The first official day of Spring may still be a few days away, but the Spring housing market is already underway. Buyer traffic is rising along with home prices, but one traditional Spring phenomenon is sorely absent: rising supply. The raw number of homes for sale is now at its lowest level in over 13 years, according to the National Association of Realtors, and the numbers continue to fall.
Supplies are down across the nation. In South Lake Tahoe listings are down 45.9% percent from a year ago causing fierce competition among home buyers.
It’s a seller’s market again. We have very low inventory and almost no distressed homes on the market. Most properties that are being listed are going into escrow within a few days and in many cases receiving multiple-offers.
As a result, short sales, where the home is sold for less than the value of the mortgage, are rising as a share of total distressed sales, while bank-owned home sales are falling. Investors are now competing for such little supply that they are ironically pricing themselves out of the market.
We are seeing this trend all over the country and it’s the same story in South Lake Tahoe CA, where there were 419 listings in March of last year and just 264 listings on the market today. Real estate agents are doubting that they will see a surge in inventory this Spring.
Source: RETahoe.com – posted on March 9th, 2013 by Fernanda Dozier - http://www.retahoe.com/2013/03/low-inventory-of-homes-for-sale-in-south-lake-tahoe/
The Pinnacle Real Estate Group of Lake Tahoe is proud to announce they received national recognition within the Leading Real Estate Companies of the World’s® 2013 Annual Conference held at the Cosmopolitan Hotel in Las Vegas, Nevada. Pinnacle’s website, www.RealEstateofLakeTahoe, earned the Quality Certification (WQC) Award acknowledging superior websites among LeadingRE’s 550 member firms.
The Pinnacle Real Estate Group was also named in the LeadingRE’s 2012 Momentum Club. This award was given based upon Pinnacle’s increased level of incoming as well as out-going referral transactions within the LRE organization. Michelle Benedict, co-owner of the Pinnacle Real Estate Companies of the world, in response to receiving the awards commented, “It was quite an honor to be recognized within such an elite real estate organization. Our agents worked hard over the past year and it is nice to be able to bring these awards back to them. They deserve it.”
The LeadingRE Conference Week attracted 2,000 real estate brokers, managers, relocation professionals, sponsors and guests from across the U.S. as well as 20 countries worldwide. The Pinnacle Real Estate Group was selected for membership in Leading Real Estate Companies of the World, which recruits only the best among locally and regionally branded firms. As a member of this global network, the Pinnacle Real Estate Group can assist home buyers and sellers worldwide and can access LeadingRE’s full range of brokerage services, including lead generation, branding support, luxury marketing, web exposure, technology systems, and state of the art learning and credentialing.
OPEN HOUSE, February 2nd and 16th, Saturday 11:00 AM – 3:00 PM
1511 Ojibwa Street, South Lake Tahoe, CA
Wonderful home in extremely quiet private setting. Forest land across street and in back. Beautifully maintained with log accents. Includes snow blower, Refrigerator/freezer, Washer, Dryer, Custom display cabinets in great room, Custom cabinets in Garage, most furniture (in accordance with owner`s inventory). Back deck has flower boxes with a drip system as well as natural gas access for a barbeque. Bear box in place.
- 4 bedrooms
- 2.5 bathrooms
- 2 Car Garage
- Built in 2003
- 2,479 sqft of living space
Here is the Monthly Real Estate Market Update for the Month of December, year of 2012 for the area of South Lake Tahoe, California.As of December 31st we had a total of 214 Residential Properties in the Market, including single family and condos, with an average price of $536,882.
In that same group (Residential Properties including single family and condos), we had a total of 23 new listings entering the market in the month of December. The average price for new listings this month was $397,961, with an average price per square feet of $232.
From 214 listings, 70 listings were pending escrow and 28 of them went into escrow in the month of December, 2 of them being a Short Sale. The average price for the 28 homes that went into escrow this month was $314,758, with an average price per square feet of $192 and they were an average of 100 days on the market.
In December, 49 Homes were SOLD. The average sales price for the homes that were sold this month was $309,849 with an average price per square feet of $188 and an average of 109 days on the market.
Please feel free to contact me if you have any questions regarding this Market Update or if you want me to provide a Market Update specific to your neighborhood.
Source: RETahoe.com – posted on January 2nd, 2013 by Fernanda Dozier - http://www.retahoe.com/2013/01/real-estate-market-update-south-lake-tahoe-ca-december-2012
The mortgage interest deduction is vital to the stability of the American housing market and economy. It is imperative that you join us in telling Congress to oppose any plan that modifies or excludes the deductibility of mortgage interest.
Is the Mortgage Interest Tax Deduction important to you personally and to your business? In case you missed it, several vague references have been made to “closing loopholes” and “limiting deductions” in discussions of how to avoid the “fiscal cliff” by increasing revenues. Unfortunately these references have been made by both House Republicans and the Obama Administration. And we know that the MID is chief among those revenue raisers.
REALTORS have been able to protect the Mortgage Interest Deduction over the years, but this time, it is really at risk to being limited or even possibly eliminated.
WHAT YOU CAN DO TO HELP:
* Respond to National Association of Realtor’s Call to Action – it just takes a few clicks! http://bit.ly/TUNqwq
* Forward the Call to Action to friends & family.
* Share what you’re doing & how important it is on Facebook & Twitter. Use hashtag #savethemid. Ask people to share with others as well!
* Talk about it with friends, clients, vendors & service providers
It’s so important that we let our legislators and the Obama Administration know how important the MID is to us. Please take a few moments and take action today.