Currently we have 813 residential units available in the Big Bear MLS. Year to date through 7/31/2011 we have closed 418 units, or an average of 60 units a month. Doing the math, that means we have a 13.5 month supply.
The number of qualified buyer’s is high, and contrary to rumors banks are lending money. At a very good rate I might add. In addition to this, CASH sales are making up 37% of our closed sales.
If supply decreases and demand remains unchanged, then it leads to higher price and lower quantity.
So, what would make things better? Obviously we need to filter through the foreclosures, short sales,and default properties before the market can expect to change direction. This could be accomplished sooner if there were less homes on the market.
Seller’s can be in control.
I know many of you sellers out there have reasons why you need to sell, but if we could just get half of the 813 units off the market things would improve. If we had 420 units on the market the available homes would get more of the buyers attention and eventually the prices would be driven up.
So….If you don’t need to sell, you might be able to improve the market by taking your home off the market. This will help the market recover sooner and may encourage banks to be more proactive in getting the short sales approved.
Just my thoughts,
Market Specialist, Inventory Expert,
Big Bear Real Estate Agent
The Tim Wood Group
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