Tony Card's Big Bear REO Blog: January 2009

This 2 bedroom, 2 bath condo is just steps from beautiful Snow Summit in Big Bear Lake.   Just imagine, no more parking your car a half a mile away and riding in the shuttle like a heard of cattle. 

This condo was remodeled in 2005 and now features a rock fireplace, new Berber carpet, and the breakfast bar is covered with terracotta stone.

The Big Bear Escape Condos are configured in three rows.  Unit #101 is located on the back row which backs up to Snow Summit.  You can ski all day and then come home and relax in your very own condo.

With the bedrooms and bathrooms upstairs.  you get  a much larger living area downstairs.  The kitchen is open to the living room and you feel like you're part of the activities.

41935 Switzerland, Unit 101 comes furnished and is listed for $199,000.  Buy this condo today and you'll be ready for Super Bowl. 

For further information or showing instructions, please contact me at tony@tonycard.com

Three months ago, I took a listing on a clean 1 bedroom cabin in the east end of the Big Bear Valley.  The problem is that I took the listing at to high a price.   After previewing the cabin, I suggested a list price of $99,000.  At that time, there were very few, if any homes for sale priced under $100,000 and I believe that it would have sold quickly at that price.  The sad thing is that the property owner didn't listen to me and insisted that I list the cabin with some "cushion" built in.  Over time, the seller has given me price reductions, but never what I've asked for.

Here we sit, some three months later and guess what?  That's right, the cabin has not sold.  The property owner has reduced the price to what I wanted to start with but that price has past.  Three months ago, there were no homes under $100,000. for sale in Big Bear.  Today there are a dozen homes in the Big Bear Valley that are priced under $100,000.  Three months ago, his place would have sold very quickly.  Today, he has a lot of competition and if he is serious about selling the property, it will need to reduce another $20,000 in order to stand out as being a good value.

It does the seller in Big Bear NO GOOD to over price his or her home in today's market.  The buyers of today are looking for properties that make good financial sense. For the home owner to sell his house in Big Bear, he must price his home so that it stands out as the best value when compared to the bank owned, REO properties.  The days of impulse buys are long gone.  The days of pricing their cabin 10% higher than the competition are also long gone.  Buyers are looking for a good investment and they are not buying until they find it.

The biggest mistakes sellers make in a buyers market like we have today is trying to price their houses with a "cushion" in the asking price for negotiation room. In the current market where most sellers find themselves, it's all back to price, condition and location.

Pricing the house from the start is the first offensive strike the seller possesses in his arsenal. The best way to determine price in our market is to start looking at two categories of real estate: solds and actives.

Properties that have sold in the last 30 days provide you a picture of what price range pulled in offers 60 days ago. By looking over those properties, you'll know if you're headed in the right direction with your price. Then, after seeing what's pulled in offers, look at where the competition is priced -- and price lower than the lowest price. If the trend is headed downward over the last 12 months the motivated seller will get in front of that price trend and sell for less than everyone.

This can be an emotional ordeal for sellers. The seller who approaches the sales price of a house like the asking price of a used car -- where negotiation and give-and-take is expected -- will also be calling the movers sooner and get through the transaction with the least amount of emotional turmoil.

Condition is the second part of this equation that sellers have control over in today's market. Folks,   you may have an older cabin, but it's got to look new. Period. Here are the steps that MUST be taken for a successful sale.

1. New paint. Everywhere. Don't leave one room unpainted. Paint is the cheapest, yet most effective way to give a house a face lift.
2. New carpet/flooring. These additions along with fresh paint makes people drop open their mouths with, "Wow."  Why do you think some of the banks won't list their properties until they have been painted and had new carpet installed.
3. Replace the small things. It's the attention to detail that can make a big difference for the buyers. New faucets throughout, new hardware on the doors, and new switches/plugs/plates take the house from just "cleaned up" to new.
4. Deep clean. I always have to mention this because a lot of sellers still just don't get it. It's still amazing to me how many people will leave a house in the "un-" condition. Unvacuumed, undusted, unwashed. Invite friends over for a deep cleaning or hire it out. This is a must, no questions asked.
5. Do you do windows? Well, somebody better. Get all the windows cleaned and caulked. The house may look great from the inside, but if you can't look outside because of the dusty film over the glass, steps 1 - 4 could be for naught.

