How “Location, Location, Location” Impacts Buyers & Sellers

If you’ve entered the South Lake Tahoe real estate market, either as a buyer or a seller, the average and median sold prices impact your ability to sell as well as your purchasing power as a buyer. You likely have also heard the South Lake Tahoe real estate saying “location, location, location”. When it comes to listing or buying homes for sale in South Lake Tahoe, where your property is located ties into the listing price. Comparable sold homes for sale in South Lake Tahoe can either decrease or increase in value based on where they are located. So many home owners will refer to Zillow’s automated value system or a similar home in an entirely different neighborhood and assume their South Lake Tahoe real estate will sell or need to be bought for the same price. This is why it is so important to work with a local, experienced South Lake Tahoe realtor. In today’s real estate market, prices for South Lake Tahoe homes for sale are appreciating quickly. Knowing what to list at for a seller prevents you from listing too high and sitting on the market too long. As a buyer, you know what areas to look at based on your budget.

Currently, the median sold price for South Lake Tahoe homes for sale is $440,000 while the average sold price for South Lake Tahoe homes for sale is a little over $538,000. The median sold price for California in general is $522,000 at the time this blog was published. The interesting part to this though is that these numbers are just a general snapshot for the entire area. In order to find out what the value of the South Lake Tahoe real estate is that you are either about to list or buy, you need to look at the neighborhood comps. Each neighborhood has its own market statistics. Tahoe Keys and Montgomery Sstates have a higher average and median sold price than South Lake Tahoe real estate in general. Meanwhile, Sierra Tract is lower. Working with a professional South Lake Tahoe realtor can help you understand how “location, location, location” applies to you. Value is often dictated by demand and not every neighborhood has the same demand. If you are about to buy or sell South Lake Tahoe real estate, reach out to a South Lake Tahoe realtor. They can let you know what exactly is happening in the neighborhood you live in or are hopefully about to live in. Have questions? Feel free to reach out and ask me!

Why Summer Is A Great Season To Sell Real Estate

Thinking of selling your South Lake Tahoe real estate this summer? This really is a great time! Of course, you will want to align yourself with a qualified South Lake Tahoe realtor who can act as your advocate from start to finish. They also break down the process in a way that is not only easy to understand, but  also prepares you for the market. There are always certain things that a seller will want to do to prepare their South Lake Tahoe real estate before it goes in the MLS. A South Lake Tahoe realtor is also the best person to tell you what a market comparable list price is. Listing according to market value is the best way to ensure that your home will not sit and “grow stale”. If you feel like summer is the season you want to list, check out these tips for why now is a great time to sell homes for sale in South Lake Tahoe!

The demand for homes for sale in South Lake Tahoe is strong. Demand for homes is strong across the majority of the U.S. but we currently have a 3.7 month supply which puts us in a seller’s market. This essentially means that demand is high and inventory is low. This is a great time for homeowners to list their homes for sale in South Lake Tahoe as sold prices have continued to go up, which means you stand to get a return on investment at resale.

The process is a little quicker due to the competitive nature of the market. Serious buyers are getting all their affairs and finances in order so that when they find their dream real estate in South Lake Tahoe, they can act fast. This is great for sellers as it means they are attracting serious buyers who are focused on purchasing South Lake Tahoe homes for sale.

Now is also a great time to move up if you can afford to. South Lake Tahoe homes for sale that are in a higher price category are actually in a buyer’s market. Tahoe Keys for example is over the 6 month supply. Which means that you can take advantage of lower mortgage rates and snag that dream home you thought was out of budget. Sellers are more motivated to negotiate when they are in a buyer’s market, but also prices for real estate in South Lake Tahoe are projected to increase over 5% in the next 12 months. Predictions aren’t scientific; however, it is best not to test it if you can’t afford that kind of increase.

If you want more information on selling real estate in South Lake Tahoe or interested in working with a qualified South Lake Tahoe realtor, feel free to give me a call. I would be happy to help guide you through the process!

South Lake Tahoe Real Estate Update

The monthly market report is in! If you are purchasing or selling homes for sale in South Lake Tahoe, there are a few things you will want to do to get started. Before you do anything, align yourself with an experienced South Lake Tahoe realtor. We act not only as your advocate, but also your guide, from start to finish and beyond whether you are selling or buying. Once you have chosen a professional you trust, ask them for a detailed market report not only for South Lake Tahoe real estate in general, but your neighborhood and or the neighborhoods you are most interested in. If you have picked a qualified pro, chances are high they will give you this info right off the bat. But if not, using up to date details like average and median sold price, days on market and month supply can guide you regardless of what side of the transaction you are on. As a seller, you can rest assured you list your real estate in South Lake Tahoe at a market appropriate price while a buyer can feel confident they put together a competitive offer. So how is Lake Tahoe real estate doing? Let’s look!

The average sold price for homes for sale in South Lake Tahoe has increased 8.2% from this time last year at $538,917. The median sold price for South Lake Tahoe homes for sale is up 5.3% from last year (although unchanged from the past couple months) at this time at $440,000. The median percentage of list price has increased 98%. This number is great to use as a tool for determining your negotiation power when it comes to making or accepting an offer on South Lake Tahoe homes for sale.

The amount of South Lake Tahoe homes for sale has increased slightly from 216 last year to 225 this year. New listings have gone up 15.4%, pendings are up 4.2% and closed sales are up 1.5%. Both the average and median days on the South Lake Tahoe real estate market are down from this time last year. The median is at 72 and the average is at 102. The month supply is still at 3.7, but that number is up 8.8%. To understand this number, South Lake Tahoe realtor’s look for a 6 month supply in order to be considered balanced, while anything less than 4 is a seller’s market.

It is important to understand that these numbers are for real estate in South Lake Tahoe in general. If you have a specific neighborhood you need a market update for or are looking in certain neighborhoods, these numbers will likely vary. Once again, the best place to get this info is from a realtor in South Lake Tahoe as we use up to date stats from the local MLS. Have questions about real estate in South Lake Tahoe? Feel free to reach out. I would be happy to help!