are you going to buy it?

Something I have said before still holds true….”You can either get the best house for a fair deal, or the best deal on a fair house.”  

I would like to add to that “You won’t get either if you won’t respond.”

Another quote that is relevant in today’s market is “Be fearful when everyone is greedy, and greedy when everyone is fearful”.

I would add to that “This is a fear driven market, and those buyers that take advantage will prosper. Not communicating with your agent and being indecisive will not get you the best deal.”

The best deals are selling in the first 7 days on the market, and if you are not able / willing  to react that quick, you aren’t going to be the buyer of the best deal.

Some other quotes that apply to our market….

“In order to succeed, your desire for success should be greater than your fear of failure.”

“If you do what you’ve always done, you’ll get what you’ve always gotten!”

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

How Stale is your Listing?

Sellers that have been chasing the market down for the past year or more need to understand something:

Your listing is stale!

 

It’s definitely stale, and not just to the local Real Estate agents that have no interest in showing it. It is also stale to the buyers that now spend months on the internet searching for the right house. All of these people are bored with your extended listing and unreasonable attempt to sell above the market price.

Now that you have a stale listing, what overcomes the objection?

Price!

As a former retailer a phrase that stands out is:

You can sell anything when you get it to the right price.!

Holding out for a higher price will net you less in the market we are in. Clinging on to some Zillow number or the price that someone on you block has been listed at forever will not force a buyer to purchase your overpriced listing.

It’s all about price.

Until you are ready to compete with the bank owned inventory, stay off the market. The quickest way to turn a Real Estate market around from a buyer’s market to a seller’s market is to get the active listings (inventory) to a level that supports 5 months of sales or less. When buyers have over a years supply (Big Bears current level), the buyers are in charge. So, do yourself and the market a favor, price your home to compete or don’t list.

In Big Bear we have 1098 residential listings today. According to the local MLS we have had 65 residential properties close since 10/1/08.

As you can see, the price differential for the closed sales in October show 96.73% of asking price. Don’t build a compromise in your price that keeps buyers from seeing your home as a value. In other words, don’t price at $250,000 hoping to get an offer at $225,000. Yes if you home is worth $250,000 you will get offers at $225,000, but if your house is worth $225,000 and you price it at $250,000 it won’t get shown and that translates to an eventual stale listing.

In this market, price your home just under market value and hope that a qualified buyer sees it before you have to amend the price even lower. 

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

 

 

Bank Owned REO Listings in Big Bear

If you would like to see the current Bank Owned listings in Big Bear, just click on the link below.

Big Bear Bank Owned Listings

Please give me a call to schedule a showing on any active Big Bear property.

Regards,

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

Short Sale Listings in Big Bear

If you would like to see the current Short Sale listings in Big Bear, just click on the link below.

 

Big Bear Short Sale Listings

 

Please give me a call to schedule a showing on any active Big Bear property.

Regards,

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

 

Moonridge Minute 11/2008