Buyers in the current market are wondering what they should offer. It's understandable, with the market conditions still moving down in Big Bear,buyers aren't real comfortable offering near the list price. After you have spent days working on finding a home that fits you needs, shouldn't you be able to buy it for 25% off of the list price? What determines how much you will write the offer for?
Sold since 1/10/2008
As you can see, based on the last 91 closed residential sales in Big Bear, homes are selling at 92.27% of list price with an average of 141 days on the market.
A further look at the stats reveals that houses priced below $300,000 sold for 96.04% of list price with 117 average days on the market.
Sold under $300,000 since 1/10/2008
Big Bear Homes priced between $300,000 and $800,000 have the same price differential all price ranges combined at 92.27% but have increased days on the market of 163.
Sold between $300,000 - $800,000 since 1/10/2008
Big Bear Homes priced over $800,000 have a price differential of 89.21% and extended days on the market averaging 205.
Sold over $800,000 since 1/10/2008
What does all of this mean to a buyer? I believe this information shows that lower price homes are selling closer to list price than higher priced homes. Not only is the percent higher, but the dollar difference is bigger the higher the price. Have your agent pull the pricing history along with the days on the market for the property that you are making an offer on. Pull comparable sales and pending sales for the last 90 - 180 days. Is every home priced correctly? Absolutely not. Will you see active listings that are over priced? Yes, most active listings are over priced.
Using the sample of 91 homes shown above the highest price differential was 19.43%. This was one of the 2 highest price sales to occur YTD at $1,900,000.
In conclusion, unless you are just testing the water, your offer should be based on factual information. You should understand that if you have looked at a number of houses in the price range and you're favorite seems to be a good deal, it probably is. Buying a home that seems like a good deal to a buyer, usually requires an offer that also looks like a good deal to the seller.
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/
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