Blogging Big Bear

Where have I been?

2010-05-10T14:44:00.000-07:00

Sorry for the interruption in blogging in past week or so. My sister had knee surgery and then my mother had a heart attack last Wednesday. I have spent a good deal of time down in Glendale with them. I brought my sister home on Thursday. My mother had a stent placed in her heart and she is now home. She is 87 and she came through it all very well. She is on a lot of medication; however, she is strong and I think she will do well. I drove over 1,000 miles just in a 3 day period. It is hard when you live in Big Bear and your family is in L. A.

This is our slow time to of year between April and the end of June. Not many tourist come at this time of year because it is in between seasons. No snow and it is too cold to be on the lake. The other reason for the slow time of year is weddings, graduations and little league play offs. About the last weekend of June it starts to get busier and people come back to Big Bear. So, this time of year is an excellent time to purchase some good buys. This is our listing season and more listing come on the market this time of year than any other time. If you are a buyer you would have little competition right now with other buyers and the inventory is great.

On the other hand if you are a seller this is the time to get your property on the market for the season that begins July 4th and ends the first week of December! Now is the time to list your property if you want it to sell this selling season! I can help you with either buying or selling. Just give me a call.

The lake is beautiful right now and everything is so pretty and green. You couldn't ask for a better time of year! Hope to see you in Big Bear soon! Until next time, Bonnie

Interest rate hikes!

2010-04-27T13:36:00.000-07:00

It looks like rain, it smells like rain and I believe it will rain today or tonight! You know that old song about April showers that bring May flowers...it is true this year. April is not usually a wet month in Big Bear but it has been this year.

Everything I read says that interest rates will soon be rising. They have already gone up slightly and are expected to rise somewhere between one and one and a half percent by the end of the year. A 1% rate increase on a 30 year loan would increase the cost of the house by almost 17% over the life of the loan. That is a large increase! If you can possibly buy prior to the interest rate jump it would certainly be financially beneficial. It's not just extra interest you will pay each month but you will have to qualify for a larger payment which in some cases would be difficult for many buyers.

I have seen interest rates as high as 20% and as low as 2% in my career. However, most of the time it was 7 to 10%. So if it stays under 8% it looks good to me! It is going to climb, it is just a matter of when. The current interest rates are artificially low and they can't stay there. So expect the rise in interest rates and make your plans accordingly! My belief is that borrowing money to purchase a home or cabin is about the cheapest money you can get! Look at the interest rates that credit cards charge. 30 to 38% and people continue to use their credit cards...so why would they complain about mortgage interest? It's the same with auto loans. Their interest rate is usually much more than mortgage rates. So, if you look closely at the rates for homes even if they do go up it is the cheapest money you can buy!

Until next time, Bonnie

Monday Morning

2010-04-26T08:13:00.000-07:00

We are almost at the end of the month of April. Last week we had a couple of days of snow and wet but it is beautiful today! The tulips are blooming in my yard and the lilacs and snowballs are getting ready to put out leaves and blooms. It is spring time! I have a window on the world out my office French door. The squirrels, birds and chipmunks feed outside my door all day. They have food and water there and the cats and I can watch them. It is great entertainment and such a close up view!

There are only a few days left for you to purchase a first time home and receive the government credit. It expires on After April 30, 2010. It was sure a great opportunity for the first time buyer to help with down payment, fix-up or furniture.

I listed a few great houses this past week. One in Forest Springs Estates in Big Bear City, with 4 bedrooms and 3 baths only three years old, at $489,000. Another one in Sugarloaf that is also three years old with 3 bedrooms and 2.5 baths, a huge great room, laundry and log style exterior for $234,900. And a short sale in Fox Farm for $199,900, 3 bedrooms and two baths, on a large lot in a very sought after area of Big Bear. I have many more but those are the latest good deals!

If you want to look at property please call me. If you want to sell this is the time to get your property listed! Call me, I would love to assist you.

Until next time, Bonnie

It's Back!

2010-04-21T08:50:00.000-07:00

Yes, it is snowing once again! Just when we thought winter was over...it is back! We have received about 3" this morning so far and it is cold! I was just working in the yard on Sunday and here it is all white and wet again. We need the water so I won't complain too much but I am ready for summer and some heat!

Real estate sales continue to pick up and we are selling property. Prices are drifting up and as I mentioned earlier interest rates are drifting as well. However, they are drifting in the upward trend which will make a mortgage more expensive! With the depressed housing market we don't need higher rates, but it is not "if, but when" will they rise. Expect it by the third or last quarter of this year.

The bank owned properties are still few but there is an abundance of "short sales" to choose from. Many good buys are just normal, individual listings that are a private seller. They are competitive with the short sales and many are excellent buys. Plus you usually get a home warranty and disclosures that tell you something about the property. That is certainly a plus when buying.

This is our listing season and the majority of what we list between now and the end of June will be what is available for the rest of the year. Our inventory remains low but there is more of a selection now than earlier this year. If you are thinking of selling now is the time to place your property on the market and get it sold before those bank owned properties hit the market later this year. Call and talk to me, I would love to discuss the sale of your Big Bear property or the purchase of Big Bear cabin.

Until next time, Bonnie

Last Chance

2010-04-15T07:51:00.000-07:00

Hurry, hurry, hurry! The first time buyer program is expiring on April 30, 2010. There are no signs that the government will continue the program. So, if you wanted to purchase, now is the time to do so. You have to have a property in escrow by April 30th to qualify! Don't pass up $8,000...free from Uncle Sam!

