Buying In A Seller’s Market? Be Sure You Aren’t Making These Mistakes

If you are buying South Lake Tahoe real estate in this current market, you may feel like you are hitting some road blocks. Low inventory can be a frustrating obstacle for buyers. Whether you are dealing with being outbid or a brand new listing goes pending before you can even see it, be sure to check out these tips if you are not having luck with purchasing a home for sale in South Lake Tahoe.

Don’t delay

If you take your sweet time trying to view a home for sale in South Lake Tahoe, you could miss out on an opportunity that is perfect for you. Time is of the essence in this market so get everything ready and try to be the first one in the door after a listing hits the market.

Don’t submit a lowball offer

Lowballing can back fire in a big way, regardless of the market. This is not the time to play hard to get. Make an offer based on market value, otherwise you could offend the seller and turn them off completely from countering. If you are serious about buying South Lake Tahoe real estate, be respectful of the sellers and discuss a good offer with your South Lake Tahoe realtor before submitting.

Don’t make an offer for the pre-approved amount

Speaking of offers, smart buyers know that getting pre-approved is the best way to prove to a seller that you are serious. However, using the document to come up with an offer amount could work against you. In a seller’s market where homes for sale in South Lake Tahoe are getting multiple bids, a seller may feel like they don’t have any wiggle room with your offer if the number is exactly the pre-approval amount.

Don’t waive inspection

Yes, waiving as many contingencies as possible is a great way to get your offer on South Lake Tahoe real estate accepted. However, the inspection should not be one of them. You want to make sure the home doesn’t have a bunch of expensive repairs lurking below the surface that could cost you dearly later on. When you waive inspection, you also run the risk of losing your earnest money if you decide to back out of the deal later.  The only time this could be acceptable is if you, or a dear loved one, is a maintenance expert or a contractor and can do the work or repairs for cost. Even then, think long and hard about this one, and as always, consult your South Lake Tahoe realtor.

Don’t misrepresent yourself

If you are serious about buying South Lake Tahoe real estate, make sure you look great in the eyes of the seller. This market is competitive, and sellers usually prefer a buyer who is going to be the easiest to do a deal with. So be sure to avoid being too picky, making high maintenance requests, questioning the seller’s décor decisions and overall being too nitpicky.

As always, be sure you have a qualified South Lake Tahoe realtor working on your side. Having a long time, local expert working on your behalf ensures you not only have the best representation, but also the upper hand in a multi offer situation. For more information on real estate in South Lake Tahoe, feel free to give me a call.

South Lake Tahoe Real Estate: Buying DON’TS

If you are buying South Lake Tahoe real estate, you probably have a list of what it is you do not want and a list of what you absolutely do want. Some may buy because they need more space, some may buy because they want to downsize, some may buy for the purpose of an investment while others may just be sick of renting. Every buyers decision to purchase a home for sale in South Lake Tahoe is different. Of course when it comes to being a buyer in a sellers market, you may decide to compromise on more items then you had originally planned. In some scenarios, that is fine. After all, you can make South Lake Tahoe real estate your own over time. Especially if the home fits your “Need” list AND your budget. However, while being flexible is crucial when it comes to buying real estate in South Lake Tahoe, there are some things you should not budge on. Before signing on the dotted line, read these “Don’ts”. 

Location

It is like the old saying goes: Location, Location, Location. You can change things about a house, but you cannot change the location of it. So if proximity to a certain school, local amenities or your place of work is a must, don’t settle for a house that is too far away. Also, steer clear of homes for sale in South Lake Tahoe that front/back commercial businesses, highways or have other transportation noises such as airports. While having one nearby isn’t so bad, the constant noise from cars driving by or airplanes overhead can impact your daily life. Especially if you have young children. While having neighborhood businesses nearby can be a great amenity, it can also be a head ache when you simply want to kick your feet up and relax. 

Don’t Buy A Lemon

This is why inspection reports are so crucial. Who doesn’t want to be like Chip & Joanna Gaines from HGTV’s Fixer Upper? We get the allure of buying a budget home for sale in South Lake Tahoe so you can turn it into your dream home over time. However! There are certain “fixes” that can not only cost you a lot of money, but also your time and your sanity. Be sure the dream DIY project isn’t going to drain your bank account and turn in to the ultimate money pit later on. 

