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Mammoth Lakes First-Time Home Buyer

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Fisrt time home buyer

Now that I have been working and living in Mammoth Lakes fulltime for almost fourteen years, I’ve see a full real estate cycle, the Village at Mammoth be built, Chair 9 transition from a slow fixed grip two-seater to a six-pack flying couch, and records winters of both the most and the least snowfall ever!  But I’ve also seen the younger locals (Gen X, and now even some Millennials) do one of two things:

  • Flee the town of Mammoth to seek more affordable living where they can own the home they desire for a price they can afford.
  • Make Mammoth truly their home by purchasing their first home here and growing their first set of roots in terms of longevity in this amazing place.

And recently, I just had some friends sell their home and relocate to Idaho after already owning here in Mammoth.  So, what’s my point?   Well, great question!

My point is that that first-time homebuyers are back on the rise, representing the highest segment of the purchasing market that we have seen since 2013.   And if you live in Mammoth and have been fortunate enough to secure full-time employment, or perhaps two back-to-back seasonal employment gigs, maybe it’s your time to start exploring your options of ownership.

It’s no surprise that currently we have a housing shortage in our rental market.  The movement towards more self managed vacation rentals (VRBO and Airbnb) has allowed investors and second homeowners to take properties that previously were on long-term rental schedules and transition them into the nightly rental market.  This percentage of homes making the shift has left many renters with little to no options in terms of finding an affordable rental in Mammoth that is worthy of living in.

As a solution, I strongly suggest that you Mammoth locals explore your homeownership options.  First step is to always get prequalified by a mortgage lender.  We have some great mortgage representatives here in Mammoth at the local Wells Fargo Home Mortgage office.  Doug Magit (NMLSR ID 459888) has helped hundreds (if not thousands) of locals, second homeowners, and investors achieve their mortgage financing goals here in Mammoth.  Call him at 760-924-2270 to set-up a prequalification!

Once you have completed that step, then you will know exactly what price range you can afford.  Remember, just because you might qualify for a million-dollar home, doesn’t mean you must buy one.  Buy within your means so you have plenty of money to upgrade those skis, snowboard, mountain bike, kayak, climbing gear, etc.  After all, why else do we live here!!!  So here is where I come in.  We can meet face to face or start a discussion via phone/email about what your purchase criteria are: house or condominium, price, location, amenities, etc.  My decade plus of real estate experience will allow me to share pros and cons of various complexes, locations, orientation of the home, features, and so much more.  Then once I have assisted you in better understanding the market and your purchase options, that’s when the fun of the house hunting begins.  So, if you are interested in the Mammoth area for a potential home purchase, go get prequalified and then give me a ring!  And in the meantime, if you have any questions or if there is anything I can help with, please don’t hesitate to contact me.

Eric Leach
Broker / Owner
Resort Property Realty, Inc.
800-921-6520  Ph/Fx
949-690-5555  Cell
License #01343386
www.EricLeach.net
www.ResortPropertyRealty.com
Eric@ResortPropertyRealty.com

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