Ask an Expert, Big Bear Real Estate

Brutally Honest Big Bear Real Estate

Moonridge Area of Big Bear Sales Trends for the Past 90 days

As of 11/21/2009

Sold in the Moonridge Area 8/23/2009 - 11/21/2009

We had 52 closed sales in the Moonridge area for the past 90 days. There are 110 active Moonridge listings, and 27 pending in escrow. We have a 6.47 month supply of inventory at the current rate of sale. 12 of the 52 closed sales were Bank Owned and 5 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 30 days on the market and all of the other types of sellers are averaging 144 days in the Moonridge area. That’s almost 5 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  98.82%, and the other types of sellers are at 93.60% 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 100 days or more and decides that the seller must be motivated to take less. This generates a lower offer, thus the 93.60% 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

Follow me on Twitter

Subscribe to “Ask an Expert, Big Bear Real Estate Blog”

Advertisements

November 21, 2009 - Posted by | Big Bear Real Estate

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: