For everyone who had plans to buy Lake Tahoe real estate in 2020, the coronavirus has thrown a lot of people for a loop. Travel has been canceled, school has moved to online learning, people have been furloughed and things continue to change. Real estate in Lake Tahoe has not been an exception. Though considered an essential business, things have definitely changed and buyers and sellers have put their plans on pause. If you are serious about purchasing while competition and mortgage rates are low, you may have some questions on how to proceed. Working with your Lake Tahoe Realtor will be really important as you move forward but here are a few things to know in the meantime.
Can I still buy homes for sale in Lake Tahoe?
Absolutely! If you are still employed and approved for a home loan, you can still buy a property. The procedures have just changed. For example, in certain states, in home viewings have been paused. In others, like California, you can still view homes in person, there are just certain protocols put in place in order to prevent brining the disease inside the home or infecting those that are touring it. Some sellers may not want physical tours which can make things hard, but for the most if someone has a home listed, they know that qualified buyers will want to see homes for sale in Lake Tahoe before they offer and close. Just be sure to follow the rules, don’t touch anything, make sure to be socially distanced and wear protective booties and masks. A local Lake Tahoe Realtor will have the best grasp on what the local guidelines are so be sure to ask before you proceed.
Is now a good time to buy?
If you are employed and approved, now is a great time to take advantage of the market. There are some definite financial benefits. For starters, the historically low mortgage interest rates. This means your monthly mortgage payments will be lower while still locking in a great rate. There is also way less competition with so many other would be buyers on pause due to various reasons like being furloughed. This could also result in a stronger negotiation position.
How long is it taking to close on homes for sale in Lake Tahoe?
This is taking a little longer than just a few months ago. Appraisers and home inspectors have to adjust their protocols to make sure they are in compliance with the latest rules while still doing their jobs. Lenders are also a bit backlogged right now with so many folks trying to refinance. Ask your Lake Tahoe Realtor to get a better idea as the seller may also have some stipulations in place regarding timing.
Last but not least, many folks are curious if the pandemic has impacted Lake Tahoe real estate prices. It does have the globe in economic turmoil currently, so it is a fair question to ask. Fortunately, we went into this with low inventory, high demand and higher home values. In fact, most of us are seeing that home prices are holding steady. Which means, low balling is not appropriate for the current climate. We are still in a seller’s market, so while you could test a seller’s willingness to negotiate, I would highly suggest you work closely with your Lake Tahoe Realtor before submitted a number that is below market value. For more information on buying real estate in the area, feel free to give me a call. I would be happy to answer all your questions!