The one thing every seller wants to know is when is the best time to sell. Timing makes a huge difference in almost every aspect of life and South Lake Tahoe real estate is no exception. Of course, most homeowners looking to sell are concerned about timing because they want to sell when the market is in their favor and they can attract a buyer fast and for the most amount of money. When you add these two aspects into the mix, selling needs to be more strategic. So how do you know when it is time to list your South Lake Tahoe real estate? Your South Lake Tahoe Realtor will be able to give you some tailored insight, but the tips below are great for getting a good idea on the best timing.
- Keep an eye on the local South Lake Tahoe Real Estate Market.
Yes, the United States housing market in general does play a role, but every market is different. Real estate in South Lake Tahoe isn’t your average market. We are a second resort market driven by tourism and we have two different busy seasons, winter and summer. In the winter, weather plays a huge role. If we get a ton of snow, all the folks that love to ski can keep the local housing market hot. Not only that, but every neighborhood has its own market analysis. So while the average sold price for homes for sale in South Lake Tahoe is around $540,000, the numbers look different (and higher, by the way) in Tahoe Keys, Montgomery Estates, and lower in Sierra Tract. Your South Lake Tahoe Realtor will be able to give you a custom report based on your home that will answer all your questions on what is happening in the area.
- Mortgage rates make a difference.
When Mortgage rates drop, more buyers come out to take advantage and look at homes for sale in South Lake Tahoe. When mortgage rates go up, a lot of times buyers have to go back to the drawing board and re-assess their buying power. If their max budget is not negotiable, that increase in rate can all of a sudden change their search parameters or cause some to drop out of the game altogether. When mortgage rates are low, as they are right now, it makes for a lot of buying activity which can be a good time to sell as well.
- Get your home in shape before you list.
Your property may not need a lot of TLC, but if you want to get as close to full asking as possible, take the time to make some repairs. Just like sellers like to feel like they got full value, buyers like to feel like they got a good value as well. That means making sure the home needs minimal repairs and is move in ready. While no one expects you to sink thousands into a luxurious remodel, make sure cupboards don’t have loose hinges, fix leaks, handle any hazards and give your house some fresh curb appeal. When it looks like you haven’t taken care of the property because the little things aren’t handled, buyers assume there are bigger issues lurking below the surface. This can cause them to come in under asking, or not make an offer at all. Your South Lake Tahoe Realtor can let you know what buyers are looking for when touring homes for sale in South Lake Tahoe.
Of course, at the end of the day, everyone has their own, best personal timing. If you need to list during a buyer’s market or when mortgage rates are high and don’t have time to make the necessary repairs, go into the selling process with an open mindset. Prepare to work closely with your Realtor and be flexible with buyers. For more information, feel free to give me a call. I would be happy to help!