Ask an Expert, Big Bear Real Estate

Brutally Honest Big Bear Real Estate

Moonridge Area of Big Bear Sold Year to Date 4/28/2009

Sold YTD through 4/28/2009

Year to date through 4/28/2009 there have been 36 closed sales in Moonridge. There are 155 active Moonridge listings, and 21 pending in escrow. We have a 17 month supply of inventory at the current rate of sale. 13 of the 36 closed sales were Bank Owned and 3 were Short Sales.

The price differential shown above tells us that the homes in Moonridge that are selling, sell very close to list price. This isn’t surprising to me, price is the most important factor in this market. When a home is priced correctly it will sell, it’s really that simple. Knowing what price to list at is by far the most important decision a seller must make. List price should be based on market conditions and not a sellers perception or need. Banks are making this more apparent, they are not emotionally attached to homes. Bank owned properties are being priced based upon comparable sales, and nothing else. This is why the bank owned homes sold in Moonridge have an average of 70 days on the market and all of the other types of sellers are averaging 217 days in the Moonridge area. That’s 3 times as long as the average bank owned listing.

When I look deeper at the statistics, the bank owned homes sold have a price differential of 100.11%, and the other types of sellers are at 93.46% of list. During the extra days on the market the sellers were chasing the market with price reductions until they finally get their homes price to match the market, and then like magic they sell! This is good, but not great. One thing that happens in this scenario is that the buyer sees that the home has been on the market 200 days and decides that the seller must be motivated to take less. This generates a lower offer, thus the 93.46% price differential.

First impression of value creates a sense of urgency in buyers, once lost the buyer assumes you are over priced. If not, why didn’t someone put in an offer?

If you would like to discuss the Big Bear Real Estate market, please give me a call.

I can show you any home for sale in Big Bear.

Search the Big Bear MLS (Multiple Listing Service)

Search the Southern California MLS  (Multiple Listing Service)

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

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April 28, 2009 - Posted by | Bank owned in Big Bear, Big Bear Market, Big Bear Real Estate, Big Bear Real Estate Market, Moonridge, Selling your home, Sold in Big Bear | , , , , , , ,

2 Comments »

  1. […] Steve placed an observative post today on Moonridge Area of Big Bear Sold Year to Date 4/28/2009 « Ask an …Here’s a quick excerptWe have a 17 month supply of inventory at the current rate of sale. 13 of the 36 closed sales were Bank Owned and 3 were Short Sales. The price differential shown above tells us that the homes in Moonridge that are selling, sell very close to list price. …. Feb 17, 2009 by Doug and Terri Canaan “Steve’s dedication and persistance, in a difficult market,allowed us to avoide a foreclosure buy finding an acceptable offer for a short sale for our czbin. … […]

    Pingback by Topics about Foreclosures » Archive » Moonridge Area of Big Bear Sold Year to Date 4/28/2009 « Ask an … | April 28, 2009 | Reply

  2. […] Read the original: Moonridge Area of Big Bear Sold Year to Date 4/28/2009 « Ask an … […]

    Pingback by Valuable Internet Information » Moonridge Area of Big Bear Sold Year to Date 4/28/2009 « Ask an … | April 28, 2009 | Reply


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