Buying your second home in Mammoth Lakes!
You may be considering purchasing a second home this year. Good choice and you’re not alone! According to Luxury Market Report, buying a second home has increased dramatically in the last several years.
While the demand for luxury real estate market is not turning over a new leaf, there is certainly an appreciation that a leaf has been turned when we look at the other ongoing trends; including a greater diversity in location choice, property types, ownership levels and what amentities have become major priorities for affluent homeowners.”Luxury Market Report
The National Association of REALTORS reported a historic rise or properties sold in the $1-5 million range between January to August 2021 by 142% for single-family homes and 129% for attached homes compared to the previous year (Luxury Market Report).
Why a second home?
Some of this may be because a second home is a “safe haven” during the pandemic as well as a great way to continue to work remotely and have flexibility in where the “home” is. It’s a fun way to get away from the confines of your primary home.
However, the main reason to purchase a second home here in Mammoth Lakes is to enjoy skiing, snowboarding, and the fun local festivities!
The benefit of owning a second home is also building home equity which has soared over the last year giving homeowners an average of $56,700 in equity over the last year (Corelogic). With home prices continuing to rise, purchasing a second home could benefit from the increase in property values homeowners now enjoy.