A Buyer's Market Provides for Real Estate Opportunities in Big Bear!

With summer being such a busy time for visitors, it's no wonder that it is also the most popular season for home buying. Historically, most homes are bought and sold from late June through early September. This is no surprise since this is when most people are spending a significant amount of time vacationing in the Big Bear valley, and have time to search for a vacation home.

But this year is quite different from the past few years for home buyers. We are in the midst of an exceptionally strong buyer's market. With the real estate market cooling off over the past few years, prices have come down to very reasonable levels and sellers are conceding more than they have in the recent past in order to get their homes sold.

The following are a few statistics that exhibit the strength a buyer has in today's real estate market in Big Bear.

Just a few years ago, on average, sellers were conceding only 1% to 2% off their list price, many times selling for full price or even over full price. By the end of last year, we saw that number drop, with seller's conceding about 4% off their asking price. Over the first six months of this year, we've seen that number decline even further with sellers lowering their price an average of 6% to 7% off their original asking price in order to get their property sold.

As well, we've seen a similar increase in the number of days a home is on the market before selling. (D.O.M. = Days On Market) A few years ago, the average D.O.M. was well under 60 days, with many homes selling before the listing agent could even get a sign placed in the front yard. The average D.O.M. of homes that have sold during the first five months of this year is over 120 days! With homes sitting on the market for so long, sellers are more motivated than ever to get their property sold.

Considering these numbers, and with interest rates still hovering at an incredibly low rate, now seems to be an advantageous time to buy real estate in Big Bear. You certainly have heard the phrase "Buy low and sell high." and now is the chance to do the former. Few can remember a better time to "Buy low" in Big Bear than in today's real estate market.

Considering that a mountain home is an asset that is sure to increase in value over time, and that it is an investment that you will certainly enjoy using while it appreciates, buying a vacation home in Big Bear is an easy decision, particularly when so many factors are in the favor of the homebuyer!

Let us help you find the mountain home you are looking for. Contact us now to begin your search for a Big Bear home. We look forward to speaking with you soon!