We finished up the year with 1029 recordings which is 32% below 2007 recordings. This is 49% below the 20 year average. It is also 23.9% below the lowest year in 20, before 2007, which was 1993 with 1353 recordings. Prices are still moving down and days on the market are still high. Current Big Bear residential listings are at 1070 today, which is coming down. I think some sellers are starting to understand that "If you don't have to sell, you don't want to be in this market".

Sellers will find this market to be disappointing. We have not seen many happy sellers in the past year. Sellers will profit most by pricing correctly and selling as quickly as possible. This is not a "let's wait and see what happens" market... I know what will happen, you will either not sell or sell for less than if you priced your property correctly in the beginning. Hesitating to reduce your price to market will cost you money.  All of the marketing in the world will not sell an overpriced house. Would you buy P & G stock at a price that was higher than the current market?

Buyers enjoy one of the best markets ever. Don't sit on your hands if you have interest in buying Real Estate in Big Bear. Sellers are motivated. There are currently 25 REO properties on the market in Big Bear. That is only 2% of our inventory, but these REO (bank owned properties) are setting the standard for pricing. There are 10 of these properties that are currently in escrow out of the 63 total in escrow. That is 16% of the escrows going to these types of listings. Banks have great motivation and understand the market better than most sellers.

Feel free to give me a call if you would like to discuss the Big Bear market. I appreciate your business and the referrals of your family and friends.

Regards,

Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

steve@bigbeargallery.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com/