It remains cold here in Big Bear. It feels like winter all over again. The tulips are about to bloom and the lilacs have lots of buds so I know that spring is just around the corner for the mountains.

Prices are still down and so are the interest rates. That won't last either. This window of opportunity for buyers is on the way out. We will return to a normal market very soon. The bargains will continue to shrink. Now is the time to make a decision and move forward. Don't be sorry later..if you are thinking of buying or selling now is the time!

Until next time, Bonnie

Is it Spring?

2010-04-13T07:30:00.000-07:00

Boy, do I wonder! When I woke up yesterday morning at 6:00 a m it was snowing to beat the band! I had an appointment down the hill in Palm Springs at 9:00 a m. After surveying the weather conditions I decided to cancel. It just isn't worth taking a chance driving in poor conditions if you don't have to. So, I felt like I had been given a free day by the universe! I made use of that day here in the office by digging into a pile of things that I have put off or never gotten around to. It made me feel great at the end of the day. Some of those pesky papers were finally off my desk!

I walked on the treadmill for 30 minutes as well yesterday. All in all I had a very productive day and I went to bed feeling up.

The snow storm of yesterday dropped about 4" of snow and made for a very miserable day if you had to work outside. It was colder and last night the temperature dropped. Some of the roads are icy this morning but I hope the sun will be out and it will warm up soon. We need all the moisture we can get so I am happy to see the snow. It is just that we have had such a winter that we are all looking forward to sunshine and warm temperatures. However, Big Bear is always unpredictable at this time of year and yesterday was no exception.

Real estate continues to move forward as well as move up in price. The new crop of cabins for sale are listed at higher prices. I have been saying that the low prices would not last and I was correct. The market has morphed into another faze and it is called "less inventory and higher prices"! Yes, you can buy at a pretty good price right now but it is not the price of one year ago! By the same token it won't be this price next year either. So, what I am trying to say is if you want to buy in Big Bear you better get moving if you want a good deal! After a while the steals will all be gone. They are almost gone now. Don't wait any longer to buy. If you do it will cost you dearly! I would love to help you find your dream home in Big Bear and help you begin to build those precious memories with your family and friends. Those good times are just here waiting for you. So, come on up and start looking!

Until next time, Bonnie

Post Easter Holiday

2010-04-07T15:55:00.000-07:00

I was away for part of the Easter week. I spent the time in Palm Springs with my mother and daughter. The weather was nice, one day it was actually 80 degrees. I shopped, ate out and went to the Fabulous Palm Springs Follies. That is always a treat. I have gone for the entire 19 years it has been in operation. If you haven't seen it, you should!

I drove to San Bernardino on Monday morning to drop off my mother with my sister who always meets me at Costco. It was raining the whole way. The wind was fierce and the traffic bad. It took us much longer than usual because of the weather. We made the exchange and then I drove to Waterman Avenue and took it up the hill to Lake Arrowhead. The front road to Big Bear is closed so I had to come around the horn! It was so foggy I couldn't see anything so, I fell in behind some other cars and allowed them to lead me. When I reached Running Springs I didn't even recognize it because of the fog! I finally made it home to Big Bear. It took almost 4 hours from Palm Springs to Big Bear. I had my cats, Julie and Ellie in the car in their crates. They were becoming impatient and wanted to get home. It was an adventure!

It snowed some here on Monday and it has turned cold again but we know spring is near. The ski slopes say they will be open at least until April 15th and possibly May 1st. It was a great season for them.

I am back at work very busy with listings this time of year. Sales remain good and the market appears to be improving! I hope to see you up here soon and show you property. Just give me a call. Until next time, Bonnie

Spring Cleaning

2010-03-29T08:07:00.000-07:00

Saturday, I cleaned up some of the flower beds in front of my house. But Sunday I really dove in and got so much done! I have been wanting to take a couple of days at home and accomplish some items that have bothered me for months now. So, I did it and I feel so much better for it.

Sunday I washed my Scion box car. It is my real estate car and it has lots of advertising all over it. I really like to wash my own cars. I don't like the car wash. However, with all the snow we had I couldn't get to the hose bib for water because it was under snow. But this weekend the snow had receded enough for me to get started. I figured I had enough energy to wash one car and that was about all.

I cleaned the windows inside and out and I treated all the plastic and rubber on the car. Then I washed the outside and attended to the wheels. The car was so dirty I can't describe it. Up until just the past week you couldn't drive a car on Big Bear streets without getting water and mud on your car. I really detailed the car and did it look great! When I was finished I thought I am not that tired so maybe I should wash my other car, a Cadillac SRX. It was equally dirty because when I drove it back up the hill last month the cars in front of me covered my car with mud from the road. I had put it in the garage and left it that way until yesterday.

I detailed that car too. It really turned out nice. I cleaned the interior and vacuumed it. I treated the seats and all the plastic and rubber. I rearranged everything in the rear cargo area and it was shinning! I was proud of both cars yesterday. One thing I hate about winter is how your car is effected. It is almost impossible to keep a car clean. I felt the day was well spent and I feel a sense of accomplishment because I tackled something that I have wanted to do for weeks! The only thing is I am really hurting today. I am just not use to that much physical work anymore. It was good for me anyway and I am happy I did it.

