Selling Your Big Bear Lake Home This Winter

Top 3 Questions About Selling Your Big Bear Home This Winter

There’s no denying the housing market is undergoing a shift this season, which may leave you with questions about whether it still makes sense to sell your Big Bear home. Here are three of the top questions you have been asking – and the data that helps answer them – so you can make a confident decision when selling in the mountains.   

1. Should I Wait To Sell my Big Bear Home?

Even though the supply of homes for sale has increased in 2022, inventory is still low overall. At the time of this writing we have 292 homes on the market in Big Bear...we should be over 500 at this time. That means it’s temporarily still a sellers’ market. (however buyers have a lot of power in this market) The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows how far we are to changing to a buyers’ market:

While buyers have regained negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year. Many people want to be in before the end of the year! They’ll fall in love with the town while visiting during the holiday season and decide it’s the ideal place for them to buy.

2. Are Buyers Still Out There?

If you’re thinking of selling your house, but are worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone, especially in a secondary and investment housing market. While demand has eased this year, millennials are still looking for homes. (especially with price points in Big Bear vs LA and Orange County) As an article in Forbes explains:

“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”

While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for. 

3. Can I Afford To Buy My Next Big Bear Home?

If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize.

Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American:

“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.” 

Bottom Line

Let’s connect if you’re considering selling your Big Bear home this season! To speak to a local Realtor in the Big Bear Valley, contact the Bradford King Group at (909) 683-1502.