Posted by: mikewochner | February 12, 2010

Why Now Might be a Good Time to Sell Your Big Bear Lakefront

I’ve been keeping my eye on the number of lakefront homes on the market, and the numbers keep decreasing.  Yes, this isn’t “peak season” for selling a waterfront property but it seems like a lot of sellers have given up until Spring or Summer.  This is a natural reaction.  Especially if your home has been on the market for 6 months or longer and you’re not getting any activity.  Right now there are 23 lakefront homes for sale.  Exactly 1 year ago there were 32 for sale.  Below are a few reasons why you might want to re-think about waiting until Summer to put your home back on the market:

  1. Less Competition, Inventory Down.  On January 1st, we saw 5 lakefront listings expire which have yet to renew. 119 Lagunita, 795 Cove Drive, 350 Pulaski, 147 Eureka, and 382 Meadow Circle.  Over the past couple weeks, 5 more dropped off the radar; 40622 Simonds, 369 Gibralter, 40578 Simonds, 40584 Simonds, and 136 Lake Drive.  Several of these were on the market for a long time and they became “stale” so I don’t blame them for taking them off the market.  But if the inventory continues to drop, there will be less for buyers to choose from which bodes well for those who are still on the market.
  2. Property is still selling.  Let’s take a look at 386 Meadow Circle.  This was a bank owned property over in the gated community of Eagles Knoll.  It hit the market on Saturday during a heavy snow storm and they had 4 offers in 5 days.  Yes, it was aggressively priced but the main point is it brought 4 offers in less than a week (I know at least 3 of the offers were over the asking price)!  Four buyers wrote offers during the week as opposed to waiting until the following weekend because they didn’t want to compete with buyers who might be coming up the following weekend (when everyone normally comes up).  Obviously this shows that there are people out there willing to buy property…yes, they want a deal, but they saw the value and were willing to jump into a bidding war.  The house on Waterview that went into escrow last month had similar activity so this wasn’t a one-time deal.  We’re seeing this scenario quite often now in Big Bear in all price ranges and areas.  There are 625 total residential listings and probably 10 great deals at one time.  Each of those 10 great deals are getting multiple offers, attracting a lot of attention, and selling within a week or two.
  3. More Optimism.  I don’t think the tax incentives have made much of an impact in our community (because 80-85% of buyers are second home buyers), but we do see more buyers jumping off the fence for one reason or the other.  We’re starting to see positive news throughout the media.  Interest rates are low.  There’s a lot of bank owned properties to choose from….Some say real estate is a good hedge against inflation.  I’m not sure why things have picked up, all I know is more people are looking these days and more people are buying as opposed to last year.

Don’t give in to the notion that Summer is the only time to sell your home.  Yes, the majority of home sales occur between July and October, but if you wait for the “selling season” you might miss out on a good opportunity to actually get your home sold.



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