Getting a leg up in the Mammoth Lakes Real Estate Market
Real estate is competitive across the nation and locally including here in Mammoth Lakes, June Lake, Bishop, Crowley Lake, Lee Vining, Bridgeport, and other Eastern Sierra communities. It’s definitely a seller’s market which means that seller’s have all the negotiation power. While it is a bit tough to buy a piece of Mammoth Lakes real estate. Luckily, we’ve narrowed down a few effective tips to get you ahead of the game!
1) Work with a mammoth lakes real estate agent who cares about you
Many agents are transactional. Meaning they only care about the transaction (or the paycheck). We like to say we are relational agents, meaning we care deeply about our clients. We want to get you what you want in the smoothest way possible. We make sure you are happy before and well after your new purchase. We will check up on you consistently (before, during, and even after escrow) and make sure you’re fully informed about every step of the process.
2) Know what you are looking for - Place, price, preference
We call this the three P’s. You need to narrow your search to a specific place, a price range, and you need to figure out what features are most important to you. This way, when the right property pops on the market, you are confident and ready to make a move. When it comes to place, we recommend getting as specific as possible. This might mean choosing your three favorite condo complexes in Mammoth Lakes. Or it could be choosing a favorite neighborhood or community. Contact us for a showing for all the popular areas in Mammoth Lakes and the surrounding communities.
When it comes to price, you need to set a comfortable limit. How much are you willing to spend on a property? You should be absolutely comfortable with what you are going to spend, so know your maximum price. We recommend crunching some numbers before making any offers.
Lastly, know your preference or style. Are you looking for a classic Mammoth log cabin or a modern kitchen? What features are a must have? And what can you make due without? Most properties are not going to have EVERY feature you might want. So it’s important to have your criteria written down so you can make a great decision. Remember, buying property is a process of elimination, not selection.
3) Work with a local lender and have a preapproval letter ready (or pay cash).
If you are looking for a Mammoth condo, we highly recommend you work with a lender that has worked in the area. Lending on some Mammoth condos can be tricky and we’ve seen Mammoth condos fall out of escrow due to mortgage issues.
You also want to have a pre-approval letter on hand. Including a preapproval letter with an offer, shows the seller that you are serious and ready. Sellers will likely look more favorably on your offer if the loan is with a local lender, since it’s less likely there will be any loan issues.
If you have the ability, pay cash. Paying cash makes offers more enticing to sellers because it means the escrow will be short. There also isn’t a chance of a loan falling through and cancelling the escrow.
4) Automatic emails
Wouldn’t it be great if new listings appeared in your inbox? We can make this happen! Contact us to be set up with automatic email notifications. New listings will then be sent to your email as soon as they are listed directly from the Mammoth Lakes Multiple Listing Service (MLS)! Just be sure to send us your email address and your three P’s (price, place, preference).
Automatic emails are the best way to stay on top of the market and to see any new listing that meets your criteria. You can reply directly to the emails with any questions.
5) Make a strong offer
When you find that property you love it’s important you make a strong offer. We will work with you to craft up a great offer. In this current market, a full-price offer is usually what is accepted. If a property is HIGHLY desirable, sometimes we are seeing multiple offers or multiple counters. In these situations, we will work with you to determine the best way to write a competitive offer that you’re comfortable with. Regardless of the situation, we will walk you through it step by step. We are happy to go through certain scenarios with you so we are absolutely prepared when a great property hits the market.
Competing in the Mammoth lakes real estate market
We know it’s a difficult time to be a buyer. Sometimes it’s easy to get demotivated when the mammoth lakes real estate market (and others) are so competitive. That is why you need a team who is looking after you. We vow to give you extraordinary service while creating a lasting relationship. Contact us to learn how to work with a team of real estate professionals who care!