Today, I am back in the office working on real estate. This is our listing season and I am working hard on listing everything I can. Our office is having a contest so I am even more motivated. After having a little time away from the office on the weekend I feel refreshed and ready to solve the problems of the week and help others buy or sell. It was a good weekend!

Until next time, Bonnie

Easter Vacation

2010-03-27T09:49:00.000-07:00

Big Bear is a great spot to spend Easter Vacation! The sky is blue, the air is brisk and their is lots of snow to play in! The ski slopes are open and probably will be for quite sometime. It is truly beautiful here and you can tell that spring has arrived.

The first time buyer credit is about to expire. If you really want to collect that $8,000 (free Money) you have to buy by April 30th. If you already own a home you have to purchase by July 1st to collect up to $6,500. You may keep your old home for a rental or a second home or you can sell it. Again, it is a nice piece of change if you buy something! Call me for details.

Have a great Easter week and I hope I see you here in Big Bear! Until next time, Bonnie

Tax Savings

2010-03-25T08:32:00.000-07:00

Did your tax preparer tell you that you are paying way too much in taxes? Did they suggest buying some real estate? This is the time of the year that you receive that kind of advice. And, it is good advice!

If you are an hourly paid employee and you don't own a home you pay the highest percentage of taxes each year. Why, because you have nothing to take off or deduct from what you have earned. Real estate is the answer to save on taxes. With real estate you are allowed to deduct the taxes and the interest paid every year. If you buy a second property that you rent you really hit the jack pot because you can deduct everything you spend on the property and you are able to depreciate it as well! Residential rental property is depreciated over 27.5 years and you deduct a percent of the cost basis every year you own it. You have a loss with the depreciate because the IRS says that the property depreciates over the years and you can deduct that loss. However, we know that real estate over the long haul goes up in value, not down. So it is a gift from your Uncle Sam!

Do you see why you pay less in taxes if you own real estate? Oh, I forgot to mention what "cost basis" is. It is what you paid for the property plus the improvements you might have made. That would be the figure you can depreciate, minus the land value. Land can't be depreciated in this manner. In actuality, a tenant pays your mortgage and the IRS allows you to depreciate a property over the period you own it. In the end you could own a free and clear house and have received tax benefits over that period that you can't get any other way unless you own real estate. How good is that? Very good I would say!

If you are having tax issues and feel you are giving too much to the government then take advantage of owning a home or rental properties. It could save you a great deal of money over your lifetime!

Until next time, Bonnie

Aftermath

2010-03-24T08:28:00.000-07:00

I am reeling from the passage of the Health Care Reform! All the public outcries didn't do one bit of good. The Obama administration was hell bent on passage and the public comments meant nothing! We certainly could use reform in health care but not with this bill.

Why couldn't the government make the necessary changes in the program we currently have? It has been around since the '80's and it has performed well with the exception of all the fraud in claims that the government didn't go after, so, what makes us think they will do any better in the future with a more costly bill? Fraud has been rampant as well as other waste and government officials have allowed it to happen. If they would correct those problems the Medicare and medicade system would be manageable. No one in this country has been denied health care services if they needed it. Including illegals. I have been to the emergency many times in the past two years due to an illness I have suffered. I have insurance so it wasn't a problem for me. However, I have been in line at the emergency and many times the people ahead of me are Mexican citizens, without a green card or insurance and every time they have been treated, free, anyway! Of course, we, the tax payers are paying for it...but as I said they are treated.

It seems funny to me that the insurance companies never once complained about this massive bill. Obama continuously said that he would stop the insurance companies from making the huge insurance increase on our policies and bring the companies to their knees. I believe that if this was bad for the insurance companies that they would have mounted a campaign against this bill. But that didn't happen. Because the insurance companies wrote the bill and they will profit tremendously from it. This bill does not guarantee that our premiums will be reduced or not increase in the future. The premiums will continue to rise as health care goes up. The insurance companies are on board with Obama because they know that they will reap huge profits from all the people that will have to buy the mandated policies. They're the ones that are giddy!

I do think some of the changes are good but they are changes that could have been made in the current system for a lot less money and trouble. 10 billion dollars to the IRS to tool up for the health care collection and 150,000 new government employees to handle the work load is crazy when we are in a deep recession and so many in the private sector are jobless. This is ill timed under the current economic climate. And, adding more government jobs just places a further burden on the tax payer!

I have lived through many presidents in my lifetime but I do believe this
one is the worst! He is out of touch and does not hear what the voters have to say. He is tampering with our future and we don't like it. I urge all of you to vote when the election comes up and vote out all the incumbents. We need new, honest politicians (that's an oxymoron) that will follow the will of the voters...not Nancy Pelosi and Harry Reid ! If all this time and money spent this past year for Obama to go out and sell this bill to the American public, campaign style were spend on helping businesses and people get back to work we would all have been better off! Instead, the jobless numbers remain and the politicians don't care! After all, they have one of the best jobs in the country and the best health care insurance as well! Who is the winner here?

Until next time, Bonnie

The Time is Now!

2010-03-22T08:29:00.000-07:00

The Big Bear economy has improved. Great snow all winter helped. The Village was blessed with many tourists and money was flowing the winter of 2010. Over 23 inches of moisture fell to fill Big Bear's reservoirs and aquifers. Life is good in Big Bear Valley!

