The Big Bear Report
August 2009
A Monthly Review of the Big Bear Real Estate Market
Buyer activity in the Big Bear real estate market is showing signs of strengthening. Although typical for this time of year, both pending" and "closed" sales increased last month in nearly all sectors of our market. While land sales and commercial business opportunity demand remain sub-normal, residential sales under $400,000 are the sector of the market that is getting the majority of attention. We are finding more and more sales coming from multiple bidders on bargain priced properties that push lower offers upwards, thus creating a "bidding war". Multiple offers usually signify a market in which prices are rising and buyers outnumber sellers. When the buying public perceives there are people fighting for a property, that's good for increasing demand. Regardless if it's a bank related house or not, if it's in a good area, is maintained properly and is well priced, it will attract more buyers. However, given the rampant foreclosures and low demand on higher priced homes, I feel we are not out of the woods quite yet.
Last week we have seen and heard several reports indicating we may have finally hit bottom in the housing market. Although some skeptics believe the market is "just catching its second wind" before prices decline even further, the National Association of Realtors (NAR) reported sales of new homes nationwide increased last month by the largest percentage in eight years. With the median price range in the housing market appearing to stabilize, even Greenspan feels he's "pretty sure we have already seen the bottom".
I try and maintain an attitude of optimism because I must. I'm in an industry that's performance driven. My compensation is earned when all the time and hard work is already extended.I owe it to my family, my employees and my clients to "stay between the lines" so I don't go "nutty". Like I tell my agents and staff, "keep riding your horse in the direction it's pointed". Rest assured we are going to get through this economic debacle.
Until next month.
Mike Dolan
Big Bear's Leading Realtor
# 8 Prudential Agent Award
7 time PREA 100 Award
11 time Diamond Circle Award
2 time 5 Year Legend Award
(909) 866-6453 (Office)
(909) 936-6453 (Cell)
mikedolan@bigbearproperties.com
DRE License # 00752899
"The Locals' Choice"
If you always do what you've always done, you'll always get what you always got.
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