South Lake Tahoe Real Estate Update

Thinking of listing or buying homes for sale in South Lake Tahoe? You have come to the right spot! One of the best ways you can prepare yourself for the South Lake Tahoe real estate market is by educating yourself on the current conditions. Details like average sold price, days on market and percentage of list price are of great benefit to both buyers AND sellers. As a buyer, you can utilize this info to make a competitive offer on South Lake Tahoe homes for sale. As a seller, you can price according to the local comparable sales and get an enticing offer AND a fast sale. The best way to get this information is from a South Lake Tahoe Realtor. We have resources at our disposal that are continually being updated. We use these details to guide our buyers and sellers towards a successful South Lake Tahoe real estate experience. So how is the current market looking? Let’s take a look! 

Both the average and median prices for South Lake Tahoe homes for sale have increased compared to this time last year! The median is up 7% at $429,000. However, while this is up from January 2017, this is actually the same from last month. Meanwhile, the average is up from this time last year by 6.4% at $520,117. This is up very minimally compared to last month. This is good news for seller’s looking to list their South Lake Tahoe homes for sale. While you should consult your South Lake Tahoe realtor, most home values are up which usually results in more money at resale. The median percentage of list price has increased slightly from last year by 0.5% with homes for sale in South Lake Tahoe getting 98.2% of list. Percentage of list price is a great tool that allows you to gauge your negotiation power. The bad news for buyers is that available South Lake Tahoe real estate is down 10.2%. New listings are up slightly at 0.2%, which is good news for buyers. Closed sales have seen a small 4.9% decrease while pending sales are down 6.6%. The median days on market is 73 and the average days on market is 102. Both of these numbers are down compared to this time last year but the same as last month. Month supply is at 3.5. We have been at this month supply for the past few months. A balanced market needs a 6 month supply and anything under 4 is considered a sellers market, which we are definitely in currently. Whether this report indicates a more balanced market on the horizon or simply the lull of the season remains to be seen. Whether you are looking for more information on the market, or a South Lake Tahoe realtor, give me a call. I would be happy to help!

Selling in 2018? Hide These Items!

So you have already deep cleaned, de-cluttered, re-arranged furniture and you feel your South Lake Tahoe real estate is market ready! But is it? Before you go to market, there are certain house hold items you are used to seeing everyday, but others may not. Putting some of these items away are for their benefit, but some are for your own. When buyers tour homes for sale in South Lake Tahoe, they notice every little detail about the house, beyond square footage and whether or not it fits their criteria. If you are selling this year, take the extra steps to make sure you secure these items before allowing a showing. 

Documents & Mail

Anything that has sensitive information or has your name and mailing address probably should be locked away. Believe it or not, not everybody touring homes for sale in South Lake Tahoe have your best interest at heart. Bank statements, credit card bills, mail with your full name and personal documents are best kept out of site and out not easily accessible. 

Pets

Also, not everyone loves pets. If you have a dog, cat, pet snake, rat, bird, etc. lock them up during the showing and specifically detail their location so a potential buyer doesn’t walk into an allergic reaction or their worst fear. The goal is to get buyers to leave South Lake Tahoe homes for sale in a good mood, not freaked out. 

Politics

We are living in such a sensitive and tense political climate right now. If you have to sell, perhaps  take down the overly political art work or signs. This makes your home welcoming to everyone and prevents turning away otherwise great buyers. 

Medications

This goes back to the point that not every person walking through homes for sale in South Lake Tahoe have your best interest at heart. If you have any kind of medications, lock them away during showings and open houses. 

Food

Yes. Some buyers will walk into South Lake Tahoe homes for sale and help themselves to a snack. As we all work hard and some have to spend more on food due to a big household, allergies and special diets, coming home to see food missing isn’t the best feeling. No one likes it when their college roomy does it, so having a complete stranger do it can feel violating. There are ways you can prevent this. One is organizing your fridge and your cupboards. If it looks super messy, a snacker may feel like you won’t notice. If it is clean and tidy, they may hold off as missing snacks will be more noticeable. Leave a tray of fresh cookies on the counter or a basket of grab to go snacks with a sign that says “take one” next to the property flyers. This should curb their appetite. 

Other items to consider hiding out of site are anything that suggests there is something wrong with the home. Everyday items like fans or space heaters that could be used specifically for white noise could suggest the temperature of the home is either too hot or too cold. Ear plugs on the night stand and a baseball bat with more than necessary locks on the door suggest the neighborhood could be loud or sketchy after hours. Oh and that ash tray outside? Put it away. Any signs of smoking near/or in the house is a major turn off. As always, discuss with your South Lake Tahoe realtor what needs to be done to make your home perfect for tours and open houses. Selling in 2018? Let me know-I would be happy to help!