Real estate has improved as well. Much of the improvement is thanks to the dwindling bank owned, foreclosed, properties for sale. Basically, there aren't any! Yahoo! The holding of these properties instead of selling them is the brain child of the Obama administration and the banks. The idea is to keep them off the market as long as possible and then only place a few for sale at a time. This is suppose to bolster the housing market. It does help as seen in Big Bear...most of the sales now are short sales or just an individuals property on the market. Short sales are selling but the issue is that they take from 4 to 6 months or longer to close. The question there is when it takes 30 to 45 days for a brand new buyer to purchase a property with a new loan and close the escrow...why does it take sometimes as long as 9 months to close a short sale? Especially, when the bank already has the loan, knows the borrower and the property? It is crazy!

Returning to what I originally wanted to write about, there are fewer and fewer listings on the market. And, what is obvious is that the prices have to rise. It has already happened with several sales in Big Bear. With the lack of cheap, foreclosed properties and the distaste of many buyers for the waiting game of short sales, the average, normal, old fashioned listing is in demand. There for a while you couldn't give them away but the tide has turned! We are seeing a return to a normal real estate market! That is good news for real estate agents but not such good news for the buying public! Prices will go up. Probably, slowly but they will rise and this is the beginning.

If you wanted to buy, now is the time. The inventory is low but prices are good and interest rates are favorable. That won't last. California lost the largest percentage of value and housing was hurt the most there. Predictions are that California is already on the mend and it will recover first! California will lead the way to housing stability and growth! So, there you have it! If you want to buy or sell now is the turning point so don't dally. Make your move before it is too late!

Until next time, Bonnie

Time is running out!

2010-03-15T08:31:00.000-07:00

If you wanted to purchase a first time home and receive up to $8,000 from the government or if you wanted to purchase another primary residence now is the time. you must be in escrow by April 30th of this year and you have two months to close the escrow.

First time buyer is described as a person who has not owned a primary residence for three years. This is a great opportunity to buy a home and have the government give you up to $8,000 free!

If you already own a home you may purchase another primary residence and you can either sell your current home, keep it as a second home or use it as a rental. You will receive up to $6,500 from the government, free!

Time is running out! This opportunity will probably not come around again. Don't wait, you only have about another 6 weeks to get a property bought and in escrow to cash in on the government give away!

We can help you. Big Bear has some terrific buys right now. Call for an appointment to see the many cabins and homes we currently have. This is one time that you can get some money back from the government and use it however you wish! What a program!

Until next time, Bonnie

The Weekend

2010-03-13T11:20:00.000-08:00

It's Saturday in Big Bear and it always feels different on Saturday. The school buses aren't running nor is UPS or the other vehicles that operate during the week. It is quieter and most people aren't out and about until later in the morning. But if you just drive about a half mile from where I live you will see the real action on the weekends!

That would be at Bear Mountain and Snow Summit ski areas. The crowds are all there. The cars fill the overflow parking lots and the shuttle buses are traveling back and forth from the parking lot to the lifts and then back again. There's lots of activity there. The Flatlanders (that's what locals call the people from down the hill, from the city) come here in droves! Flatlanders is not a derogatory term it is just what has been used for city people for over 85 years. Once you own property in Big Bear you are no longer a flatlander! Anyway, there is plenty of action going on in the Village and at the slopes. If you just want quiet relaxation that's available here too! If you stay at a local cabin you will find serenity and nature all around you. Big Bear's season is winter and there are lots more people here in winter than in summer. It's a shame, since the summer is so beautiful and not very hot! But most people want to be here for the snow sports and the beauty of the winter season.

Spring is our slow season and that will be coming up soon. It is a great time to come to Big Bear. It is our off season so rooms are cheaper and there are no crowds. It is a good time to look at property because most people don't come up at that time year. You can find some terrific buys in the spring before the selling season starts in July.

If you want action or peace and quiet...we have it all. Big Bear is the premiere mountain resort!

Until next time, Bonnie

Wednesday in Big Bear!

2010-03-10T08:55:00.000-08:00

Short and sweet today! It isn't snowing! The blue sky and the sun are out and it looks very pretty. Yes, there is snow left, it isn't going away fast. Yes, we will have more snow before the season is over. Usually our last snow is on Mother's Day in May; however, I have seen it snow on Father's Day in June. So, you never know in Big Bear!

I am so excited about all the short sales I am listing right now. There are so many buyers looking for a great deal and those who can wait a few months will get a terrific buy! Short sales are the majority of the property on the market out there right now. Few bank owned properties are on the market and we hear they are drying up everywhere. We just have to go with the flow and work with what we have...and that seems to be short sales.

Since I completed the training and acquired the designation ...CDPE I feel like this is right up my alley! If you have missed a payment on your Big Bear property or you think you will in the future, perhaps, we need to talk. I can help you solve this problem without going through foreclosure. Don't waste time if you are in this position. Time is of the essence, once the bank files a "Notice of Default" you only have 110 days before the property is sold and you are removed. Don't let that happen...there are other avenues to solve the problem.

If you are a buyer and can wait 120 days or so for the closing of a property...you will be among the very few people that will buy a cabin in Big Bear for a hugly reduced price. As I have siad, " Good things come to those who wait"!

It does appear that the market here is changing. By this time next year it will look very different. I suspect that there will be very few bank owned properties and I believe it will be a more normal market. The many sellers that are waiting for the market to improve will get back into the real estate market. So many people want to sell and do other things in their lives but this down turn has keep them from even trying to sell their property. So, as they say, "Things are a changing". I sure feel it and it makes me happy because I think we will come out of this horrible time soon.

