By: Melissa McCue
Since 2008 many homeowners have delayed selling because, let’s face it, competing in a market flooded by distressed sales at rock bottom prices is certainly not ideal. Fortunately for homeowners, standard resales in the Big Bear area solidly represented the majority of transactions in 2012.
Since 2008 many homeowners have delayed selling because, let’s face it, competing in a market flooded by distressed sales at rock bottom prices is certainly not ideal. Fortunately for homeowners, standard resales in the Big Bear area solidly represented the majority of transactions in 2012.
| According to data in the local Multiple Listing Service (MLS) approximately 67.5% of the single family residential (SFR) homes sold in 2012 were standard resales, a big jump over the 2011 number of 56.88%, look at the table to the right to see the trend since 2009. |  |
The numbers are even more interesting when dissected by area, with SFR sales in Big Bear Lake (including Moonridge & Fox Farm) at almost 77% standard resale. As the number of distressed sales continues to decrease we should expect to see prices increase as they continue to become more driven by negotiations between buyer and seller, rather than being driven by lending institutions. California Association of Realtors Senior Analyst, Oscar Wei wrote that “REO properties are sold substantially below market price because they are generally not well-maintained, and may have title clearance issues that are not desirable to home buyers. Also, since banks and lenders are not in the business of property management, they try to get rid of the inventory faster by reducing prices to below-market levels.”
Whether driven by the decrease in distressed sales or not, an increase in prices is already underway. The 2012 year end numbers showed a gain of 3.6% in median sales price in the Big Bear area. This is another piece of encouraging news, as it is the first price gain in the Big Bear area in five years.
If you have been waiting to sell your home and think that now may be the time, please contact Melissa McCue at (909) 855-4898.
Whether driven by the decrease in distressed sales or not, an increase in prices is already underway. The 2012 year end numbers showed a gain of 3.6% in median sales price in the Big Bear area. This is another piece of encouraging news, as it is the first price gain in the Big Bear area in five years.
If you have been waiting to sell your home and think that now may be the time, please contact Melissa McCue at (909) 855-4898.
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