|The Big Bear Report – August 2022
My how the market has changed. The Big Bear Housing market has already cooled off substantially and will probably continue from here.
I have seen a few “Hot Seller Market” TRANSITIONS in my career and one mistake too many homeowners make is waiting too long to sell. They do not understand the magnitude of the current market shift and how quickly the market can evolve. As we see interest rates rise, the housing inventory swell and the media’s doom & gloom, we are seeing far less buyers entering our market today compared to even six months ago.
Many will be kicking themselves as they learn the hard way what it is like to sell in a much slower market as we move into the second half of 2022. Remember “All Markets are Local”. What you see in your local market is not necessarily what is happening in our local market. (Resort markets are always more volatile when interest rates increase).
Proper pricing is important in any market but critical in a fast-shifting market like Big Bear. The price we pay for just about everything is based on “supply and demand” and pricing a home is no different. Many prospects have learned from the 2008 market and will wait it out until prices are reduced even lower.
So my message to you today is this… PROPER PRICING ACCOUNTS FOR 90% OF GETTING YOUR HOME SOLD IN TODAY’S MARKET. THE OTHER 10% IS MY MARKETING EFFORTS.
Check out what’s happening in Big Bear this month…
August 4-7: Tour de Big Bear
August 12-14: Big Bear Fun Run in the Village
August 13: Conquer the Wall
August 28: CalTri Big Bear Triathalon