Mark Dolan Big Bear Real Estate

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The forecast for the Big Bear Real Estate market remains very consistent. The article courtesy of WSJ that appeared in yahoo news today clarifies what to expect for the next 3-5 years…continued foreclosures in California, soft prices, and a shortage of home buyers. Big Bear is driven by the Southern California market. 75% of our homeowners and buyers live in the five counties surrounding Big Bear. Falling prices have caused eroding of equity. The available buyers for Big Bear have less available cash for a second home in the Big Bear area. Below is what the report says about California.

4. California

2010 Foreclosures: 4.08% (4th Worst) Unemployment: 12.4% (Tied for 2nd Worst) Decrease in Building Permits 2006-2010: -74.7% (6th Worst)

California’s impact on the housing market is huge. The state is the largest among the 50 in total GDP and housing units. California’s unemployment rate of 12.4% is now tied for second place with Michigan, once the jobless capital of the nation. In 2010, the state had one of the highest foreclosure rates in the country, at just over 4%. New construction has dropped off dramatically as well, with a 74 % decrease in new building permits between 2006 and 2010.

The key to word for success in real estate is value! Seller’s who want to sell MUST price their property as the BEST value for their location and condition to be successful. Buyer’s must choose the BEST value in order to maximize their investment. Both buyers and sellers must work with an agent who understands the market and offers the best information and service. There is so much information available it becomes confusing without the filter of a long term, local, professional, full time real estate agent to advise you. Check back with us for updates on current market conditions!