Lake Tahoe Real Estate News
Lake Tahoe Real Estate News
Over the last few months, I have been writing about the surging demand for homes at Lake Tahoe. This is driven by the enormous size of our Bay Area feeder market and the amount of people who can now work remotely. They are exchanging the city life for a better quality of living away from the crowds, and into the mountains of Lake Tahoe.
Representing buyers and sellers in a hot market requires a good strategy. Below I have listed a few things to keep in mind to ensure you get the best possible price, whether you are a buyer or seller.
The Law of Supply and Demand
When the inventory of a real estate market begins to decline, prices are usually driven upward. Sometimes buyers and sellers prefer to wait on the sidelines to see what will happen. Often, sellers believe that if they wait to list their home, they will get a higher price. In reality, the market will always find true north – or the best possible value because of the supply and demand factor.
This means that when you list your home, a lack of inventory will usually lead to multiple offers. Even if you are not sure you would like to list your home for sale at Lake Tahoe right now, knowing you have an interest, I can still put out feelers. You may actually be able to upgrade into a better property. I can also help you set a strategy that can increase your quality of life at Lake Tahoe...even if you already live here.
Seller Negotiation in a Hot Market
There are many factors to consider when you are listing your property for sale in a seller’s market. It is important that you work with an agent who understands how to make this market work for you. Since the days on market can dwindle, this can mean a fast sale. While this is good, you also want to ensure your offering reaches the most amount of buyers and that the listing is represented to make this happen. A fast sale is not always the best option. Reaching the most buyers is always more important.
Even in a hot market, you need a good promotional strategy, taking into consideration when to launch the listing, how to prepare it with the essential tools that will give it the greatest exposure, and even limiting showings to increase buyer anticipation.
Beyond promotion, you also need an experienced agent who is familiar with the negotiation process that can be quite different when multiple offers come in. There are many factors such as terms, down payment, and escrow period that can determine which offer is actually the best. There are also ethical considerations that need to be followed in working with multiple offers. I have been selling homes in the luxury market and have weathered many real estate climates. I know exactly how to get you the best possible price for your home.
Working with Buyers in a Seller’s Market
As a buyer, you also need a good strategy. Interest rates are at an all-time low, which gives this market another boost in buyer demand. However, interest rates rose this week and so, it is important to get pre-qualified and lock in a good rate prior to jumping into a hot market. You may need to act fast and should have everything ready in your arsenal for negotiation.
You might be over-analyzing a list price on a home you love, only to discover that it sold. Working with a seasoned agent will also become important because home buying is an emotional process. It will help to have someone on your side who is clear-headed and who can remind you of the reality of this market. I can also help you write up the offer that will give you the best possible opportunity for purchase.
Time is Not on Your Side
Whether you are a buyer or a seller in Lake Tahoe’s hot market, we don’t know what the future will hold. This unusual market demand could dry up as quickly as it started. In 2021, Silicon Valley businesses may ask workers to return to a normal work scenario. Interest rates can change because this is an election year. There are many variables driving the 2020 real estate market at Lake Tahoe.
I moved to Lake Tahoe because I wanted to enjoy the best of mountain and outdoor living. Becoming a realtor allowed me to help others achieve this dream. I have had the opportunity to be one of the top agents in our area, and have become a lakefront real estate expert.
I’d love to help you navigate this market in a way that you can get exactly what you want. I am licensed to sell both Nevada and California properties around the lake, which can give you a wider pool of available homes.
Contact me today for a free market analysis or for a list of available properties. Whether you want to move up or move in – you will love working with me.