Loooooooong time since our last blog! Our sincerest apologies! After a few rough years (starting in mid 2006) of dropping prices and uncertainty in the market, the Mammoth real estate market finally picked up in about the spring of 2009 and we’ve been quite busy since then! (Unlike our blog, we have been updating our REO website almost daily.)
Although prices may not be finished with their downward trend in some segments of the market, it does seem as though the “plummeting” is over. We have seen some price stabilization in certain segments of the market. Activity has been fairly consistent for the past couple of years, other than a few lulls here and there.
Supposedly, we have a couple more years of foreclosures coming our way, but the good news for Mammoth is that our foreclosures are selling as quickly as they’re listed in most cases. We’re definitely not seeing a glut of foreclosures. The foreclosures are, however, still the driving force as far as prices go.
If you’re still thinking about buying in Mammoth, it sure does seem like a good time to buy. The inventory selection is decent, interest rates are still low and prices are quite reasonable as compared with those at the peak in late 2005 and early 2006. Across the board, most of the prices that we’re seeing are back down to 2002/2003 levels, in some cases, lower.
Financing has been tough to get on many condo complexes in Mammoth because of how they look like ‘condo-hotels’ to most lenders (i.e. they have a front desk that handles nightly rentals). But our local Wells Fargo team has been approving more and more of these complexes over the last few months. So while cash had been king for the last few years, lending does seem to be getting more available.
As far as being a seller in this market, it’s all about price and presentation…buyers want it all right now. If you can price your property aggressively based on sales comps and can offer the property as turn-key as possible, then you usually have a good chance of selling.
As a very significant side note, Mammoth is in the midst of its biggest snowfall season ever recorded! The way it was dumping this past week, you would have thought it was a January/February storm! Plenty of fresh powder for all those up here already or on their way up.
Feel free to call us or email any questions you might have about the Mammoth real estate market!
Tara Peterson & Dennis Cox
Mammoth Realty Group
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