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!

Selling? These Rooms Can Scare A Buyer Away!

If you are in the process of getting your home ready for the South Lake Tahoe real estate market, you came to the right spot. As I have discussed in several past blogs, there are a lot of steps to take in order to properly prepare homes for sale in South Lake Tahoe. Especially because you can think you are doing everything right, and still find that potential buyers may just not be that into your home. However, there are things you can do to make sure you make the best first impression on everyone that walks through the door. The most important is choosing a qualified South Lake Tahoe realtor. They will be able to advise on the steps that need to be taken as every property is different. However, there are some good, general “rule of thumb” tips to follow. Check them out here!

Unless your entire home for sale in South Lake Tahoe is vacant, avoid the lone empty room. It can kill a sale as it leaves buyers wondering what the space is meant for. As a seller, you may think it leaves things open for interpretation, but taking the steps to stage it like an office or a den can make a world of difference. Not to mention, when a room is empty, the flaws stand out. Like the chipped paint or stained carpet.

On the other end of the spectrum is the cluttered play room. We have all seen them, and we may even have them. One of the best things a seller can do is prepare their home for sale in South Lake Tahoe by de-cluttering, donating, selling, tossing or packing up what isn’t in use. Clutter anywhere gives the impression that a homeowner isn’t clean. So take the time to go through and clear things up. Also remove any art left overs like paint hand prints and stickers that have made their way to a wall or a window. Don’t think you can take a shortcut either and shove everything in the closets. A cluttered closet makes South Lake Tahoe real estate look like it doesn’t have enough storage.

Not every home can be light and bright throughout, however, one dark room can kill the deal. When buyers are looking for South Lake Tahoe homes for sale, they are looking for their dream home while simultaneously looking to see what negative each property features. If you have one room that doesn’t get a lot of natural light, try these tips.

  • Keep doors and blinds open so light can flow.
  • Add lamps and keep them on.
  • Use a mirror which reflects light AND makes spaces look bigger.
  • Take off window screens.

Otherwise, a dungeon like room can turn people away.

The dingy bathroom that has seen one too many baths can also cause a buyer to walk straight into the arms of other South Lake Tahoe homes for sale! Carpet in the bathroom, leaky faucets and a dirty tub can gross people out. Don’t go out of your way to do a complete remodel if it isn’t in the budget,  but do what you can to fix it up and make it appear clean.

Speaking of needing a spruce up, kitchens are the center of a home. When buyers are touring South Lake Tahoe homes for sale, the kitchen is one of the main rooms they are looking at. So while a spendy remodel may not be in the budget, do what you can to make it shine. If your appliances need updating, consider replacing them if possible. Affordable changes include a new coat of paint or stain on cabinets as well as new finishes. Fix creaky cupboards or broken drawers. Buyers are visual, so if you still have appliances from the 70’s, they are going to see dollar signs and start calculating what needs to be done if they buy your South Lake Tahoe real estate.

And finally, the formal living room that buyers feel like they can’t go in. These pristine rooms were once super desirable, but now feel like a space that doesn’t serve a purpose. While some folks still desire a fancy living room that only gets used for special occasions, most buyers want their living areas to be functional. Depending on the flow of the home for sale in South Lake Tahoe, you can use this room as an office, a dining room or a den.

Chat with your South Lake Tahoe realtor about what are the popular features buyers are looking for in a home for sale in South Lake Tahoe. Every area is different. So while some folks may be looking for new and modern in others, some may be interested in the charm of an older cabin.

To get more information from a South Lake Tahoe realtor, give me a call. 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. 

North Lake Tahoe Real Estate: 1st Quarter Market Report 2017

When looking at the stats for North Lake Tahoe real estate, it is important to note that these numbers do not include the West Shore, Squaw Valley, Truckee and Northstar and Tahoe Donner.

The first quarter showed there were about the same amount of homes sold while the dollar amount of the total solds did decrease. While the amount of homes sold stayed roughly the same, the average sold AND median sold price  went up. Which is great news for sellers. This means they likely get more money at the time of resale compared to last year. On the other side, this means buyers will also have to spend more compare to last year. The days on the market also saw a little bit of an increase, but minimally. While this particular side of the lake is known for a higher price point, this month’s highest sale was between $3,000,000 – $4,999,999 while this time last year saw the highest sale between $5,000,000 – $7,999,999. When looking at some of the other stats for the communities we didn’t include (mentioned above) on this side of the lake, all of them saw a dip in active listings, solds, etc. I am going to chalk it up to this crazy winter we have had. Snow and road closures make it hard to get to listings so I am keeping an eye on the numbers as it starts to warm up. For more information on North Lake Tahoe real estate, give me a call. 

North Lake Tahoe Real Estate Market Report 2017 2016
North Lake Tahoe Real Estate Market Report 2017 2016
# of Listings Sold 31 33
Average Price $745,168 $715,340
Median Price $625,000 $520,000
Days On Market 113 93

Lake Tahoe, NV Real Estate: 1st Quarter Market Report 2017

If you are looking to purchase Lake Tahoe, NV real estate, the numbers for the first quarter are in and the results are looking pretty good.

The number of sales is higher this year compared to last year. Also good news is that both the average and median price for Lake Tahoe, NV real estate have gone up by a pretty impressive amount. If you are buying real estate in Lake Tahoe, NV this means you are looking at higher prices compared to the past few years. If you are selling real estate in Lake Tahoe, NV, this simply means you likely will get more at the time of resale. 

The dollar per square foot has also gone up. The list to sale price (the percentage of the list price the home is receiving) has dipped a little bit, but nothing significant. Speaking of decreases, the median days on the market has also dropped compared to last year. On the day this blog was published, there were 72 active Lake Tahoe, NV real estate listings with a median price of $1,987,500 and 13 homes were in escrow with a average price of $1,539,030. For more info on buying real estate in Lake Tahoe, NV, give us a call as I would be happy to help! 

LAKE TAHOE, NV MARKET COMPARISON 1ST QUARTER 2017 1ST QUARTER 2016  
# of Sales 117 101  
Median Price $850,000 $670,000  
Average Price $1,345,546 $958,004  
Sale to List % 94.3% 94.6%  
Median Days on Market 158 170