Our market in Mammoth may be changing.
Over the last year we have seen prices skyrocket and inventory dramatically decline in Mammoth Lakes. Seller's have been getting very high prices with buyer's buying condos and houses with no appraisal contingency and competing with several other offers. It's been taxing to say the least on buyer's and agents alike. But will this continue?
According to Fannie Mae/Freddie Mac, come April 1st, there will be an increased loan level pricing adjustment for second homes. Which is the same type of hit you would take for a low credit score, investment properties, or anything else that would affect the rate. This could affect buyer's buying power or just their comfort level with the rate increase. We could see an influx of seller's lowering their prices to compensate for these new higher rates and less buyers demand.
Also with buyer's paying the high prices we are seeing now, they see less return on their investment. The properties are for the most part at least covering the cost to own or coming close to it, where we used to see a 5-10% ROI.
It's hard to predict the future but with these new rates and prices we may start to see properties turning around. If you have been considering selling, I would say now is the time to do it.
A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.
It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest month for real estate. What is surprising, though, is that listing during the winter came in second!
“Among spring listings, 18.7 percent of homes fetched above asking, with winter listings not far behind at 17.5 percent. While 48.0 percent of homes listed in spring sold within 30 days, 46.2 percent of homes in winter did the same.”
The study goes on to say that:
“Buyers [in the winter] often need to move, so they’re much less likely to make a lowball offer and they’ll often want to close quickly — two things that can make the sale much smoother.”
If you are debating listing your home for sale within the next 6 months, keep in mind that the spring is when most other homeowners will decide to list their homes as well. Listing your home this winter will ensure that you have the best exposure to the serious buyers who are out looking now!
The study used the astronomical seasons to determine which season the listing date fell into (Winter: Dec. 21 – Mar. 20; Spring: Mar. 21 – June 20; Summer: June 21...
When it comes to energy efficiency, look for smart features and expertise to help you save energy and money and add value to your home.
1. Begin with a Right-Sized Home.
If the home you buy is simply too large for you or your family’s needs or plans, you stand a good chance of wasting energy through excessive heating and cooling costs. If it’s too small, you’ll feel cramped and uncomfortable. It’s a big investment, so seek balance and buy it “right” from the outset.
2. Purchase Energy Star Appliances Such as Your TV, Dishwasher, Washer and Dryer, and Microwave.
And especially the refrigerator, as it alone contributes about 10 percent of the energy use in a home. Also, unplug electronics not in use or turn off power strips to avoid phantom charges.
3. Install Efficient Lighting Such as Compact Flourescent (CLF) or LED Bulbs in Every Fixture.
Lighting accounts for about 6 percent of an energy bill each year.
4. Get an Energy Audit and Have Tests Performed to Identify Ways of Improving Your Efficiency.
You can always upgrade your heating, ventilation, and air conditioning (HVAC) system as well as your thermal envelope, which includes insulation, windows, and doors and the seals or weather stripping around them. Visit energy.gov/energytips for more tips.