Abraham Lincoln once said, "The will to succeed is not as important as the will to prepare to succeed." This statement rings quite true in many of life's endeavors, one of them being a successful real estate search.

Most financially savy people realize that today's real estate market might very well represent the best buying opportunity in their lifetime. In Big Bear, real estate values have dropped about 45% from their peak, pushing average and median prices back to 2001-2002 levels. At the same time, we are seeing interest rates at their lowest point in over 50 years. You almost couldn't ask for a better buying opportunity.

But although prices have fallen dramatically, in today's Big Bear real estate market, there is no shortage of buyers. It is just that most buyers are looking for that one stand-out deal and are leery to make an offer unless the property they are looking for is a perfect match for their needs and is underpriced even by today's market standards.

In order to land that somewhat elusive "great deal" in today's market, it not only takes diligence and some luck, but preparation as well.

One element of preparation that is a crucial component to securing a good deal is having a solid loan pre-qualification letter to present with your offer.

Most listing agents won't even present an offer to their clients if there is no evidence that the buyer can secure the financing to purchase the property. Getting a loan pre-qualification letter (pre-qual) is quite easy. It is a simple 5 minute conversation with a lender about your income, assets, expenses and credit. It is simply a short consultation to determine, per the latest loan criteria, if you will qualify for a mortgage and what amount you will likely qualify for.

If you want a great deal in today's market, you'll have to move fast with making an offer. Having a pre-qual letter ready to go is a crucial part of being ready to do so. I suggest to all my prospective buyers to consult a lender up front before even looking at any property. Again, it takes only a few minutes to get a pre-qual letter, and in doing so, it will put you in a position to move fast on a desirable property.

But that is not the only value to getting pre-qualified with a lender. Speaking to a lender will allow you to be sure of your payments, loan fees and costs, and likely interest rates so you will know precisely what you can afford. In doing so, it will potentally save you and your agent valuable time in making sure you are looking at properties within your financial means.

Ultimately, being prepared to move quickly when you find the right property is essential in this market. Getting a pre-qual letter is an important part of that preparation and should be one of the first things you do when shopping for a Big Bear home.