For the past 60 days, Big Bear has experienced weather events, buyer events and seller’s events. The weather event that occurred over the past two weeks virtually shut down the streets of Big Bear and all routes into Big Bear Lake. The snow is piled high, roads are still challenging, but we are functioning. Amidst this weather event, we have been inundated with requests via the internet and my website, www.BigBearHomesandLand.com , with appointments to view properties. This past weekend (January 30th) was our first weekend in two, that we were able to accommodate buyers. Even though the roads were closed, our systems have been very busy, averaging 40,000 visitors on my website alone.
All of our listings, including yours have showings, and as we move forward, the inventory is low, under 640 active residential listings. To put that in perspective, last January, 2009, we had 1600 residential active listings. Now, with that in mind, why has your property not sold? Most buyers are looking for rock bottom prices, short sales and foreclosures. We have fewer than 50 foreclosures in the Big Bear valley, and any good foreclosure listings have multiple offers on them. Buyers are looking to find great values, and this is why we must keep our values low and priced right. You will find on the attached showing record, a line item for a price reduction. If I feel your home needs a reduction, it will be in red. This is the only way, we can sell the home by establishing a “new price” on the home as to what it should be in today’s market. Prices have stabilized, and are not dropping at this time. However, adjustments are being made due to the short sales and foreclosure comparisons used by banks and appraisers.
Friday, February 5, 2010
Monday, November 23, 2009
WASHINGTON - Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit.
Home sales nationwide are now up nearly 37 percent from their bottom in January, data Monday showed, though they are still 16 percent below the peak in autumn 2005. At the current sales pace, there is only a 7-month supply of homes on the market and in some areas there are bidding wars. Joey Wilson, 53, and her husband made unsuccessful offers on 20 Las Vegas homes since midsummer before closing on a four-bedroom, $136,000 home this month.It's insane," said Wilson, who relocated from Kentucky. "I've never seen a market like this before."
The National Association of Realtors said home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September. It was the biggest monthly increase in a decade, and far above the 5.65 million pace expected by economists, according to Thomson Reuters.
The recovery is being driven by lower prices combined with federal programs to lower mortgage rates and bring more buyers into the market. The median sales price was $173,100, down 7 percent from a year earlier and off roughly 2 percent from September.
Many experts predict prices will hit a new low next spring, perhaps falling another 5 to 10 percent, as more foreclosures get pushed onto the market.
Tax incentiveThe government has tried to counter that trend by offering a tax incentive for first-time buyers and by keeping mortgage rates around 5 percent since the spring.
The tax credit of up to $8,000 for first-time owners was originally set to run out on Nov. 30, but Congress renewed it earlier this month and broadened its reach. People who have owned their current homes for at least five years can now claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers must sign a purchase agreement by April 30.
Home sales nationwide are now up nearly 37 percent from their bottom in January, data Monday showed, though they are still 16 percent below the peak in autumn 2005. At the current sales pace, there is only a 7-month supply of homes on the market and in some areas there are bidding wars. Joey Wilson, 53, and her husband made unsuccessful offers on 20 Las Vegas homes since midsummer before closing on a four-bedroom, $136,000 home this month.It's insane," said Wilson, who relocated from Kentucky. "I've never seen a market like this before."
The National Association of Realtors said home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September. It was the biggest monthly increase in a decade, and far above the 5.65 million pace expected by economists, according to Thomson Reuters.
The recovery is being driven by lower prices combined with federal programs to lower mortgage rates and bring more buyers into the market. The median sales price was $173,100, down 7 percent from a year earlier and off roughly 2 percent from September.
Many experts predict prices will hit a new low next spring, perhaps falling another 5 to 10 percent, as more foreclosures get pushed onto the market.
Tax incentiveThe government has tried to counter that trend by offering a tax incentive for first-time buyers and by keeping mortgage rates around 5 percent since the spring.
The tax credit of up to $8,000 for first-time owners was originally set to run out on Nov. 30, but Congress renewed it earlier this month and broadened its reach. People who have owned their current homes for at least five years can now claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers must sign a purchase agreement by April 30.
Saturday, July 11, 2009
Real Estate has Picked Up!
The month of June and the first week of July have proven to be promising. “Smart Money Buyers” are making offers. These smart money buyers have a pre-approval letter in hand, and are ready to buy. The real estate market in Big Bear is good, and overall foreclosures have decreased to an average of 54 from 100, and any foreclosure that is a great deal in a good area and resembles a mountain style home has multiple offers on the property. Our current active inventory is approximately 945 homes, down from 1400 just 6 months ago. Escrows have increased and solds for the month of June were 68, up by 10% from May and previous months. This is good!
Your listing has had showings and some of you have had offers. A few of my sellers have called me and ask if they should pull the property off the market and wait until next year to re-list at a higher price. Indicators (MSNBC, Harry Dent and other prominete economists, California Assoc. of Realtors, National Assoc. of Realtors) are not pointing to an increase in values in one, two or even three years. The good news is that prices have stabilized, and we do not see a continued deprecation in the home values in Big Bear. I would suggest to hold steady, reduce the price to reflect today’s values if any reduction is necessary and allow me to advertise, and keep the home exposed to the buyers’. This is all we can do, and I am happy to do it!
Our website continues to pull in many potential buyers; with over 50,000 visitors per month, we are rated by Google to be the top performing website in Big Bear Lake. Also, we are rated in the top three websites for Yahoo. The exposure that your property is getting is more than any other agent in Big Bear. We not only have a website that is busy, but we are members of two MLS systems; Big Bear Valley and the Southern California MLS. This means double exposure for your listing.
If you should have any questions, or suggestions, please call me at my office. We are here seven days per week, working diligently to get your home sold. Thank you again for your trust in my team, and allowing us the opportunity to market your home.
Yours truly,
Robert F. Angilella
Realtor
RE/MAX Big Bear
Your listing has had showings and some of you have had offers. A few of my sellers have called me and ask if they should pull the property off the market and wait until next year to re-list at a higher price. Indicators (MSNBC, Harry Dent and other prominete economists, California Assoc. of Realtors, National Assoc. of Realtors) are not pointing to an increase in values in one, two or even three years. The good news is that prices have stabilized, and we do not see a continued deprecation in the home values in Big Bear. I would suggest to hold steady, reduce the price to reflect today’s values if any reduction is necessary and allow me to advertise, and keep the home exposed to the buyers’. This is all we can do, and I am happy to do it!
Our website continues to pull in many potential buyers; with over 50,000 visitors per month, we are rated by Google to be the top performing website in Big Bear Lake. Also, we are rated in the top three websites for Yahoo. The exposure that your property is getting is more than any other agent in Big Bear. We not only have a website that is busy, but we are members of two MLS systems; Big Bear Valley and the Southern California MLS. This means double exposure for your listing.
If you should have any questions, or suggestions, please call me at my office. We are here seven days per week, working diligently to get your home sold. Thank you again for your trust in my team, and allowing us the opportunity to market your home.
Yours truly,
Robert F. Angilella
Realtor
RE/MAX Big Bear
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