The Big Bear Report- December 2023

Don’t let a Transitional Market impact your decision to buy or sell if you are ready to buy or sell today.  Remember, all markets are local so what’s happening in your housing market is not necessarily happening in Big Bear’s market.

Although the current Big Bear market is still leaning towards sellers, it is cooling quickly, mostly due to higher interest rates (offering less borrowing power). As a result, sellers need to know that prices are softening and properties are staying on the market longer. (This is typical of the trend in second home markets after a boom).

As buyers have more to choose from, they become more discretionary in their purchases today. Because there is more selection of homes on the market today,  the seller’s “list price” of their home becomes the driving factor that determines  how quickly, or even if, the home sells.

For second (or vacation) home buyers today, their motivation to own a mountain home is becoming more traditional. The profile of a buyer for a mountain home today is similar to what we saw in the 80’s and 90’s. They just want to own a piece of what Big Bear has to offer… a unique alpine experience that they can share with their families and friends.

It’s all about investing in “quality of life”… that’s where I see Big Bear’s future, and I hope you see it too.

Until next month, see you at the top.

Mike Dolan & Associates