Commute 

When it comes to South Lake Tahoe real estate, there are a lot of people that are willing to drive to Sacramento or down to the Valley (Carson City, Gardnerville, Reno, etc.) for work. After all, it is a small price to pay to be able to own real estate in South Lake Tahoe. Just don’t forget that this is a drive you will be doing round trip 5 days a week during winter conditions and during busy summer traffic. Before you buy a home that guarantees you are spending a minimum of an hour driving every day, do the commute yourself during the times you would be driving to see if you can really do it long term. 

When it comes to buying real estate in South Lake Tahoe, it is crucial to work with a Realtor that is going to show you properties that fit your needs. A quality Realtor will have your best interest at heart and that means not buying something just to buy it. This is one of the biggest financial investments you will make so it is so important that you make the right decision for right now and your future. For more information on real estate in South Lake Tahoe, give me a call. I would be happy to help. 

 

South Lake Tahoe Real Estate Update

The South Lake Tahoe real estate market had mostly good news when comparing April 2017 to April 2016. Almost everything had increased compared to last year with a few exceptions. The closed sales were up by 4.4%. The median sold price was up by 13.9% (up from last month AND last year) and the average sold price was up 10%. If you have been thinking of listing your South Lake Tahoe real estate, chances are the amount you can sell for will be more compared to last year. The percentage of list price went up very little. This is the average amount of the home’s listing price that was received. Days on the market decreased by 3.3%. Inventory is currently pretty tight, so serious buyers are keeping a close eye on listings and making offers as soon as possible. Month supply, which determines what type of market we are in, went down 30.6%. Anything under 4 is considered a sellers market while anything over is considered a buyers market. This is great news for sellers as it means they have control of the market because supply is low and demand is high which means they can list their home for more money compared to a year ago. Buyers, however, have their work cut out for them a little more. For more information on South Lake Tahoe real estate, give us a call. 

South Lake Tahoe Market Comparison 2017 2016
Number of Sales 756 724
Median Home Price $410,000 $360,000
Average Home Price $492,091 $447,441
Average List to Sale Ratio 97.9% 97.4%
Average Dollar Per Square Foot $290 $292
Days on the Market 88 91
Month Supply 3.4 4.9

North Lake Tahoe Real Estate Market Update

When looking at the stats for North Lake Tahoe real estate, it is obvious that the lack of inventory had an impact on this months stats. The number of North Lake Tahoe homes sold decrease by 50% while the average sold price for North Lake Tahoe real estate decreased by about the same percentage as well. The median price stayed roughly the same. The interesting thing to note is that the days on market decreased substantially this year, compared to last year. We are assuming that lack of inventory had something to do with this. While this particular side of the lake is known for its higher price point, this month’s highest sale was between $900,000 – $1,999,999 while this time last year saw the highest sale between $3,000,000 – $4,999,999. When looking at some of the other stats for the communities in this area that we didn’t include (Squaw, Northstar, Truckee, Tahoe Donnor and West Shore) on this side of the lake, all of them saw a dip in active listings, solds, etc. We are going to chalk it up to all the snow and road closures and keep an eye on the numbers as it starts to warm up. 

North Lake Tahoe Real Estate Market Report 2017 2016
     
# of Listings Sold 7 13
Average Price $644,892 $1,081,230
Median Price $603,000 $622,000
Days On Market 54 140

Lake Tahoe, NV Real Estate Update

If you are looking to buy real estate in Lake Tahoe, NV, the latest update is in and it is an interesting comparison. The number of sales is lower this year compared to last year BUT the sold prices this year are definitely higher compared to last. Last year, there were no sales over a million and the highest sale was $975,000. Most of the sales this month were over a million dollars with the highest sale almost $5 million.  Also good news is that BOTH the average and median price for Lake Tahoe, NV real estate have gone up quite a bit compared to last year. This means if you have been thinking of selling for a while, your home value has likely gone up compared to just a year ago. The dollar per square foot has also gone up, further proving that point. Another thing that is up is the median days on the market. On the day this blog was published, there were 103 active Lake Tahoe, NV real estate listings with a median price of $1,275,000 and 20 homes were in escrow with a median price of $456,350. For more info on buying Lake Tahoe, NV real estate, give us a call as we would be happy to help! 

LAKE TAHOE, NV MARKET COMPARISON APRIL 2017 APRIL 2016  
# of Sales 6 9  
Median Price $1,425,000 $500,000  
Average Price $1,921,666 $577,266  
Median Days on Market 289 164  
Price Per SqFt $581 $305