Mammoth Lakes Real Estate Market Update – November 2018

Mammoth Lakes Real Estate Market Update – October 2018

There are distressed sales in almost every market.   Before we look at Mammoth Lakes specifically, bank ownedit is important to understand the definition of distressed sale.

A distressed sale in real estate is defined as the urgent need to sell property when the owner can no longer make the mortgage payments.  He/she must sell the property immediately to pay off the mortgage, even if it involves losing money on the property.  There are two primary types of distressed sales:

Foreclosure:  A situation in which a mortgage lender takes possession of the property because the borrower  has not made payments on interest or principal for a certain period of time.

Short Sale:  An agreement between a mortgage borrower in distress and the lender that allows the borrower to sell the house and remit the proceeds to the lender.  A short sale is an alternative to foreclosure or a deed in lieu of foreclosure.

Foreclosure-related sales are on the decline but distressed sales continue to claim a “disproportionately high portion” of total home sales across the country, according to RealtyTrac’s most recent foreclosure and short sales report. The firm also found increases in prices for distressed properties in 2012.

Distressed property sales made up 43 percent of all home sales nationwide in 2012, according to RealtyTrac. Foreclosure-related sales made up 21 percent of all sales, while non-foreclosure short sales made up 22 percent of sales. Together, foreclosure and REO sales decreased 6 percent from 2011 with a total of 947,995 sales over the year in 2012.

Here in Mammoth Lakes, in 2012 distressed property sales made up 41 percent of all home sales.  Foreclosure sales made up 15 percent of all sales and short sales were 26 percent.

A qualified licensed real estate agent can provide information on available distressed sales.  Often the lender has special requirements for buyers and although there are some “good deals,” patience is a virtue when dealing with distressed sales.

For previous articles, visit www.sonjabush.com

We all know houses are not selling like they used to.  If you are considering selling your home, there are several tips that will make it easier to sell.   First impressions make a huge difference between a sale or no sale.  These tips apply to any economy or market.For Sale

  1.  Less is More:  Even if you have not moved out, removing some furniture can help the home feel more spacious.  This also provides a potential buyer with a better visual of how the property could look as their home.
  2. Odor Control:  Sometimes homes have an odor you may not even notice since you there every day.  Ask a friend (or your agent) to be honest about any odor.  While the house is on the market, take the trash out every day and clean the refrigerator regularly.  If you have pets, keep an eye on the situation (i.e. litter box).  I have been in some gorgeous homes but a strong offensive odor has turned buyers away.
  3. The Little Things:  There are small and often inexpensive changes you can complete yourself to freshen up your home.  For example, replace dated/cracked light switch covers , install new hardware on cabinets, remove broken window treatment (no window covering is often better than broken blinds).  Although potential buyers know the house is lived it, it is helpful to remove excess clutter such as newspapers, mail, laundry and shoes.
  4. A Neutral Appeal:  If you have customized every room with dark paint or wall paper, you may want to update the colors to a more neutral tone.  This can help potential buyers create their own vision for the home and also when they are comparing their options, your home may need less investment and work if they buy the house.
  5. Curb Appeal:  This one is pretty obvious to most but again look at the exterior of your home from the potential buyers’ perspective.  Is the home welcoming?  Is there a clear path to the front door?  Is the front porch clean and appealing?

Keep these tips in mind when selling your property.  The best way to do this is to walk through your home with an honest friend as if you are both touring the home for the first time.  An experience real estate agent can also help.

Source:  Investopedia

For previous articles, visit www.sonjabush.com

Do you plan on renting out the property when you are not in Mammoth? If yes, then you are pretty much eliminating most single family homes.

Why? Most people are not aware most single family homes cannot be rented out on a nightly basis — only some areas within the Town of Mammoth Lakes are zoned transient rentals (check the town’s website).

Next, consider maintenance of the property. Maintaining property at an elevation of 8000′ is a little different than sea level. Owning a condo means you pay monthly Home Owners Association (HOA) dues and in most cases snow is removed in the driveway (parking lot), walkways and areas in front of fire hydrants. Additionally, consider roof snow/ice removal and prevention of frozen pipes are usually handled by the management company.

Owning a single family residence means you must take care of these maintenance concerns yourself. You can hire your own management company, compare pricing, negotiate the contact and make sure the work gets done.

Finally keep in mind the HOA fees in the majority of Mammoth projects include many of the typical monthly out of pocket expenses, including fire insurance and a reserve for repairs (roofs, siding, painting, landscaping, road/side walk repair, etc).

There are many great condos and single family homes in Mammoth Lakes. Before you buy, make sure you have all the facts so you can make a well informed decision. A qualified real estate professional can help.

For previous articles, visit www.sonjabush.com

CMA is real estate acronym for “Comparative Market Analysis.”  A CMA is prepared by a real estate agent providing data comparing your property to similar properties in the area.

The first thing an agent will need to do to provide you with a CMA is to visually inspect your property. This inspection won’t be overly detailed – just a visual walk through allowing the agent to make an accurate assessment of its condition and worth.

The next step is for the agent to obtain data on comparable properties. This data is usually available through MLS (Multiple Listing Service), and a qualified agent will make adjustments for differences in your property and the other properties available.  This will give the agent an idea how much your property is worth in the current market. The CMA is not an appraisal. An appraisal must be performed by a licensed appraiser.

The CMA process takes place before your home is listed for sale. This is a good assessment of what your house could potentially sell for.

CMAs are not only for prospective sellers. Buyers should consider requesting a CMA for properties they are seriously looking at to determine whether the asking price is a true reflection of the current market. Owners who are upgrading or remodeling can benefit from a CMA when it’s used to see if the intended changes will “over-improve” their property compared to others in the neighborhood.

Source: California Association of Realtors

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