By Maureen Auer, Buyer’s Agent for The Bob Angilella Team
Once again, President’s Weekend proved to be very busy up here in Big Bear. The slopes were flourishing with snow for the skiers, snowboarders and sledders; and the lodges, restaurants and shops successfully kept up with the high demand. Big Bear was booming.
Now that President’s Weekend has passed, many folks who were in town enjoying all that Big Bear has to offer, will decide that they too would like to own a piece of Big Bear Real Estate. As is typical, the next couple of weekends after a holiday, buyers are excited about purchasing Homes in Big Bear. To add to the excitement, we just received another “dump” of snow this week, approximately 6 – 10 inches, to keep our slopes open for all to come up to Big Bear and enjoy.
As a seller, since the inventory is still at an all time low since 1999, Nationally, your property should have lots of showings and prospects in the next couple of weeks, which should result in an offer, if not multiple offers, if it is priced properly. So, make sure your property looks especially clean and nice to entice buyers.
As a buyer, the interest rates are still extremely low, making it an excellent time to buy Big Bear property. In fact, the rates are so low, that you might want to consider getting a 15-year mortgage vs. a 30-year mortgage. A 30-year mortgage financing loan has always been the most popular for consumers purchasing a house, but the 15-year mortgage loan is starting to increase its popularity, as a result of the record-low interest rates that are available nationwide. Consumers are slowly turning to 15-year loans because of how affordable they have grown since 2010. Statistics from the Mortgage Bankers Association show that a 15-year loan accounted for 23 percent of refinancing applications in November of last year. This is up 51 percent from a year earlier. For the whole year, 15-year mortgages made up 35 percent of all refinance loans. In 2007, 15-year mortgage loans made up for only 8.5 percent of the refinance market.
Rates are becoming extremely affordable for a 15-year loan, so more consumers do not mind the higher monthly payment because of amount that they are saving in the long run. Consumers are saving themselves in the tens of the thousands in interest over the life of a 15-year loan vs. the life of a 30-year loan. The saving is the result of the historically low rates, which are also lower for 15-year loans. With the 15-year fixed rate being so low, you can lock that in and never have to worry about refinancing again.
So, whether you are a seller wanting to take advantage of the low inventory, or a buyer wanting to take advantage of the low interest rates, contact The Bob Angilella Team for all of your Big Bear Real Estate needs.
Buyer’s Agent for The Bob Angilella Team