According to the most recent figures available from the National Association of Realtors, http://www.realtor.org/library/library/fg003, in the period ending 2010, there were approximagely 1,066,600 real estate agent members in the United States, down from a high of 1,358,000 just four years earlier. In the past year, approximately 500,000 real estate agents across the country have quit the business, according to industry expert, Brian Moses. Moses contends that more are expected to follow suit in the coming months.
Not all regions are being this adversely affected by the current economic situation, however. In the San Bernardino mountains, the real estate business is still doing quite well.
Longtime real estate broker Chuck Hurd has had a finger on the financial pulse of Big Bear Lake, California, since the early 1980s. While other parts of the country are suffering from the current housing market crisis, Hurd sees a different picture in Big Bear, although he agrees that in the local chapter of the NAR, the membership has dropped significantly in the past year.
"We currently have an inventory of around 800 available residential properties in the Big Bear area. There is a wide range of prices, going from a mere $ 70,000 to nearly 7 million dollars. That number of houses will last only a few months if nothing changes and it?s a relatively low number, compared to several years ago,? Hurd says. ?The good news is that we have seen an increase in sales over 2010. Also, there are far fewer REOs now; only approximately 1 in 300 homes is in trouble up here compared to approximately 1 in 3 in Las Vegas, for example.
"Around the country, people are seeing that stocks are no longer a safe bet, but that real estate is still an excellent investment under the right circumstances. The people who have bought in Big Bear Lake may not make as large a profit if they sell now as if they wait a while, but most are not under water, either. That may be one of the reasons why we are selling to more celebrities here than ever."
According to Hurd, there are many reasons why Big Bear Lake is so stable in comparison to other areas in Southern California. A very popular recreational area, it?s tucked in San Bernardino County, surrounded by five other counties ? Los Angeles, Orange, Riverside, San Diego and Ventura - and is only a couple of hours at most from any of them. That makes it an ideal choice for second homes, for which a large number of the residences are intended, as well as recreation and relaxation.
"The weather in Big Bear is gorgeous. We usually have sunshine 300 days of the year, then a few storms come in, giving us our snow for winter sports. This is a very family-oriented community. Every weekend of the entire year there is something fun to do: car shows, cowboy poetry readings, skiing, water sports, Oktoberfest, hiking, biking. Or, if you just want the peace and quiet of a mountain home, well, this is the place to find that, too."
Hurd should know: He?s lived in Big Bear Lake himself for over a decade, after selling real estate there while living in Palm Springs.
"Right now, with interest rates incredibly low and housing prices also on the low end, I?d say it?s a great time to invest in real estate in Big Bear. After all, would you rather gaze at a faltering stock certificate or pine trees and a lake? I can?t keep properties that are properly priced at under $ 200K for more than a couple of weeks. That?s how quickly housing is moving up here.
"There are approximately 50 rental companies in the area. That says a lot about the investment aspect of having a second home: Many people rent out their places, from small cabins to large homes, for weekends or for an entire season. People spend money in Big Bear recreating and having fun. Big Bear has frequently been San Bernardino County?s top sales tax revenue producer."
Chuck Hurd is a full-time independent real estate broker and is considered an expert on the Big Bear Lake?s market. He was featured on "House Hunters" in 2005, and has been ranked among the Top 100 International Realtors.
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