South Lake Tahoe Real Estate Tip: Why You Should Sell This Fall

If you have been thinking of selling your South Lake Tahoe real estate this fall, you have come to the right spot. If you have been hesitant because you feel you missed the “spring and summer window”, trust me-you haven’t missed anything. In fact, there are a few great reasons why NOW is a good time to list your real estate in South Lake Tahoe. 

You likely have heard that inventory is pretty low, and that isn’t wrong. 

Buyer Demand Is HIGH

If you pay attention to the news, you probably have heard a lot of talk about how our inventory is SUPER low right now. Buyer demand remains very strong through a majority of the country. South Lake Tahoe real estate is no different. There are qualified buyers who want to purchase your home for sale in South Lake Tahoe. Take advantage of the current buyer activity on the market. 

 

There Isn’t As Much Competition 

And not for the same reason there usually isn’t this time of year. Previously, this time of year would see a bit of a slow down, making it a great time to list your home for sale in South Lake Tahoe. Now this statement stands more than ever. The housing inventory across the U.S. remains under the 6 month supply that is necessary for a balanced market. South Lake Tahoe real estate specifically has a 3.4 month supply. For a seller, this means you have less competition. With so many buyers looking to purchase, you stand to receive a pretty great offer so long as you price accordingly to the market. Now, if you are thinking of waiting a little longer to see what else you can reel in, don’t get too ahead of yourself. There are predictions we will see more inventory coming on the market within the next year or two. As real estate cannot be predicted, don’t wait to see what happens. 

The Process Will Be Fast

Today’s competitive market has forced buyers to do everything to ensure they stand out from the pack in hopes of getting their offer picked. This means they are getting their finances in order, have picked a qualified South Lake Tahoe realtor, have qualified for a loan and are ready to go. This means they also know how much they can afford before the start shopping, which means they aren’t wasting any time. According to Ellie Mae, the amount of time it takes to close a loan has decreased over the course of the past 12 months. 

 

Now Is A Great Time To Move Up

If you want to move up and buy luxury real estate in South Lake Tahoe, now is a great time! Mortgage rates are still hovering (key word) around historically low rates and prices are expected to go up another 5% over the course of the next year. If you were looking to upgrade, now is a great time. Of course, chatting about this market with your South Lake Tahoe realtor is key. They can provide specific insight as luxury real estate in South Lake Tahoe could be in a bit of a different market compared to lower priced homes. It depends on many variables. 

 

 

If you are looking for a South Lake Tahoe realtor to help you navigate this market, I would be happy to help. 

South Lake Tahoe Real Estate Tip: Buying A Vacation Rental

Summer has ended and you may feel like you don’t want the fun to end. Enter in the idea of buying real estate in South Lake Tahoe for the purpose of a vacation rental. It is perfect! You can stay in it and then rent it out when you are gone. Sounds dreamy, right? Well, not so fast. Buying South Lake Tahoe real estate for the purpose of a vacation rental isn’t the same as buying a primary residence. Here are some “know before you go” tips. 

1.) A Vacation rental in South Lake Tahoe usually requires a bigger down payment compared to real estate in South Lake Tahoe, unless you are paying cash. Depending on the property, your credit and your financial status, the typical non owner occupied property requires 20% to 30% of the sales price. Of course, every situation is different, so consulting your South Lake Tahoe realtor is important who knows the ins and outs of both the South Lake Tahoe real estate industry AND the South Lake Tahoe vacation rental market is huge. As the president of the board AND the owner and broker of Pinnacle Real Estate, which also happens to manage vacation rentals and long term rentals, this is an area I take a lot of pride in. 

2.) Your real estate in South Lake Tahoe will need to go through the new VHR rules and regulations set forth by the city. Meaning, you will need to apply for the permit, get an inspection, make any changes the city requests and then wait to see if any of your neighbors within a 300 ft radius protest you using your real estate in South Lake Tahoe as a vacation rental in South Lake Tahoe. Once again, using a qualified South Lake Tahoe realtor is important as there are changes that take place in regards to the VHR. 

3.) You need to account for the additional costs that come with buying a Lake Tahoe vacation rental, like furnishings, textiles, houseware, etc. The whole reason people book a vacation rental in Lake Tahoe over booking a hotel is because it is a “home away from home”. They can basically walk into a South Lake Tahoe vacation rental and have everything they need at their fingertips and it doesn’t cost extra like at a hotel. If you don’t adequately furnish the property, it can have a negative impact on your future bookings. 

4.) You will need to have someone on speed dial for emergencies if you don’t live near your South Lake Tahoe vacation rental. Life happens, and it seems like it is always at the most inopportune times. Let’s say it is the middle of winter and there is a ton of snow and the roof on your vacation rental in Lake Tahoe starts leaking, or worse. The guests need someone to call in the event of an emergency. Which means, this is someone you will be paying. Speaking of people you will be paying, you will need to have someone who can go to the property and clean between bookings as well as perform routine maintenance, snow removal, trash, etc.  

If you are looking to buy a vacation rental in Lake Tahoe, you will need to consider these aspects. However, as a full service company that not only manages vacation rentals in Lake Tahoe, long term rentals and real estate, I’d love to help and answer more questions. 

South Lake Tahoe Real Estate Update

If you are thinking of buying or selling South Lake Tahoe real estate, knowing the current market conditions can help immensely, regardless on whether you are the buyer or the seller.  As the seller, you can rest assured that pricing your real estate in South Lake Tahoe is inline with current market conditions. If it is overpriced, you risk it sitting on the market and growing “stale”, while if you under price in the hopes of starting a bidding war, you could leave money on the table. Knowing this info also gives you a heads up on how long days are sitting on the market, the percentage to list price, homes for sale, etc. While every home for sale in South Lake Tahoe is different, knowing the market conditions gives you a heads up of what to expect. The same goes for buyers. They can be prepared for what to expect as far as cost goes, what their negotiation power is, etc. These details are why it is so important to work with a qualified South Lake Tahoe realtor. We utilize a tool from the local MLS that gives us all the details based on actual South Lake Tahoe real estate that has been listed or recently sold. So how is the local real estate in South Lake Tahoe doing? Let’s take a look! 

The average sold price for real estate in South Lake is up 12.8% at $518,811 while the median is up 11.7% at $430,000. The median percentage of list price is up 0.4% at 98%. This information is helpful as it indicates how much negotiation power you have with the offer. The amount of homes for sale in South Lake Tahoe has actually decreased by 16.6%. The closed sales have gone down 2.1% while pending sales have gone down 2.9%. New listings have gone up slightly at 0.1%, which is good news for buyers as South Lake Tahoe real estate is still in a seller’s market. We currently have a month supply of 3.4 and in order to be balanced, South Lake Tahoe realtors look for a 6 month supply. The median days on the market for homes for sale in South Lake Tahoe is 81. This is the time that real estate in South Lake Tahoe goes from active to accepting an offer. If you are looking for a South Lake Tahoe realtor to help you navigate the South Lake Tahoe real estate market, give me a call. I would be happy to help!