Finally, location is what buyers are looking for.  You need to know what the homes in your area are selling for.  Price your home based off of those numbers.  If you live in Big Bear City, you can't base the asking price off of homes for sale in the City of Big Bear Lake.

While you may not be able to do anything about the location of your cabin, you can definitely put a positive on the good things that surround your location.  Examples might be that you are close to Hwy 38, or minutes from the ski slopes. Near Hwy 38 could mean that your cabin is next to big highway, but for some who commute up and down the hill, being located close to the main road can be a big plus. After all, they just want to get home quick after work.  In this case, having your cabin near Hwy 38 is going to be a benefit -- but only if you market it that way.

All of this being said, it's all about price.  If you don't price it right, it is not going to sell. 

The search has ended and you found the perfect cabin in Big Bear.  The negotiations are over, the inspection is history, and the long and stressful escrow period has closed. Now comes the tough part, it's time to move.

Even though you have spent many weekends in Big Bear, the thought of moving can be an especially stressful time. So many details to oversee, children and pets to think of, the tension that comes with leaving family and friends, and the thought of starting your life over in a new community where you don't know anyone.

The summer months are the most popular times for moves, usually so a child's school year isn't interrupted. While preparing a child for the big move is important, it's equally important that you keep your cool, stay organized, and present the upcoming move as a positive thing.

Recently, I read an article by Joe Harrison, president of the American Moving and Storage Association, that states that moving is usually one of the most stressful events in a person's life, ranked as high as the death of a loved one or divorce. But like so many other things that come up in our lives, taking the time to plan the move will be very helpful.  You will find that by taking the time to plan your move to Big Bear, it will help you make your move a lot less stressful.

One of the best ways to do that is to stay organized and use countdown checklists, such as the ones below.

One month before the move:

• Review your moving arrangements. Will the moving company deliver your belongings if it is snowing
• Start a log of moving expense receipts.
• Get estimates from moving companies.
• Arrange for storage facility.
• Arrange transport service for vehicles or pets, if needed.
• Contact your bank, arrange transfer of accounts.
• Submit change-of-address forms to the U.S. Postal Service.  The majority of homes in Big Bear use P.O. Boxes 
• Give day care provider notice that you will be withdrawing your child.
• Contact new schools, arrange for transfer of records.
• Contact your doctors. Get referrals for new physicians.
• Change your property, auto, and medical insurance policies.
• Organize important documents in a fire-safe box.
• Cancel newspaper subscriptions. Change your address on magazine subscriptions.
• Arrange for temporary housing, if needed.

Two weeks before the move:

• Hold a garage sale to get rid of the things you don't want to take to Big Bear.
• Arrange for disconnection of services.  Big Bear has its own utility companies. 
• Take measurements of rooms in your new house. Try to determine where furniture will be placed.
• Begin packing things that aren't used on a daily basis.
• Try not to buy anymore perishable food items.

One week before the move:

• Make an inventory list of all items going with you personally.
• Confirm arrangements and dates with moving and storage companies.
• Inform friends and relatives of your new address.
• Have your cleaning supplies ready.
• Pack yard and shed items.
• Confirm arrangements with auto and pet transportation companies.

One to two days before the move:

• Clean and defrost the refrigerator and freezer.
• Close bank accounts.
• Purchase traveler's checks, if needed.
• Finish all financial matters relating to the sale or lease of your home.
• Finish packing all your belongings.

Moving day:

• Confirm delivery address, directions and delivery date with movers.
• Supervise the move. Make sure boxes are clearly marked.
• Thoroughly clean your house or apartment before leaving.
• Check thermostat. Make sure doors are closed and locked and appliances are turned off. Leave garage door openers and keys with new owners or renters, if necessary.
• Make sure your real estate agent knows how to contact you.

Arrival day

• Make sure all utilities are functioning.
• Let family and friends know you have arrived safely.
• Begin unpacking necessities.
• Let your kids begin unpacking and getting their rooms together.

And lastly, kick your feet up, relax, and enjoy living in the Big Bear Valley!