Until next time, Bonnie

Life Just Got Easier!

2010-03-06T09:52:00.000-08:00

Hurray! Some of the banks have gotten the message and they are attempting to make "short sales" easier! I said easier...not shorter! Bank of America has implemented a web based site that the bank, the agent and the borrower can access for updates. That is a huge step forward in the short sale business. With most of the banks calling is the only way to communicate which is difficult to say the least. The on hold time on the phone can be two hours to speak to a bank representative. Even at that you may not receive a satisfactory answer.

The biggest problem is that all the paperwork, (and that sometimes it is 75 to 125 pages of information) must be faxed to the bank. It cannot be emails, etc. It is not uncommon to fax those papers three and four times to the bank over a several week period before they say they received them. That is crazy! Where do the papers go? I have a state of the art copier that faxes, emails and prints in color among other things and it spits out a conformation that the fax went through! So, I do know that the huge package has gone through but what happens on the other end, I don't know! We have been at the mercy of the whims of the banks for so long. They have had an antiquated system and that is one of the reasons why it has taking 6 to 9 months to complete a short sale. That is such nonsense because it only takes 30 to 45 days to acquire a brand new loan. Why would it take two or three times longer for a short sale when you are already a borrower with a loan from the same bank? As they say, what's wrong with this picture?

Well, kudos to Bank of America and any of the other banks that do the same. We need to get this country moving again. Get rid of the bad loans, help the people that are in trouble and sell the foreclosures currently on the market. That is the only way America will recover and becomes a thriving economy again.

The housing collapse was devastating to the country as well as many investors abroad. It is the underpinning of our economy. It was once the automobile manufacturing that drove the country but that was taken over by housing! Buying a house starts the ball rolling. It's not just the agent that earns money from a house sale...it goes like this:
* the seller makes a profit on the house
*The agents receive a commission
* The escrow/attorney earns a fee
* The lender earns a fee
* The bank earns lots of money over the life of the loan
* The pest control company is supplied with work
* A home inspector earns a fee
* A handyman/contractor may be needed to make repairs
* An engineer, a surveyor or some other speciality may be needed
before the escrow closes.

The following are monies spent after the sale:
* Fencing
* Painting
* New flooring
* New furniture
* Plants, trees or flowers from a nursery
* Decorator items from various stores, etc.
* Remodeling, add a room, deck new roof, etc.
* In the case of Big Bear many new home buyers purchase a 4 wheel drive
vehicle, buy new skies for the family or a boat. If you are a pilot and fly to
Big Bear you may buy a newer plane. Or, a golf cart and new
clubs if you bought on a golf course.

And the list goes on! These are just a few of the items that new home buyers spend money on regardless if they are first time, move up, second home or downsizing buyers...they spend money. That is why I say that housing drives the economy. All of the expenditures above help employers keep and hire new employees. The amount of money that trickles down from one home sale is phenomenal. Multiply that by millions across the country and you see why housing is our economy. Housing prior to the sale creates jobs as well as in repairs and getting ready to sell costs.

All those people that are employed by home sales can now pay their bills, buy the things that they need and help the economy in every area. Every time another home, condo, mobile home or Big Bear cabin is bought this cycle begins again! As you can see without this cycle business is bad for everyone. This economy will and would have recovered on its own if the government would just allow it. These new government give aways to prop up the economy have not helped that much. A great deal of the money has either been spent on jobs that are a one time deal or the money has not been sent out to even start the jobs. We need stable everyday jobs that can be counted on. Home sales do that. As I said earlier we need to break the log jam we currently have with the holding back of foreclosed properties from sale, shorten the time frame on short sales and honesty, modify loans for borrowers that need help. We have to get things moving again so we can all get back to work and live a good life. We deserve that! No thanks to the government! If the government would allow free enterprise to prevail this economy would turn around by its self. Just give it a little time! The government has failed us and now they need to cut back, remove waste and think like business people, not like spend thrifts!

Until next time, Bonnie

Big Bear Bargains

2010-03-03T07:28:00.000-08:00

First, let me say that the snow remains in abundance here in Big Bear. Snow doesn't melt very fast, by the way. It's kind of like watching paint dry. Except for those very warm days, near 50 degrees, snow melts very slowly. So, at this rate we will have snow until May or June. It's all good because we need the water. We are happy!

We continue to wait for the flood gates to open in real estate. By flood gates, I mean all those bank owned properties that are on the way...they say they are on the way! I haven't seen proof as yet! The inventory of houses for sale is small. There are some good deals but not a lot to pick from. Most of the listing are individually owned not bank owned. Our listing season is just about upon us. the spring and early summer is when most people place their properties on the market. I am curious to know what will happen. If we don't list the amount of property we usually list at this time of year the inventory will be at record lows. That will cause prices to rise. Low supply and high demand. There could be a drop in buyers after the $8,000 credit expires at the end of April. So, it is difficult to predict what will occur!

Either way, prices are so low right now that you can't go wrong on whatever you buy. Everything is on sale! Big Bear offers, clean, fresh air, blue skies, a lake, skiing, golf, hiking, biking and lots of serenity. Come up and visit us. I would love to help you find a hide-a-way in the mountains!

Until next time, Bonnie

What's coming?

2010-03-01T08:12:00.000-08:00

I just read a few pieces on the mortgage resets that are scheduled in 2011 and 2012. There are actually more loans that will reset in the coming two years than have reset in the past. Those teaser rates are now moving into a higher adjustable rate.

