Two Ways To Get The Best Price When Selling

When it comes to listing homes for sale in South Lake Tahoe, sellers usually have two goals: Sell fast & sell for the most money possible. Depending on the market, that can either be really easy or really hard. Regardless of the current South Lake Tahoe real estate climate, there are two consistent ways you can achieve this goal. Check them out below!

  • Choose a qualified South Lake Tahoe realtor. Someone who has been working in the market for a long time will know the ins and outs of each neighborhood. This helps them understand the current comparable solds and what the market values are. Your South Lake Tahoe realtor will use this to help you list at a realistic price. Anything too high can backfire. One, folks that could afford the number you are hoping to get won’t see your home for sale in South Lake Tahoe in search results because it is outside of their parameters. Second, if a home for sale in South Lake Tahoe is over price for the market conditions, it can sit and get a stigma that causes buyers to think there is something wrong with it.
  • Price it a LITTLE bit lower than the current market value. This always freaks sellers out, but the reality is buyers love a deal. When you price the home a little bit lower, you attract more attention which can result in more activity, more offers and hopefully closing at over asking, or atleast what you were hoping to get in the first place. Your South Lake Tahoe realtor will advise on this topic, but if they bring this up, be open. Especially if you are on a tight timeline!

One thing to note is that a lot of sellers looking to list their homes for sale in South Lake Tahoe think that if they FSBO (For Sale By Owner), they will save money on commissions. While listing your South Lake Tahoe real estate is not free, the guidance you get from a realtor in South Lake Tahoe is worth its weight in gold. Not to mention, experts and studies have proven that FSBO’s actually make less money in the long run. And you don’t have any help with the paperwork!

Also, stay flexible and take into account what your realtor in South Lake Tahoe has to say about pricing. A lot of seller’s get attached to a certain number fed to them by Zillow or compare their South Lake Tahoe real estate to recent homes that aren’t even comparable. You are hiring an expert so they can guide you and help you achieve your goal of selling quickly and for the most money. Trust them and you should have success. Have questions about this process? Feel free to reach out! I would be happy to help!

Buyers Are Not Held Back By Increased Mortgage Rates

When interest rates are low, buyers are encouraged to take advantage. After all, the slightest increase can impact a buyers power when it comes to purchasing homes for sale in South Lake Tahoe. If your budget is concrete and you can’t afford for wiggle room, the smallest hike can price you out of that dream South Lake Tahoe real estate. Since the start of 2018, rates have gone from 3.95% to 4.52%. At the same time, there has been a slight slow down in demand. Particularly in the younger age groups from 21yrs old to 35yrs old.  Whether it is for a growing family or their first investment property, younger buyers understand the value of owning South Lake Tahoe real estate. So why the sudden slow down? Is it due to increased rates? Surprisingly, no. Our country is seeing the biggest shortage in housing supply in nearly 60 years. South Lake Tahoe real estate is currently at a 3.8 month supply, which is definitely in a seller’s market. This is making it difficult for first time buyers to find homes for sale in South Lake Tahoe in general, not to mention within their budget. As the demand has increased and the inventory has decreased, prices have gone up. South Lake Tahoe homes for sale are well above the national average at over $538,000. This number has also increased monthly! This means that millennial buyers, in general, are not being priced out due to increased rates and prices for South Lake Tahoe homes for sale, they simply don’t have enough inventory to choose from.

This means that if you are a buyer, the best thing you can do is work with a South Lake Tahoe realtor. They can get you into homes that match your criteria quickly, which increases your chance at making the first offer. They can also guide you on how to make a competitive offer that sellers will find attractive.

Sellers, if you are in a position to sell, now is a great time. Inventory is low and you still have control of the market. If prices continue to go up, buyers that were able to afford your home, may not be able to.

If you are thinking of buying or selling South Lake Tahoe homes for sale, or are looking for a South Lake Tahoe realtor, feel free to give me a call. I would be happy to help!  

