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!

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 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. 

Why You Shouldn’t FSBO in Today’s Market

It is a tempting thought, isn’t it? With inventory so low and prices on the rise, you may have visions of extra cash from not paying commission dancing in your head. But will that actually be the end result if you try playing the role of South Lake Tahoe realtor? Likely not and here is why. 

1. You don’t have the exposure a South Lake Tahoe Realtor has.

Unfortunately, you can’t just put a sign up in the yard of South Lake Tahoe real estate and expect it to move like the good old days. Technology has advanced so much that a multi faceted marketing plan is necessary for selling a home for sale in South Lake Tahoe. This is something that an un-licensed non realtor just doesn’t have access to or even know where to start. Nowadays, results comes from the internet thanks to 94% of buyers using online as a search tool. In fact, 51% of buyers that actually made a purchase (as in, did more than just search) found the home on the internet. 34% found their home from their South Lake Tahoe realtor and only 8% found their home from a yard sign. The remaining 1%? The newspaper. In order to get a home for sale in South Lake Tahoe the exposure it needs, it starts with the local Multiple Listing Service. This is a tool for local licensed Realtors to list their seller’s South Lake Tahoe real estate. It includes all the necessary info that a buyer would use for their search criteria AND it is fed to websites all around the globe. When you “For Sale By Owner”, you simply do not get the exposure that a South Lake Tahoe realtor will get you. 

2. There are a LOT of negotiations. 

When you get an offer on South Lake Tahoe real estate, you aren’t simply negotiating with the buyer. Not at all actually. In addition to the buyer, you have their realtor (who’s best interest is not you), the home inspector (also working in the best interest of the buyer), the appraiser (who is working in the best interest of the bank) and possibly an attorney. These are factors that are present regardless, but in our current market things can get a little more tricky. Why? Two words: Multiple Offers. If your real estate in South Lake Tahoe is priced appropriately, you could get multiple offers. Which means you would be reading through multiple contracts trying to figure out which one is best for you. When you have a Realtor in South Lake Tahoe representing you, they see the offers first, which means they can review it and break down which one is the best offer for your current circumstances. 

3. FSBOing is WAY more difficult compared to year’s past

Speaking of paperwork, if you thought selling a home for sale in South Lake Tahoe was a simple contract, you would be wrong. Mandatory industry disclosures and regulations have dramatically increased the amount of paperwork that is involved in the process. So much so that For Sale By Owner’s has dropped down to just 8% over the course of the past couple decades. 

4. You get more money when you use a Realtor 

What you think you will save in commissions can usually be covered by how much extra you get when you use a qualified Realtor in South Lake Tahoe. This is the main reason that most people decide to FSBO. They want that extra money in their pocket. However, studies have shown that those that decide to list their home for sale in South Lake Tahoe on their own usually make about $60,000 less compared to what a Realtor in South Lake Tahoe will get them. Of course every property is different and that is on a national average, but with how hot the local real estate market is, you do not want to leave any extra money on the table. 

If you are thinking of listing, give me a call. I can give you the current market value for your home based on comparable sales in your neighborhood. 

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