People are already stretched and many are not working so placing a higher interest rate on the mortgage could push many people over the edge. By the edge I mean into foreclosure. The new wave of bad loans will begin next year. That event will lower home values once again. Some say as much as 10%.

What to do? Well, to begin, if you want to sell your property in the near future this year is probably the best year out of the next three. If you have missed a payment or you feel you will miss one soon, take action NOW! Get your real estate agent to start with a short sale at the bank. Remember, get an expert. An agent that is trained to handle short sales is the only person to deal with. Hopefully, they have a designation associated with that training.

If you need help ask right away. Don't wait. The longer you wait the fewer days you will have to solve this problem. So many people are in denial and just hide their heads in the sand. You have to get on top of this problem and start moving forward instead of being in limbo! If you have questions please call or email.

Until next time, Bonnie

It's Back!

2010-02-28T07:32:00.000-08:00

It snowed all day yesterday! Everything is white again. The old snow was getting very dirty looking so, it is nice to see fresh clean white snow outside. Of course, it's not like we haven't seen much this year! This has been some winter. The winter of 2010 will be remember by all!

This morning the sun is out and the sky is blue. The snow simmers like jewels and it is a pretty sight! More snow is expected next week. I hope we have a little time to dig out!

I want to address property owners in Big Bear that are having difficulty in making their mortgage payments. Maybe you are not behind in payments yet but you can see it will happen down the road. It's just a of matter of time. If you have suffered a hardship like job loss, death or divorce, etc. your financial situation may force you to decide to feed and clothe your family rather than pay the mortgage. Everyone has a different story about what this economy has done to them. And, they are all heart wrenching!

There are options for people left in this situation. One is loan modification, two is "short sale", and three would be foreclosure. Loan modification would be great if they were easy to acquire but they aren't. Most applicants are turned down. Why, because they don't have enough income to make even the lower payments. The other reason is it takes so long to get an answer that many banks foreclose before the modification is either approved or disapproved. A "short sale" is a sale where the property is sold to a buyer and the bank forgives part of the original mortgage. There is no foreclosure on the seller's credit record. It is the easiest way to get out of this situation. However, do pick a real estate agent that is trained in short sales to handle the sale for you.

The last option, "Foreclosure", is the worst possible answer for the seller. It will be on your credit for 7 years and it will always be a matter of record in the county it was recorded in. It will haunt you for a very, very long time! Then there is the Shame! There is an emotional curve that you go through with the embarrassment and shame of losing a home. Men feel they can't provide well for their family and women fear being out on the street with little children. It is a devastating event in anyone's life!

A short sale is the best choice. Once the sale is completed you can move on with your life with the monkey off your back. That black mark of foreclosure will not be branded on your forehead. If you would like to discuss your options please call me. I am a short sale expert and I know I can help you move through this difficult time.

Until next time, Bonnie

The New Loan Process

2010-02-24T08:04:00.000-08:00

I am not certain if I mentioned that the lending business has changed since January 1, 2010. The government is now involved in every loan (what aren't they involved in) and there are strict rules on how the loan will progress. Sadly, these changes bog down the process and consequently the loan can't be completed in 30 days. It will take a minimum of 45 days to 60 days. Since the world is moving at warp speed it is difficult to understand why loans are going backwards and moving like they did in the 1980's. Paperless society, instant messaging and dinosaur loans! That's what we currently face!

For example because of the waiting periods each day the appraisal cannot be ordered before the 6th day of the start of the loan. If a weekend falls in the time period it will be the 8th day. The appraiser may not get to the property for a week or longer. There is a waiting period after the appraisal is ordered, as well. The lender can't ask the buyer for the upfront fee for the credit report, appraisal, etc. until the 6th to 8th day into the process. And it goes on and on. Naturally, the calendar of events that I am looking at explains all the waiting periods through the loan which is all well and good, unless the borrower doesn't get everything to the lender at once. Or, the lender is behind and can't get each item done in time, and the list goes on! Does that happen? A resounding, Yes is heard from the crowd!

The whole process has been turned on its head! The housing market has been in a slump for going on three years and we were just beginning to see some light. But, now the government has monkeyed with the system, which they don't understand, and caused more problems. All I can say is that the people making these changes, in ever so many fields, do not understand what they are changing. For the government to change the lending process, they first have to understand real estate as well as the loan business. But they don't! These changes have already made our business much harder and everything takes much longer. When people buy a cabin in Big Bear they want to be in it tomorrow, not two months from now! There is no reason why a loan can't be done for a buyer in 30 days or less. The system needs to be streamlined; however, the government does not understand that word. They are excellent at slowing or clogging what ever they touch! Experts that understand real estate as well as lending should be revamping this system. Certainly not the group that has come up with this ridiculous train schedule that slows down the housing market and hampers job creation!

We, the American people now own auto manufacturing companies, stakes in stock brokerage houses and who knows what else. I don't know if we just gave the money to AIG or if we own some part of it! Do we know how to run these companies? No! Here is another example of the government sticking their nose into something they don't have a clue about. I am all for changes that make the lending process shorter and easier for the borrower. I know that both of those things can be done. I would like to see the lending process be made user friendly. Think about the inter net. Didn't it allow, you, the consumer to shop at your own pace. Didn't it allow you to see the latest property listings instantly which helped you to make an educated decision on the house you would buy? Wasn't it fast? Couldn't you do it any time of the day or night? Yes! You became part of the process. This government time table of events that must occur every few days is not propelling us forward.

