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With all of the news about mortgage rates going up, many potential homebuyers are wondering if they should be concerned. Should they hurry and buy now before rates go up more, or hold off and see if rates come back down?

Considering how much hype rates are getting, and the tone of the headlines, it makes sense to be concerned and question what you should do.

While there’s no one-size-fits-all answer, it might help to consider the bigger picture. Rates are still historically low, and they haven’t exactly skyrocketed. Sure they’ve gone up, and are the highest they’ve been in a few years, but they’re still low if you consider the data in this chart showing rates from 1971 to 2022.

It’s pretty common for people to refer back to the 1980’s when rates were double-digit in the high teens. It’s a good spin on the topic, but that’s not a great comparison. That was a totally different time and ages ago in terms of real estate. But if you look back to the early 2000’s through 2008, rates hovered around the 5-6% range. That’s a better comparison to make. Even with news of rates breaking the 4% mark recently, that’s still low compared to more recent times and market conditions.

The question is when and how much rates will go up, and will home prices come down accordingly? Unfortunately, there’s no crystal ball to answer that. You can only deal with what you know at the current moment.

But if you’re going to speculate on whether home prices will come down, consider that there’s still low inventory and high buyer demand. On top of that, rents are going up considerably, making buying more appealing than renting — a situation that attracts more potential buyers to the market. With little indication that supply will increase, coupled with increasing buyer demand, it’s less likely that prices will adjust down due to relatively small rate hikes. Rates would have to jump considerably more for that to happen.

The Takeaway:

By no means should you rush out and buy a house just to beat the rates. But if you are in the market for a new home, you should certainly be aware that rates are rising. Keep your eye on them, and make a concerted effort to buy sooner than later just to hedge your bet.

Make sure you work with a mortgage advisor who can keep you abreast of changes and advise you when (and whether) to lock in a rate, depending upon your situation.

Most importantly, know how much your monthly mortgage payment will be based upon the rates and the price range you’re buying in. If you’re comfortable with that, and can handle it on a monthly basis, then the rate shouldn’t affect you that much if you buy within your means. And if they do go down in the future, you can always refinance.

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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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Open House This Weekend! Come see this incredible property for yourself!

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

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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.

#realestatetips #realestate #houseforsale #greatvalue #newlisting #mammothrealestate #mammothcondos #mammothcabins #sonjasellsmammoth #mammothmarkettrends #timingthemarket #destinationmammoth
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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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SNEAK PEAK! This two-bedroom condo next door to Canyon Lodge will be listed for sale in the next 24 hours!

Check out an early video tour now on our YouTube!

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I love working with awesome realtors like Heidi Vetter! How thoughtful is this?!” @vetter_heidi ...

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If your agent isn't available, don't call a random agent to show you a house you're interested in seeing if you plan on having your agent write an offer if you like the house. Agents don't get paid for simply showing houses, so it's inconsiderate to ask an agent to show you a house they have no chance of selling to you.

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