This week marks the one year anniversary of the Covid-19 Shut-Down. As air travel came to a screeching halt, Big Bear soon became the new travel destination for tens of thousands looking for a safe haven. Then the “flood gates” opened even wider when the article in Forbes Magazine named Big Bear the Number One Airbnb destination in the entire country.
I’m sure you’ve heard by now that the Big Bear real estate market is Red Hot. We are seeing unprecedented gains in prices as the supply of inventory is at an ALL TIME LOW with demand at an ALL TIME HIGH. In March of 2019 we had 525 homes on the market in the Big Bear valley. Today, there are 87.
Multiple Offers are prominent in nearly every price range causing “Bidding Wars” with Buyers paying 10%, 20% and even 30% over list price. In my 42 years of listing and selling Big Bear, I’ve never seen anything like it…It’s “Crazy Town” up here.
How long is this “Artificial Market” going to last. Like all real estate bubbles, it’s only a matter of when the bubble will burst. As folks get vaccinated and air-travel begins to “ramp-up”, more folks will begin to travel elsewhere and the ever-so-popular Airbnb rental homes will become highly competitive. As revenue from these rentals “dry up”, owners will begin selling off. As inventory swells and demand declines, prices will begin to fall. Many experts are predicting it will take 10 years for property values to come back to meet current prices.
If you’re a current home owner in the Big Bear Valley, the million dollar question is… “are you prepared to wait a decade for the next real estate bubble or are you ready to take advantage of this incredible market today?”
If the latter, please give me a call, text or email to receive a complimentary Market Analysis to see if this is your year. My goal is to help you reach yours.