I would ask you to complain to your Federal representatives about the slow down of the loan process. It needs to be changed, but not in this way. We need a good system that would allow a loan to be processed in 15 to 30 days. I know it can be done but some road blocks need to be hurled. Gee, I remember back in the 1980's and early 1990's that the lenders were pushing the one week loan. Gosh, if you can pay your bills instantly over the inter net why can't we shorten the loan process? The government always runs on the premise that even though the horse has run out of the barn they need to shut the door! So, let's get with the program and ask for positive changes to make acquiring a loan fast and simple! So many Americans are in good financial health and can afford to buy a cabin or home but the banks have continually make it so difficult to get a loan that most of those people give up! This whole problem stems from the banks not wanting to lend. Why would they since they have government money to stay afloat? That is our money which was given to them, so we should have a say! It is time to speak up if you already haven't. Let your Representative know how you feel! I thank you!

Until next time, Bonnie

Monday Morning

2010-02-22T08:09:00.000-08:00

Yes, it is snowing right now! It snowed yesterday and some of Saturday. The skies are overcast and it is cold. I am beginning to wonder when it will stop. We have had a tremendous amount of snow this winter. I am ready for it to end. It's been a difficult winter! If you are a skier this is your year. The slopes have had record crowds and I hear the skiing is great. I am a cross country skier so I am not sure about the slopes but I'll bet that it was the best skiing in many, many years for Big Bear.

I want to remind all the first time buyers out there that the government give away of up to $8,000 remains in effect but will end April 30th. You will receive a maximum of $8,000 (10% of the selling price) rebate from the government when you purchase a home. A first time buyer is someone who has not owned a home within the past 3 years. Or, if you are a home owner you can receive a maximum of $6,500 if you purchase another permanent residence by April 30th. You don't have to sell your original home. You may keep it as a second home or a rental. So, there is a good amount of free money out there for you to take advantage of if you are eligible. Don't miss out on this opportunity!

If you happen to be a home owner now or you own a second home and you are behind in payments or you are about to be behind in payments, call me. I am a short sale expert and I can help you. You do have to qualify to be part of a short sale, though. The bank will not allow a short sale if you have stock or a good amount of money in the bank that would be considered liquid. If that were the case then the bank would expect you to pay the mortgage or they would foreclose. Most people that are behind in payments have exhausted their funds and would qualify for a short sale. All I can say is don't wait too long. The longer you wait the shorter the time until the bank forecloses. Foreclosure stays on your credit for a very long time and it will haunt you when ever you go to buy something. There is no need to take it that far...so get help quickly.

Until next time, Bonnie

Big Bear Weekend

2010-02-20T10:29:00.000-08:00

It's snowing again! What's new! It snowed lightly last night and now about 10:30 it is still snowing. There is fog and low clouds and the snow is very fine. It is cold but more damp feeling. We need all the moisture we can get even if it is more snow. I was at the hospital yesterday for a blood test and when I found a place in the visitor parking area that faces Garstin Road I look out the windshield and the snow wall along the parking spaces and the road is over 10' high. It is just a massive, solid wall of snow and ice! You just don't usually see that much snow here. It has been a very isolating winter and we all have a severe case of cabin fever!

We are nearing the end of February and few new bank owned properties have come on the market since the first of the year. I hear there are 600,000 ready to be released throughout the country for sale but we haven't seen them! We probably won't get many anyway because we are a small area. What has jumped is the short sale business. There are a huge amount of short sale properties listed currently in our MLS. Actually, short sale properties are priced very well and they are a better deal that bank owned properties because the seller at least fills out the disclosures and informs you of the problems with the house. You get some information, where with the bank owned you get nothing. It's like the old "buyer beware"! You really must investigate thoroughly with foreclosed properties to protect yourself.

Many buyer's are leery of short sales because they have heard horror stories about how long it takes to get the bank's OK of accepting less than is owed. And by the way, if you are new to the game a short sale means you sell short. The bank agrees to forgive the loan balance for a lesser amount than is owed by the borrower. You are probably thinking...why would the bank do that? It is pretty simple, because if they don't and they have to foreclose on the property, it will cost them a great deal more money than selling short! The main problem is that it takes quite a while to get the bank to say yes! It has to go through many channels before you get the answer. The biggest glitch is that an inexperienced agent may not be sending the bank a complete package. If that is the case the loss mitigation department sets the paperwork aside and it may not get looked at again for a long, long time, if ever. The bank tends to pay attention to the complete packages that can run through the system smoothly. The people who work in the loss mitigation department are overloaded and can't handle all the work so, if your package is poor or incomplete they don't have the time to educate you and your package falls by the way side!

If you are making an offer on a short sale be sure your agent speaks to the listing agent and determines if that agent knows how to do a short sale or if the agent is just hoping it will work out. There is a big different in agents and they can say it is a short sale but have they spoken to the bank, do they have all the paperwork needed from the seller, etc.? Short sales are tricky so you don't want to waste any time.

I have a designation, CDPE, Certified Distressed Property Expert, and have been trained in the short sale Field. I know that a package of about 100 pages has to go to the bank when you have an accepted offer on the property. The agent you work with can make or break the sale. Short sales are good deals even if you have to wait a while. Don't make an offer unless you are committed for the duration! It does take time. But in the end you will have bought a property at a very low price. Remember, "good things come to those who wait"!

