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Value of Houses for Sale by Owner and Other For-Sale Homes Decline



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By : John Cutts    99 or more times read
For sellers of houses for sale by owner or FSBO properties in the San Bernardino Mountains, California, the month of October was not a good one as values of properties declined when compared with year-ago levels. Areas like Lake Arrowhead, Crestline and Big Bear City all recorded lower housing values for the month.

The three communities had a home value decline ranging from eight to 23% during October 2010. One area that experienced improved home values however, was Big Bear Lake. The incorporate city of San Bernardino posted a 10% rise in property value for the month compared with a year ago.

Analysts believe that the contrast between other communities and Big Bear Lake's home value experiences has something to do with the supply-demand concept. According to them, most home buyers have stated that they prefer to purchase homes at Big Bear Lake rather than Big Bear City or any other community in the Mountains.

Sellers of houses for sale by owner in the area of Big Bear Lake have also benefited from the rise in property values. According to them, most buyers prefer to have vacation houses in the area because of the ski resorts there. An estimated 75% of owners in the region have vacation dwellings at Big Bear Lake and more vacation homes are being sold which helps bring the prices of residential properties down.

However, a number of housing analysts have asserted that home value figures at the Lake might be misleading. According to them, median prices of houses might be lower than the reported level since most of the houses sold in the area are high-end, which means that price data is being skewed because total amount is being used as gauge instead of the number of sales.

Comparative home data showed that for October, the most expensive house in Big Bear City that was sold was priced at $475,000. In Big Bear Lake, around 10 dwellings worth much higher were sold in October, with one property even going for more than $1 million. Housing experts believe that the high prices of vacation homes, houses for sale by owner and other types of dwellings at the Lake are preventing actual property values from being derived.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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