Whether you are listing or buying, the real estate term everyone is using is “Seller’s Market”. Seller’s know that the market is theirs, while buyers know the market is not in their favor. But what does this term really mean? Simply put: There isn’t enough inventory to meet demand. Homes for sale in South Lake Tahoe go quickly and for either asking or over. When listing or buying South Lake Tahoe homes for sale, it is crucial to know what kind of market you are in. This knowledge helps you understand what you need to do as a buyer or a seller to have a successful experience as well as plan accordingly.
Now that you know what a seller’s market is, you may be wondering where they are located. Currently, most of the U.S. is in a seller’s market. Of course, being neighbors with the Bay area, we already know this. If you are wondering if South Lake Tahoe real estate is in a seller’s market, the short answer is yes. Our current month supply for 96150 is 3.6. Anything less than 4 is in favor of the seller and in order to be considered balanced, we need a 6 month supply. The more complicated answer is why the usage of a South Lake Tahoe realtor is key. Each neighborhood has their own market stats. For example, most South Lake Tahoe real estate areas are in a seller’s market but there are some neighborhoods that are not. Tahoe Keys for example has a month supply over 6. They also happen to have a higher price point. When you work with a South Lake Tahoe realtor, they can provide a tailored market analysis based on comparable solds.
If you are buying South Lake Tahoe homes for sale, you might be wondering when this will ease up. Real estate predictions are hard to nail with 100% accuracy. However, industry experts have suggested that the tight inventory will start to ease up by the end of the year. There are a lot of builders trying to rush to satisfy buyer’s needs. Unfortunately, home prices and interest rates are also supposed to go up as well. The best way to help yourself as a buyer in this kind of market is to align yourself with a qualified realtor in South Lake Tahoe. They will work to get you into brand new listings as soon as possible so you can get an offer in quickly. They will also make sure you are prepared ahead of time. From getting pre-approved to helping you determine what exactly it is you want vs. need. These types of details prevent you from wasting time in a market where you don’t have a lot to begin with. When it is time to make an offer, they will help you craft a competitive one, figure out when it is appropriate to waive contingencies or broaden your search to other areas. They will offer you options as they guide you through this exciting journey.
If you are wondering how this happens, there are actually a few factors that go into it. Job growth is one aspect. This brings population growth, which is another aspect. These two create demand, which can exceed the supply. Housing starts is another. This term is used for the number of new construction started by builders. When an area has a lot of new housing starts, chances are, the demand is there which means there are a lot of buyers and not enough homes for sale in South Lake Tahoe to go around.
So how can you tell if you are currently in a seller’s market? Well, your realtor in South Lake Tahoe, for one. Other indicators are how long South Lake Tahoe homes for sale are sitting on the market before accepting an offer. The percentage of list price is another. If the home is getting 100% or over of the asking price, chances are good that you are in a HOT market. If the prices for South Lake Tahoe homes for sale continue to go up, this is another good indicator that as buyer, you may have your work cut out for you. In fact, this is why the use of a realtor in South Lake Tahoe is crucial. Regardless of if you are listing or buying homes for sale in South Lake Tahoe, a local realtor can help you navigate the entire process from start to finish. Need help? Give me a call! I would be happy to help!