Until next time, Bonnie

Spring has sprung!

2010-02-18T08:02:00.000-08:00

Today, for the first time this winter I noticed that the sun direction, as it came up this morning, was different! Hooray! I think it is spring! I know the calendar doesn't say so but I see it and I can feel it. This means that the ground has warmed up and the snow won't last as long . Even if it snows more this winter it will melt very fast! That is great news.

I always feel that re-birth in the spring and living where we have four seasons I feel it even more. I want to go outside and I want to make things happen. I have more energy. It's like I woke up from hibernation. Well, I guess I did. Because only last month I had cabin fever and the light was dim and there was so much snow I couldn't get outside my own house.

Isn't it wonderful how our earth and mother nature combine forces and help us live our lives! Now that the sun is moving to a different trajectory there will be much more light and brighter light. It will extend the days and soon we will be nearing summer. Boy, I can't wait. I understand that everyday after December 21st, the shortest day, we gain one minute of light until June 21st, the longest day. Then it starts going the other way again. Daylight saving time will begin on March 14th of this year, so we will have even more light in the afternoon and evenings. It is all very curious how it works ; however, I do look forward to this time of year because I love spring and summer in Big Bear!

Now that the snow is melting it is easier to show houses. It is also a good time to assess the condition of your cabin if you own one here in Big Bear. I expect a very brisk real estate market this year. Buyers have been heavier for the past two months. Our office is very busy and when our regular selling season starts, "Look out"! We plan to break all records this year! If you are still considering a mountain cabin in Big Bear you need to get crackin' before the best buys are gone. Out inventory remains low and so do the interest rates. It is an excellent time to buy! If you want a respite from the hassles of the city come up for fresh air in Big Bear. Our pace is slow and the forest is at your door.

Until next time, Bonnie

Happy President's Holiday

2010-02-15T12:04:00.000-08:00

Thinking about the presidents on this holiday makes me proud to be an American. George Washington, the father of our country really made the difference in us being the United States. It certainly could have gone the other way during the revolutionary war but George pulled it off! Do you think we have patriots like our founding fathers, now, in 2010?

Then there is Abe Lincoln! What a guy. He lost at almost everything he tried but he didn't give up and eventually became president! He handled himself well during the Civil War and brought the country back together after the South's defeat. Of course, he lost his life over it but the United States of America survived because of him!

Thomas Jefferson was also a one of the early great presidents and he sent Louis and Clark out to map the territory beyond the Mississippi to find the northwest passage. He also OKed the Louisiana Purchase. Where would we be without it?

There were many presidents but they were not all great! However, we survive in spite of them! So, today take a minute to think about this great country. Yes, we have our problems right now but our forefathers had problems too and they got through it. We will get through this bad period we are in and we will grow again and flourish. Count on it!

Today is another beautiful day in Big Bear. The sun is warm and the sky is blue, blue. We still have the snow, it isn't going away very fast. I have had so many calls on my properties for sale this weekend. Lots of people were looking to buy real estate. The inventory remains low and buyers are buying! If you are thinking of buying or selling just give me a call or email. I want to help you. I have lived in Big Bear for 42 years and I know it so well!

Happy Holiday and until next time, Bonnie

Happy Valentine's Day!

2010-02-14T15:38:00.000-08:00

Happy Valentine's Day to one and all! It's a perfect Valentine's Day to be spent in Big Bear, snuggling by the fire! Lots of people are doing just that. It has been a beautiful, blue skied day and the temperature is up and the ice is melting! It has been a wonderful weekend and a great time to go skiing or boarding.

I wrote an offer on a property in Fawnskin today, sent a listing (or I should say prepared it for mail when the USPS opens on Tuesday) and I looked at a cabin in Sugarloaf that I hope to list. It was a busy day. Later in the day I shoveled snow! Boy, have I done a lot of that lately! I decided to shovel my rear deck so that I could see out the back of the house. I was concerned that the weight of the snow might collapse the deck as it turned to ice.

The snow is still about 3.5' deep on the deck. It is north facing and it doesn't get much sun. I thought I would rip through that white stuff in no time. That didn't happen! There is ice in that snow as you dig deeper so I just got it down about 2.5' and I couldn't go any deeper. I got about half of the deck shoveled and I ran out of gas. That is hard work and my shoulders feel it! But, I figure that removing any snow is better than waiting for spring to arrive. I will go out again tomorrow for a while and shovel some more. I will just keep chipping away at it until I can see the wood planks on the deck. Ha! That will be the day!

While I was shoveling I stopped for a minute and I hauled some firewood from the back of my property in my wheelbarrow to the deck so I could bring it inside. I looked up at one point at all the snow and ice that is on my roof and I discovered that the stove pipe for my wood stove was laying over at an angle and it was detached from the flange that comes out of the roof. That was scary! Here I have had a roaring fire every night during the storms and everyday since. Thank God there was snow on the roof to protect it from sparks because I didn't have a spark arrest after the pipes separated. I didn't see this before because the snow was too high.

Peter, my handyman/contractor/jack of all trades guy said he would come over tomorrow and fix it for me. You know, it's always something! The snow plow upended the curb in front of my house and dug up my paver walkway. I will have to file a report with the city to get it repaired. There is so much damage that hasn't been uncovered yet. But once the snow melts we will be surprised. Either way I am happy for the snow and I look forward to spring everyday!

Until next time, Bonnie