Realtor of the Year, 2020, Big bear lake
It's COOL up here at 7,000 ft...
Meet Bill Young, DRE# 01365728
My Big Bear Background
First and foremost, I have been a full-time REALTOR in Big Bear. since 2003....and recently I served on the board of directors of the Big Bear Association of REALTORS as the Treasurer/Board Officer from 2008. I was licensed in California real estate in 2003. I am certified by the National Association of REALTORS (NAR) as an Accredited Buyer Representative (ABR). I am also certified by NAR as e-PRO (Certified Internet Professional), and a certified agent for Short Sales and Foreclosures. When all of my client’s concerns are satisfied, then I volunteer in the following areas: Past Chairman and Treasurer of the Big Bear Chamber of Commerce , Past President and current board member of the Friends of the Big Bear Alpine Zoo, current Secretary of the Big Bear Astronomical Society, Past President of the Big Bear Amateur Radio Club, and Past Director of Public Relations for the national Association of Zoos and Aquarium Docents (AZAD)
My Experience
After several years with Santa Ana Police dept, and 35 years in the computer business, I moved to Big Bear Lake in 2003. I have been an active, full-time REALTOR in Big Bear since 2003. I have been involved with Internet commerce almost since it's inception in the early 1990's (please, no Al Gore jokes). From a Seller's perspective, this experience gives me the ability to use the internet to help Market your home... after all, getting your home in front of Agents and interested Buyers is the principle method of selling your property. And if you select me as your Buyer's Agent, I will provide you with information that is timely, accurate, and comprehensive. After we find the right property for you, I will help with all aspects of the transaction, including negotiating the best possible terms and conditions for you. I promise to do everything that is legal and ethical to make your home buying or selling experience as painless, profitable, and enjoyable as possible. I'll personally be involved with your transaction from start to finish. If you need something, please contact me directly... and if I need something from you, I will be the person calling you.
Summary of January 2023 in Big Bear valley
The big question in the minds of both buyers and sellers is “will this crazy seller’s market turn around soon?”, and “When will the current trends soften up a bit?”
Although I’ve got a ton of data on our Big Bear Lake real estate market, the important info is the Current Data. We ask “how can we tell if the market is changing?”…
Naturally, our crystal ball is crystal clear when we look over the shoulder, and by analyzing the past data, we can get a glimpse of what future data may look like.
So, here are 4 metrics that point to what the future Big Bear real estate market may look like… The more “Yes”we see, the more likely that our market is turning away from a Seller’s Market to a Neutral market or even a Buyer’s Market.
· Summary of January 2023 in Big Bear valley
- Lowest January sales in recent history
- 69 units in escrow (good news)
- Heaviest sales in Big Bear City, Moonridge, Sugarloaf
- Inventory about the same as last month 172 units
- Median sold price overall: $500k
- Still a "seller's market" below $800k
- 2 bedroom AUP dropped from $395k to $380k
- 3 bedroom AUP dropped from $560k to $533k
- 38% of transactions were at/above list price
- only 24% of transactions were Cash, 76% Conventional
2022 vs 2021 Year end:
* AUP % change= +11% ($468k vs $530k)
* # homes sold= down from 1648 to 1028
Is Inventory going up?
· Is Inventory going up? Neutral
* Our inventory is holding at about 172 properties. Oddly, the inventory went down without an increase in sales. Owners seem to be keeping their cabins for the Fall/Winter season... typically lots of Rental income from SFR.
Buyer or seller market?
· There are 3 pricing ranges to evaluate:
* Above $1M market is clearly a BUYER's market
* Below $1M is still a Seller's market
* But, the market is in transition now...
Are unit sales going down?
· Are unit sales going down? Yes
* The 5-year average for November is 119 units…
* The 2-year average (COVID years) is 174 units…
* January-2023 we sold about 45 units (yikes)
Are sold prices down?
Are SOLD prices going down? Yes
* Overall sold AUP has was lower in Jan-23.
* Both 2- and 3-bedroom cabins (the heart of our market)came up a tad in Janu (big time Tourist holidays here in Big Bear).
Multiple offers going down?
•Multiple offers going down? Yes
* The numbers of homes that sold “at or above” list price, in 4 previous months, was about 85%
* January 2023 was at 38%... marginal increase
* Knowing that the average escrow is 45 days, this leveling in multiple offers started about 2 months ago.
comments on big bear real estate
The Internet is Your Friend...
With all of the detailed property information that is available on internet sites like Realtor.com and Zillow.com, why do you still need a Realtor to guide you through the buying process here in Big Bear? Almost everything you would want to know about a property is available within just a few clicks on most real estate internet sites.
However, there are some very important details that you WON'T find on any internet site.
Details the internet can’t give you:
- Is real estate in Big Bear a good deal?
- What is the actual current condition of the home I found?
- Are the MLS pictures truthfully showing the property?
- What does your agent (me) think about the home's value?
- Are there any neighborhood problems?
- Does the street flood during rain or snow melt?
- Is there enough parking at the home?
- How about weekend noise?
- Any future developments that may affect the property's value?
- Is the road paved and maintained?
Step by step in the Buying Process
Here is how the “buying” process will go:
- Contact your favorite Lender to get a pre-approval letter from them. This will set the correct expectations and point us to the correct price range. If the purchase will be in Cash, then be prepared to send me the “proof of funds” that we’ll include in any offer.
- Search the internet and review each listing that I send to you... then tell me about the Big Bear cabins that you find interesting. ALL available properties will be on the internet sites.
- I’ll go to each property you tell me about to make sure there aren’t any obvious surprises, and make sure the property is still available.
- Next, you must come to Big Bear and physically look at the interesting properties. Most sellers won't accept a "blind offer" where the buyer hasn't physically been to the property.
- We’ll select a property that you want to buy, and I’ll prepare the Residential Purchase Agreement for your e-signatures.
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I am an expert guide. Buying a home involves dozens of forms, reports, disclosures, and other technical documents. I’ve been a Realtor in Big Bear for about 20 years, so I know the Big Bear valley very well.
Objective information and opinions. I can provide local information on utilities, zoning, schools, handyman and tradesmen, and more. I will also provide you with objective information about each property ... we will use that data to help you determine if the property has what you want/need.
Negotiation knowledge. There are many factors up for discussion when buying a home in Big Bear. Things like what inventory stays with the cabin, escrow length, inspection periods, security system log ins, etc. I will help you look at every angle, including crafting a purchase agreement that allows you the flexibility you need to complete the purchase.
Up-to-date experience. Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you've done it before, laws and regulations change. I've handled hundreds of transactions over the course of my career and I continuously study new laws, forms, and case studies, so you can be sure that my knowledge, and your transaction will be up to date.