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If you’ve been considering buying property in Mammoth Lakes (or anywhere for that matter) — or if you’re actually in the process — you’ve probably heard two things quite a bit lately:

  1. Interest rates are on the rise.
  2. They’re still historically low.

Yes, they are still historically low, but that doesn’t change the fact that they’re higher than if you’d just bought a house a little while ago. Kind of painful to hear, huh?

What you’d probably rather hear is that rates and house prices will come down in the near future, so just hold on a little while and waiting will have paid off. Unfortunately, it’s looking like rates could go up even more in the near future, and house prices aren’t looking like they’ll definitely take a dramatic tumble.

So let’s look at some ways you can deal with rising interest rates to make your payments as manageable as possible, and maybe even save some money.

  • Clean up your credit. The better your credit is, the better your rate will be. Take a look at your credit report and see if there’s anything glaringly wrong that you can have corrected. If it all looks foreign to you, ask your mortgage rep or a credit repair specialist to take a look and give you advice on anything they see that you could get corrected, pay off, or pay down in order to raise your credit score.
  • Shop around. Check with several lenders and see who offers you the best rate. This link will take you to a list of lenders with a proven track record of local success — they KNOW our local market. Be careful if one sounds way too good to be true; they could be quoting you a much better rate, but beware of the fees. If you have access to a credit union or a smaller local bank that knows you, make sure to check with them—they often have better rates because they lend their own money and / or have a closer relationship with their customers.
  • Buy discount points. Consider buying down your mortgage rate by paying “discount points.” These are fees you pay up front in order to get a lower mortgage rate. Buying a point will cost you 1% of your home loan and will generally buy your rate down by a quarter percent, although that can vary from lender to lender. Most will have a cap on how many points you can buy, and they also may offer you the option of buying lower increments than a full point. This is a good option if you plan on staying in the house for some time. Make sure to weigh how much it’ll cost you, and how long it’ll take to break even and then reap the benefits in terms of savings.
  • Lock in your rate. Even though rates have already been on the rise, there’s a good chance they’ll go up even more. Rate locks are typically only offered for up to 60 days, so if you’re serious about buying soon, consider locking in at the current rate. Make sure to ask your lender how much a rate lock will cost you, if anything. Also find out if they offer a “float down” option, which will allow you to get a lower rate than you locked in at, if the rates do happen to come down before you close on your house.
  • Get an adjustable rate mortgage. Rates have been so low for so long that there wasn’t much demand for adjustable rate mortgages, since the 30-year fixed-rate mortgage was so affordable. But now that people are trying to save money however they can on their rate, adjustable rate loans are making a comeback. These typically afford you a better interest rate at a fixed rate, but only for a certain number of years before they adjust (as the name suggests). They could adjust up or down, depending upon what rates are when the time comes. To be safe, plan on the worst-case scenario of the rate being higher when that day comes. The length of time you have before the rate adjusts is often 5, 7, 10, or 15 years. These are perfect if you’re not even thinking about staying in the house for a full 30 years. So, consider how long you plan on staying in your house, and opt for one that won’t adjust before you move so you won’t be affected by a rate adjustment at all. For instance, if you’re pretty sure you’ll move in the next decade, a 10-year ARM might be the way to go.
  • Pay biweekly. By paying half of your monthly mortgage payment once every two weeks, you end up making an extra payment per year. Doing this cuts years and lots of interest off of your loan.
  • Refinance when rates go down. Keep an eye on mortgage rates. When they come down a good amount, refinance your mortgage at a lower rate.

So, even if rates aren’t as low as they were in the recent past, you still have some options and control over how much interest you have to pay. Use one, or a mix of the strategies above, and you’re bound to save money!

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Open House Today! Come see this incredible property for yourself!

44 Wagon Wheel Drive
Sunday, October 2
4 PM - 6:30 PM

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Fall is here! Happy colors in the mountains!

I don't think most people realize how beautiful it is -- nice weather, fewer people and fall colors. So much to love!

Go to Mono County Tourism to sign up to find the best places to see the beautiful fall colors!

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Late Friday afternoon walk with our 2 houseguests. #lovewherewelive #mammothlakes #visitmammoth ...

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Sonja recently helped me purchase a condo. My experience with her was only positive. She's knowledgeable, thorough and friendly. She is the consummate professional and the standard to which I would hold any real estate agent. - Alexander R.

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Time isn’t always on your side, especially if you’re trying to time the real estate market.

Some homeowners postponed selling while they waited for prices to hit their peak. Here’s why you shouldn’t wait any longer:

💲The market is unpredictable — even experts can’t guarantee what it will do next!
☑️ You could pay more to buy your next home the longer you delay.
🤝 It’s still a great time to sell, but rising mortgage rates are beginning to slow down demand.

You can’t control the real estate market — but you can control when you put your home up for sale 🏡

Contact us to start a conversation about the right time to make your move.

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BIG bright windows are the main attraction in this spacious 2 bed/2 bath condo in St. Anton. This complex is next door to Canyon Lodge – one of the shortest walks of any Mammoth location! Come see this condo today and get ready for the best winter season of your life!

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If you're renting but plan on buying a house in the near, don't renew your lease without going month-to-month or making sure you can cancel it by giving your landlord a month or two notice.

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Thursday, September 29
9 AM - 11 AM

Stop by and tour 3 amazing Mammoth Lakes Properties tomorrow!!!

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Beautiful sunset tonight.

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Sonja was very knowledgeable and competent in selling our house in Mammoth. She is very personable and answered all of our numerous questions with courtesy, humor, and patience. Despite a greatly slowed real estate market, she sold our house in a reasonable time frame. - Stuart F.

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#nofilter Sunday evening neighborhood stroll. ❤️reflections, water, blue skies and fluffy clouds ☁️ #lovewherewelive ...

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If you have a light fixture you want to keep and take with you to your next home, take it down and replace it before you put your house on the market. You can also leave it up and "exclude" it from the sale within your listing, but it can cause issues if a buyer sees it and wants it. Avoid problems by removing it ahead of time.

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Beautiful day at the village. I love the clouds and like to look for shapes or object -- what do you see?

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Amazing two-bedroom condo next door to Canyon Lodge! Ski all season long in this cozy mountain home!

Properties Link Below:
https://www.destinationmammoth.com/properties/

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Hope everyone is having an amazing time at the Mammoth Trail Fest! If you haven't already make sure to check out this awesome event the rest of the weekend!

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Beautifully updated two-bedroom slope side condo just listed for sale. Check it out!

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What does “Months of Supply” tell us about the market?

To break it down simply:

📊Balanced Market = 6 to 7 months of supply
There are a relatively even number of buyers and sellers.

📈Seller’s Market = Fewer than 6 months of supply
There are more buyers than homes for sale, thus sellers hold the upper hand.

📉 Buyer’s Market = More than 7 months of supply
There are more homes for sale than willing and able buyers, thus buyers have more negotiating power.

Have a question about current market trends? Reach out at any time! We’re here to help you decode the lingo and make the most of today’s market 👨‍💻

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