The Big Bear Real Estate market is continuing to show signs of weakness.  Closed sales dropped again unexpectedly to 47 units in June.  We typically would expect to see an increase in closed units at this time of year.  Interestingly, the number of pending sales has increased to over 160.  Part of the reason the closed sales have not increased is that  75 percent of all the pending transactions are either short sales or REO properties.  Short sales take much longer to close than an equity seller or an REO transaction.

Bargain hunting is the rule for buyers. Short sale properties and REO’s are driving market value with Banks and distressed sellers pricing aggressively to compete for a limited buyer pool.  Equity seller’s for the most part have not been willing to compete on price.  They represent only 25% of the current pending inventory.

More disturbing from my view for equity sellers is the fact that most don’t have to sell.  And, because of that  belief they hold on too long waiting for the market to recover and continue to lose 1% of their value each month.   Sometimes that 1% in value equals 5% of their equity When confronted with the fact that NO ONE is forecasting any significant price appreciation for at least 4-5 years.  They respond with “Well, you don’t have a crystal ball.”‘

For the next few months the dynamics and attitudes of both buyers and sellers will likely remain the same.  Call me with any questions or comments at (909) 584-2202 or email me at MarkDolan@RealtyExecutives.Com

This home is offered as a short sale for $170,000.  Call Mark Dolan at (909) 584-2202

for details on how short sales work and how you can take advantage of the opportunities in Big Bear!

Big Bear Real Estate Broker finishes up his thoughts for sellers struggling with the decision to sell or not.  Short Sales as an option is discussed.

This motivated seller is offering this home at $350,000 subject to lender approval for a short sale.  This is an exceptional value and REALTY EXECUTIVES Big Bear has a 95% success rate on closing short sale properties.  Call Mark Dolan today to see this home or for help finding the perfect Big Bear property for you!  (909) 584-2202

Your Realty Executives, Big Bear Agent can navigate your short sale transaction successfully!