#bigbearlocals

[angsme]

Finally.... Snow in Big Bear!

If you too are a Californian, you're probably familiar with the severity of the drought we have been experiencing this winter season. According to a spokesman from the Natural Resources Agency, this is the driest our golden state has been since 1884. Yes... 1884. Without a doubt, this is bad news, but thanks to some recent weather, we might see a bit of a turn around .

Last night Big Bear received about 1-2 inches of snow valley wide and there is still more to come in the forecast. According to noaa.gov, precipitation will be clearing out today and making its way back Sunday night - Tuesday morning. But of course, this could very well change at any moment. 

Fortunately we aren't the only CA residents seeing some wet weather. Areas such as Tahoe and Mammoth received a little more snowy love ranging from 6-14 inches and a few showers are possibly going to visit the so-cal coast later this weekend.

So pack your snow gear and head on up to enjoy the winter we've been anticipating. Nothing beats watching the super bowl after a successful day on the slopes!

[angsme]

Understanding the basics of Fannie Mae and the current Big Bear Market

As of today there are 391 properties available in the Big Bear Valley. For our market, this is extremely low. Generally, desirable properties that are priced appropriately are being sold within the first 30 days. This is good news for a seller. 

Not to worry, there is still good news for all you buyers too. Since the crash, the market is still no where near to where it was 8-9 years ago and although they aren't a plenty, REO sales still exist. 

Fannie Mae (defined as a government sponsored enterprise) buys loans from lenders and sells them to investors in the open market as mortgage-backed securities. This is the most common REO sale today.

Is this a buyer advantage? Well, there is a perk or two when buying a Fannie Mae property. Once qualified you have the opportunity to get financing through Home Path, where you can buy with as little as 5% on a primary residence and 10% for investors (Please visit www.homepath.com for further details).

Fannie Mae hires certain local agents to list these properties for sale. They however, have little to nothing to do with pricing. FM will generate a price and every 30 days there after that it doesn't sell, will get a price drop. Pricing for all properties are different.

As far as getting a "deal" is considered, yes... you may be able to snatch up one of these properties at a good price. But keep in mind... you will most likely be competing against some others if the pricing drops low enough.

If you wish to learn more about Fannie Mae you can visit their web site at www.fanniemae.com and current available listings can be found on the Home Path's web site listed above.

Happy buying and selling in 2014!