If you are buying homes for sale in South Lake Tahoe, how much you have to spend dictates a lot. Everyone loves a good deal, especially on an investment. If you have found your dream piece of South Lake Tahoe real estate, you are probably wondering what kind of deal you can get. Before you come in with a lowball offer, ask your South Lake Tahoe realtor the below questions. The answers will help you determine how much wiggle room you have.
What kind of market is South Lake Tahoe real estate in?
If it is a buyer’s market, you may be able to come in a little (key word) lower. After all, there is a lot of competition for sellers and if they are serious about selling, they may be more willing to knock off a little bit on the price! If it is a seller’s market where there are minimal homes for sale in South Lake Tahoe and the demand is high, you should be prepared to come in at least at full price if not more.
How long has it been on the market?
If it has been on the market a long time with multiple price reductions, this is an indicator the sellers are motivated. However, this could mean the owners are close to their bottom line and may not be able to go any lower. Work closely with your South Lake Tahoe realtor if you find yourself in this scenario. If the home just came on the market, the sellers probably won’t consider lower than asking.
How does the price compare with similar homes for sale in South Lake Tahoe in the area?
Look at the comparable sold properties in the immediate area, as well as the South Lake Tahoe homes for sale that are pending and for sale. While a market analysis is based on actual homes sold because that tells us what the real market value is, you will want to understand how the home you are interested in purchasing stacks up with the current competition. This is a great way to figure out if the property you are interested in is overpriced for the market or right on the mark. Your South Lake Tahoe realtor will further explain how you can use this to your benefit, but knowing what is happening is a great way for you to navigate your options and come up with a strategic offer.
Once again, your realtor in South Lake Tahoe is the best resource for helping to create a competitive offer. With South Lake Tahoe homes for sale being in a seller’s market, you will want to be extra careful not to offend the sellers by going too low. If you aren’t completely in love with the house and don’t care what happens, you can be a little more risky in this move. However, if you are serious about the property and it matches all if your criteria, do what you can to make it yours. For more information on buying and selling in South Lake Tahoe, feel free to give our office a call. We would be happy to help!