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State Of The Lake
Updated January 28, 2021 at 11:00 am
Mother Nature decided to serve up some strong weather the past couple of weeks at Bass Lake and the surrounding areas of Eastern Madera County.
Monday January 18th we experienced an unusually powerful Mono wind event. Steady winds overnight along with gusts rumored but not confirmed up to 100 mph wreaked havoc in Eastern Madera County. Bass Lake was hit especially hard, with dozens of trees snapped in two or uprooted. Tuesday morning revealed the damage, as many pines and cedars had smashed into homes and knocked out power lines. Fortunately there have been no reports of injuries or deaths.
Power was out in various locations for up to 8 days due to the storm. PG&E trucks were on site for over a week, and crews from outside the area were brought in as reinforcements.
Power was finally restored at our Bass Lake Realty office on Monday the 25th. Agents and staff worked at home as much as possible during that week, subject to the whims of power and their internet service.
The outage caused a delay in distribution of this newsletter, for which we apologize.
After surviving the wind phenomenon, a series of winter storms impacted our mountain area. This past Monday January 25th brought 8 or 9 inches of snow to the lake, and Wednesday saw about the same amount. Wednesday night it turned to rain; then Thursday it couldn’t decide if it wanted to rain, sleet, or snow. Eventually it all became a sleety, sloppy mess.
Burn scar areas from the Creek Fire are currently under a flood advisory and evacuation warning due to the heavy rains expected Thursday, creating potential for debris/mud flow. The evacuation warning area includes Kinsman Flat Subdivision, Saginaw Creek Subdivision, and Cascadel Woods Subdivision.
After all of this weather drama, you will want to be sure your gutters, downspouts, and drains are cleared of debris.
The lake has stabilized at 50% full, normal for this time of year.
Mortgage Update January 19, 2021
Recently Nick Schneider, Manager of Yosemite Mortgage in Oakhurst, updated our local Realtors on changes in mortgage lending for 2021.
The important conforming loan limits for Madera, Fresno, and Mariposa Counties have been increased. Conforming loans are those at or below limits set by the Federal Housing Finance Agency and which meet certain funding criteria. Amounts differ for different counties in the state.
The limit for conventional, single family residential loans is now $548,250, an increase of over $38,000 above 2020 limits. Loans greater than that figure are considered Jumbo loans, generally subject to higher interest rates and tougher qualifications. For FHA, VA, and USDA loans the highest loan amount available for the 3 counties is $356,362, an increase of nearly $25,000 over 2020.
2021 ushered in record low interest rates, at a 2.65% average rate for a 30 year fixed loan. Interest rates have crept up recently, but are expected to remain low throughout 2021. Lower interest rates also mean increased housing affordability, as more people can qualify for financing.
A few notes regarding our local real estate market, from Beth Carver, Managing Broker of Bass Lake Realty:
We are in a perfect storm seller’s market, experiencing extremely low inventory, very high demand, and historically low interest rates. As of January 28, 2021 there are just 9 homes for sale at Bass Lake and 13 in Oakhurst. Multiple offers on a single property just listed are frequent throughout the mountain area, as are offers above the list price.
Buyers who are interested in purchasing in our Eastern Madera County locations should be prepared to provide evidence of loan qualification and/or cash to purchase when submitting an offer. When new listings come onto the market, those buyers who plan ahead have a better chance to prevail and obtain acceptance of their offer.
Sellers also need to plan ahead by choosing a professional Realtor who is familiar with the local real estate market in order to price their property accordingly and guide them through the selling process.
RE and COVID
CLICK FOR COVID-19 RE BEST PRACTICES..
As California moves through the stages of COVID reopening, you may find this list of local restaurants and businesses helpful if you come up to the mountain area. Click here..
Click here for State of California Covid info..
Remember, if you are planning a trip to the mountain area, click here for a list of OPEN restaurants currently offering curbside / take out service, open shops, & open beverages.
As questions arise, feel free to call, text, or hit reply with any questions so that we can all remain safe while meeting your real estate requirements.
Call, text (559) 642-3610, or hit reply with any questions!
YOUR Bass Lake Realty Team
Bass Lake Realty Inc
Serving You Since 1970
Real Estate Sales
+1 (888) 220-8633
+1 (559) 642-3610
54335 Rd 432 / #349
Bass Lake CA 93604
DRE License Number 01477156