The Statistical Summary above was taken from the local Big Bear Board of Realtors Multiple Listing Service.
Recently I have had a number of clients ask about the bank owned inventory and sales prices. This chart shows that in the past 6 months we have had 91 Bank owned REO properties that have sold through the Big Bear Board of Realtors Multiple Listing Service. (Obviously we have had some transactions that were not listed through the local MLS)
What is interesting and a point of discussion with the buyers is the price differential. Unlike some of the more traditional markets in Southern California, these properties have been selling at list price or higher. (101.61%). Even traditional sellers are getting an average of 94% currently here in Big Bear. Those that are overpriced simply are not being shown or sold.
So, if you plan to buy a bank owned property in Big Bear, a couple of thoughts….
Work with an agent that understands the local market. That would be an agent that works full time in Big Bear only.
Realize that once you’ve looked at the available inventory and found the very best deal, you might have to pay list price. (If you are opposed to this ask, your agent to show you the overpriced listings, and then you can get the type of deal that make you feel like a winner by getting a huge discount off of list.)
Act quickly once you find your deal, the average days on the market for bank owned properties is 59 days, less than half of the days on the market of properties that are not bank owned.
If you would like more information on the Big Bear Market, or would like to schedule a time to look at the Real Estate opportunities here in Big Bear, give me a call or shoot me an email.
Associate, The Tim Wood Group
Coldwell Banker Mountain Gallery
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531