The last few years have been tough for buyers in most major markets. With South Lake Tahoe real estate being a second resort market, our real estate climate operates a bit differently. However, with that being said, our month supply is still considered a seller’s market. While we can tell buyers that at the current moment, the market isn’t as competitive as it was and things are slowing down. These two reasons combined make it the perfect time to buy. Still not sure if you are ready to take the plunge? Check out these 4 reasons on why now is a great time to buy!
There are more available homes.
For now, there are more homes for sale in South Lake Tahoe than there have been for a while. Sure some sellers have taken their South Lake Tahoe real estate off the market for the winter months, but our month supply is the highest it has been in a while. This means more inventory for buyers to choose from, and less competition from other buyers. As the South Lake Tahoe real estate market is always changing, be sure to chat with your South Lake Tahoe realtor about the current conditions. Not only can they give you some great insight on the market in general, but they can share with you what is happening in the neighborhoods you are interested in.
Price increases will calm down…..a bit.
For a while it felt that with each passing day, prices for homes for sale in South Lake Tahoe continued to climb and the amount of inventory declined. While prices are expected to increase this year, it is expected to do so at a slower pace and less than the prior years. While any increase in prices could knock some buyers out of the game, this does mean less competition for the ones who can still afford to purchase South Lake Tahoe real estate.
Mortgage rates are still low.
The end of 2018 had a lot of talk about mortgage rates increasing. 30 year fixed mortgage rates were on their way to hitting 5% and expected to go higher than that in 2019. However, the rates have not yet gone higher, in fact, they have been falling to rates that are still considered historically low. Which makes now a PERFECT time to buy South Lake Tahoe homes for sale.
Rents are still rising with no plans to decrease any time soon.
Buying a home can seem super expensive. Between the down payment, home owner insurance and maintenance repairs, it can seem like an overwhelming expense to take on. However, when you are buying South Lake Tahoe homes for sale instead of renting, you are not only investing and gaining equity, but locking in your monthly housing expenses. Rents continue to go up with no decline expected in the future. Of course, your South Lake Tahoe realtor can give you more insight on this as they are the experts on the local housing market.
For more information on buying South Lake Tahoe homes for sale or to get information from a South Lake Tahoe realtor, feel free to give us a call. We would be happy to help!