Local & National Real Estate Stats Suggest Now Is A Great Time To List!

Generally in the South Lake Tahoe real estate industry, home sales taper off a bit in the colder months. This is due to a variety of reasons: School has started, buyers and sellers want to take a break for the holidays or people feel that there isn’t enough inventory to be successful in their South Lake Tahoe real estate goals. However, the latest round of stats for the United States real estate market has suggested that home sales were different this year and actually surged ahead this fall season. Check out these numbers: 

  • Home sales are at an annual pace of 5.60 million! That is the highest annual pace since 2007. That is a 2% increase month over month and 5.9% increase year over year.
  • 43% of homes are moving quickly and selling in less than a month.
  • The median home price is up 6% compared to October of 2015.
  • Distressed sales continue to decrease compared to this time last year and are down 5%.

Let’s take a quick peek at our current South Lake Tahoe real estate market stats: 

  • Home sales are up 6.8%
  • The sales price is up 15.7%
  • The month supply is 3.9

Inventory levels have dropped both locally and nationally for the 17th straight month. The national month supply is 4.3. Anything under 5 is considered a sellers market. Thinking of listing your South Lake Tahoe, CA real estate? With low inventory levels, you have less competition and more serious buyers in the market. Listing your real estate in South Lake Tahoe during this time of year gives you an edge you may not have had this spring or summer. To find out what your home is worth and what is happening in our local market, give me a call.

California Real Estate News: The Change To Dual Agency

If you have every purchased South Lake Tahoe real estate, you likely have heard the term “dual agency” at some point. Especially if you happen to be working with the South Lake Tahoe Realtor that is also representing the other party. If you are new to buying or selling real estate in South Lake Tahoe, the term “dual agency” is used when a Realtor represents both the buyer and the seller. Some Realtor’s do not do this as they feel representing both clients is difficult to manage neutrally while seasoned Realtor’s have learned to ensure both clients are satisfied and treated fairly. 

Now that you know a little bit about what dual agency is, it has been big news in California this week.

The California Supreme Court ruled unanimously on Monday, November 21st that a Real Estate agent representing the seller of South Lake Tahoe real estate has the fiduciary duty to both their client AND the buyer so long as the buyer’s agent is working under the same brokerage. Currently under California law, a broker can be a dual agent for both parties if the seller and the buyer give consent after full disclosure. 

This ruling stems from a case in Southern California where there was a square footage dispute. The seller’s agent stated that the property had 15,000 square feet of living space with a disclaimer at the bottom and it later came out that the home was indeed less than what was described in the listing agreement. Both parties were represented by different Coldwell Banker agents. This discrepancy in square feet lead to whether or not fiduciary duty should extend to associate licensees and the court ruled 7-0 that it does. 

So what does this mean for California real estate?

It basically means that if both the buyer and the seller’s agents work under the same brokerage, they will get fiduciary duty from both sets of South Lake Tahoe realtors. While this ruling has received some push back from CAR’s general counsel, they don’t feel that this will have that big of an effect on the real estate industry. As it is, listing agents are already required by California law to disclose all facts that could affect the value and desirability of a property. Whether a murder has happened at a property or the next door neighbor is hostile, all information must be given to prospective buyers. This is on top of the inspection and any defects that are found after so in most situations all details are disclosed as it is. 

Are you thinking of buying or selling real estate in South Lake Tahoe and are curious what this means for you? Give us a call to find out what your South Lake Tahoe Realtor’s duties are to you as a seller and or a buyer.

5 Things To Require From Your Realtor

Buying South Lake Tahoe real estate? Whether you are new to the process or a seasoned veteran, the idea of touring multiple homes, the negotiations and paperwork may feel daunting. Hiring a qualified South Lake Tahoe realtor can make buying a home feel like a breeze. But how do you know that you found the right realtor in South Lake Tahoe? Be sure they can provide these 5 things.  

  1. Price Honesty

When it comes to making an offer on South Lake Tahoe real estate you want to buy, make sure your Lake Tahoe, CA realtor explains their plan on how to get the seller and bank to accept the price. In today’s competitive market, you want a realtor that is going to help you come in with a strong offer from the start. Not one that creates an average offer with the hopes of negotiating later on.

  1. Working Within The Time Constraint

If you are on a strict schedule, whether it be because of school starting or a job transfer, pick a qualified Realtor that can help you meet that goal. You may not be able to get into the South Lake Tahoe real estate you want by the date you desire, but make sure they have a back up plan. For example, Pinnacle Real Estate Group of Lake Tahoe not only has relocation services, but we also have a long term rental department and a vacation rental department. We can help find housing in the interim.

  1. Navigating The Challenges

South Lake Tahoe real estate has a lot of nuances. From local government agencies to specific forms to beating out the competition, you need a realtor in South Lake Tahoe that can meet any challenge head on, and successfully so. This is one of the biggest financial investments you will make. Pick someone that goes to bat for you and makes the process as seamless as possible.

  1. Finding The Right Home

Chances are if you are buying a home for sale in South Lake Tahoe, you likely have some specifics you are looking for within the home. Moving is a big change regardless of how easy your real estate agent makes it. Make sure they know what exactly it is you are looking for, what needs are non-negotiable and what isn’t. They shouldn’t be wasting your time showing you homes that simply put do not work for you.

5.) Delivering News Eloquently

Real Estate isn’t always as easy as finding a house, making an offer, having it be accepted without negotiations and then moving in. Things pop up. The seller could want you to cover closing costs, something you weren’t financially anticipating. The inspection report could come back with some deal breakers. The appraisal could come up short. You need someone who has the courage to deliver news like this AND help you come up with solutions.

Thinking of buying South Lake Tahoe real estate? Give us a call to see how we can help you get into your dream home.

No Need To Wait Until After The Holidays To Sell!

Every year starting in about October, many owners of South Lake Tahoe real estate grapple with the decision of removing their home from the market or putting it on for the first time. Their big hang up is feeling like the listing process is too much during the holidays. There is the concern that keeping it clean with so many holiday festivities will be too difficult, not being able to decorate to their taste or they will have to move right before a major holiday. However, if you are serious about selling your South Lake Tahoe real estate, there are actually some really great reasons for having your home on the market during the holiday season. Check them out!

  • The people searching for homes for sale in South Lake Tahoe during the holidays are serious. These are not lookie loo’s with zero intentions. These are people that want to buy.
  • There is less competition for seller’s during this time.
  • Home’s can show better during the holidays when they are decorated, so long as you don’t go over board and create a cluttered look.
  • Employees who are being relocated for work are not concerned with the fact that it is the holidays. Meaning, there are people looking to purchase a home for sale in South Lake Tahoe and have to move.

Another thing to consider is that the supply of listings substantially increase right after the holidays end, meaning that you will have more competition if you wait. 2017 is also expecting a surge of new construction homes to flood the market to help ease the tight inventory. If you have questions about selling your South Lake Tahoe real estate, give us a call. We would be happy to walk you through the process.