 

How To Buy in 2018

If you are wondering how buying homes for sale in South Lake Tahoe is different this year compared to years past, you will want to continue reading. Especially if you are looking for your own piece of South Lake Tahoe real estate this year! No matter the who, what, where and when-buying real estate in South Lake Tahoe, or anywhere for that matter, is no small task. Especially because the rules keep changing. And changing. And changing. This is why working with a qualified South Lake Tahoe realtor is crucial. Not only do they know the local market and can guide you accordingly, but they know about the changes before they even happen. These changes impact both buyers and sellers, which can change the process for both parties. So thinking that you can just waltz in to 2018 and snag a piece of South Lake Tahoe real estate for yourself? You can, but Toto-we are not in 2017 anymore! 

1. Understand how the new tax codes impact you

Let’s tackle the pink elephant in the room first: the new tax code. This tax reform has stirred things up quite a bit. A lot of folks and industry professionals are concerned that this change could make homeownership unavailable for a lot of Americans. While this is a multi faceted issue, it should’t deter you from looking at homes for sale in South Lake Tahoe and becoming a homeowner. After all, owning is still financially better than renting. In a nutshell, home owners can deduct mortgage interest on loans up to $750,000 which is down from $1,000,000. This is expected to impact the pricey markets most. Unfortunately, California falls under that category. The median list price is $270,000 for the United States. South Lake Tahoe real estate on the other hand is almost double that for our average sold price! So while only 1.3% of new mortgages are expected to be affected, second home resort markets like Lake Tahoe *could* take a hit. Once again, a mortgage interest deduction should not be your main motivation for becoming a home owner. However, be sure to talk with your South Lake Tahoe realtor about this. 

2. Prepare for stiff competition

We are bringing a piece of 2017 into 2018 and are starting off the year with record low inventory. And all cash buyers. A year ago, 23% of buyers were bringing cash to the table-and not just list price either. A lot of folks won in a multiple bid situation due to an over list offer with all cash. If you have been searching for homes for sale in South Lake Tahoe, those two combos may sound like a nightmare. It also isn’t expected to get better. This gives buyers an edge as they don’t have to deal with financing (and any issues that could occur with the loan) which sellers love. Don’t despair if you can’t fork over cash, let alone extra cash. There are some things you can do. First, get pre approved. This puts you on a fast track. Plus you know your budget, which helps you stay focused on South Lake Tahoe homes for sale that you can actually afford. Once you found real estate in South Lake Tahoe that you want, chat with your South Lake Tahoe realtor about any details pertaining to the seller that you can work into the offer. Do they have a strict timeline? Do they want to rent back? Is this a one owner home that wants their property going to a growing family that will make similar memories? Get as many details as possible and then be flexible. If you are willing to work with them and you have a loan secured, your offer could take the top of the list. 

3. Don’t believe everything you see

Most buyers are searching for South Lake Tahoe homes for sale online. And nowadays it is so easy. From broker websites to Zillow to Redfin, it is pretty easy to peruse listings all over the world from the comfort of your phone. Just don’t believe everything is as it seems. In 2017, hackers were out in full force sending emails that looked like an email from a realtor or title company. How much money did these folks attempt to divert just last year? Almost 1 billion dollars! If something seems hanky, pick up the phone and call. A good realtor in South Lake Tahoe will be more than happy to discuss details with you. Beware of red flags like super urgent offers listing a home at a low price for one day only or anything that requests your social security or banking information. Also, while a South Lake Tahoe Realtor is backed by a specific code of ethics, not every South Lake Tahoe real estate professional operates the same. If the person you have been working with seems to be operating in a way that makes you feel uncomfortable, don’t ignore your gut. Buying real estate in South Lake Tahoe is a big investment. You should feel good about it! 

4. Consider a home that needs some TLC

It is no surprise that there is more competition for move in ready, renovated South Lake Tahoe real estate with all the bells and whistles. However, spending less than your loan and making upgrades usually is less than the price of completely remodeled homes for sale in South Lake Tahoe. If you have the time and patience to make this happen, consider it if you are serious about purchasing real estate in South Lake Tahoe this year. Just keep an eye out for homes that need cosmetic renovations. Foundation or structural issues are not worth it if your budget is tight. 

For more information, give me a call. I would be happy to help!