Why NOW Is A Great Time To List South Lake Tahoe Real Estate

If you are thinking of selling your South Lake Tahoe real estate, now is a great time! Every seller has a hope that they will make more money at the time of resale compared to when they bought their South Lake Tahoe homes for sale. That is pretty much ALWAYS the goal. However, you can’t always time selling your real estate in South Lake Tahoe with the same time that you need to relocate. If you have been thinking of listing, your best bet is to reach out to a South Lake Tahoe realtor. They can tell you who has control of the South Lake Tahoe real estate market and how to best leverage yourself for a quick sale for the most money. Currently, now is a great time to sell. The median and average sold price has continued to go up in our market and we are still in a seller’s market. In fact, the national average month supply is 4.1 and South Lake Tahoe real estate is 3.7. However, with that being said, the market can change quickly.

Experts are also advising homeowners to list their South Lake Tahoe homes for sale sooner rather than later. Mortgage rates are expected to increase again this year which impacts a buyer’s budget, which essentially impacts their buying power.  In simpler terms, they could afford your house right now, but if the mortgage rates go up, they may not depending how big the hike is. This can impact the demand vs. inventory levels and not in the seller’s favor. If we all of a sudden get a bunch of inventory on the market, buyers will become in control of the market.

At the moment, sellers have less competition which means they benefit from shorter listing times, competitive offers and in some scenarios, multiple offers which can result in over asking. If you are thinking of listing South Lake Tahoe homes for sale and need a South Lake Tahoe realtor, feel free to give me a call. I am a long time, local, South Lake Tahoe realtor who is well versed in this market and would be happy to help!

South Lake Tahoe Real Estate Report

Buying & listing homes for sale in South Lake Tahoe has multiple variables. If you are thinking of doing either, or both, you will need to get educated on the current market conditions. Knowing what is happening in the South Lake Tahoe real estate market helps both parties make strategic and smart decisions in how they approach buying or selling South Lake Tahoe homes for sale. The average and median sold price will guide a seller on pricing appropriately for the market, which keeps their home from sitting too long and growing “stale”. A buyer can use this information to compare their budget with the current market values. This is also helps to narrow their search as they find homes for Sale in South Lake Tahoe that match their needs and are within their price range. Details like days on market, month supply and percentage of list price are all great tools that your realtor in South Lake Tahoe can help you understand and benefit from. If you have not yet found a realtor in South Lake Tahoe, you will want to do that first to get started. Not only do we act as your guide and advocate throughout the entire process, we help you make strategic decisions that help you achieve success. It IS important to know that the below report is only for South Lake Tahoe real estate in general. Each neighborhood has their own report, so if you have your eye on a specific area, the numbers will be different. Once again, your South Lake Tahoe realtor will be able to give you a market analysis for each area that you are interested in.

 

The good news for sellers is that the average sold price for homes for sale in South Lake Tahoe has increased 5.9% from this time last year and is now at $540,495. The median sold price for South Lake Tahoe homes for sale has increased 4.7% from last year at this time and is now at $449,000. The median percentage of list price is still at 97.9%. This number has seen no change compared to this time last year. To understand the importance of this stat, it is a great tool to use when trying to determine your negotiation power when it comes to making and accepting an offer. Your South Lake Tahoe realtor will be able to further guide you with this one.

 

The good new for sellers is that the amount of South Lake Tahoe real estate is up slightly from 216 last year to 228 this year. New listings are also up 6.9%, pendings have increased 2.6% and closed sales are up 2.3%. Both the average and median days on the South Lake Tahoe real estate market are down from this time last year which means homes for sale in South Lake Tahoe are accepting offers quicker. The median is at 72 and the average is at 101. The month supply has increased 5.7% from last year at 3.7. This number has actually remained the same for the past couple months though. To understand what a month supply is, a balanced market needs 6 months and anything less than 4 is considered a seller’s market. Your South Lake Tahoe realtor can help you understand the importance of month supply and how it impacts you in your buying and selling journey.

 

For more information on real estate in South Lake Tahoe, feel free to give me a call. I would be happy to help!