Home prices have declined approximately 30% from the peak prices several years ago. This is great news for you!! Based on median income figures from the State of California, statewide affordability reached 64% in the second quarter of this year, meaning 64% of California households could afford to purchase and entry-level home in the State.
Additionally, owning a home can be beneficial because if forces the homeowner to “save.” While the mortgage payment may be higher than renting a home or apartment, most renters don’t put that difference into their savings account. That money can be used to upgrade the property and increase the value and comfort of the home.
In Mammoth Lakes, all property types are seeing price reductions. While condominiums/townhomes have seen the greatest reduction in value, single family residence values are also feeling the pinch of the cool economy, hovering 10% unemployment rate and diminished consumer confidence.
If you would like to purchase your first home or take a closer look at the outstanding vacation home opportunities, please log onto my real estate website at www.easternsierraproperties.com.
Feel free to share your thoughts by leaving a comment or call me at the office at 760-934-5088.
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