by Jim Gordon, Buyers Agent for The Bob Angilella Team
This January 2013 saw 115 Big Bear properties go into Escrow in the Big Bear MLS including Re-sales, Short Sales and Foreclosures. Our Inventory in the Big Bear Valley of Single Family Residences is now down to 335 properties which is less than a 3 month supply.
If you’re keeping tabs on real estate news, you know we’re in a low inventory housing market throughout the country. There are fewer homes for sale and the competition for the best Big Bear homes can be fierce. For the first time in years, bidding wars are making a comeback in many markets. Despite these challenges, now is still a great time to buy a home. Interest rates are low (3.5% fixed, 30 years) and prices have yet to skyrocket back to where they were in 2005 when things were really booming. But how do you make a smart move in a low inventory housing market?
Think about hiring a contractor
Even in a low inventory housing market, there are houses that stay on the market for months. A strange layout or outdated décor can keep a home from selling in any market. But if you love the neighborhood, consider buying the home and making the updates yourself. Who knows, with the money you save by buying “the dud,” you may be able to have the kitchen remodeled, replace the orange carpet and add an extra bedroom.
Make your offer stand out
For many markets, gone are the days when you could tour a resale home, take a week to think about it and then come in with an offer thousands below the asking price. Depending on the state of the industry where you are, if multiple offers have become the norm, you may want to present your best number right away. Plus, have your real estate agent find out from the seller’s agent what types of things might tip the odds in your favor. Did the family already move across country? Putting in for quick closing date may give you an edge.
If you are interested in Selling or Buying a home in Big Bear Lake contact Bob Angilella’s Team of Professionals who can assist you. 909-878-5522
Jim Gordon, Buyers agent for the Bob Angilella Team