It is the time of year when real estate experts put their heads together and share their forecasts for 2020. While talking with a South Lake Tahoe Realtor about the South Lake Tahoe Real Estate market is necessary, the country wide trends usually impact the local and regional markets in some way at some point. Whether you are a buyer or a seller, it is important to know what is happening as things like inventory, interest rates and home price appreciation impact both parties.
Currently, the biggest issue for 2020 is the inventory shortage. This has been something that has been talked about for the past few years and while it has gotten better and slowly gone up in our South Lake Tahoe real estate market, it continues to impact several parts of the United States as well as some of our own neighborhoods here at the lake. If you plan on buying or selling South Lake Tahoe real estate in the coming year, chat with your chosen Realtor about how our current inventory supply impacts you and your real estate goals.
Thankfully, if you are buying, interest rates are still projected to remain low. And if you are selling, appreciation is expected to continue into the new year. Some notes from industry experts feel that even though there has been an increase with new construction, 2020 will still fall short on supplying more inventory for buyers. In fact, some even say it will reach a historic low. With millennials being the biggest demographic of buyers, the more affordable entry first time home has the highest demand and that is generally where this tight inventory is being felt.
While it is important to look at the country wide trends, it is crucial to work with your local South Lake Tahoe Realtor to understand what is happening in our local market. Hiring someone who has experience, education and a proven track record in helping local sellers and buyers is necessary for success. For more information on this topic, feel free to call me. I would be happy to share my thoughts on what to expect for South Lake Tahoe Real Estate in 2020.