Spring in the United States is considered a very busy season for real estate. While Lake Tahoe real estate is a second home resort market with a couple of seasons, we do start to see this time pick up. Add in Coronavirus, historically low interest rates, and well…..it could be confusing trying to figure out if NOW is a good time to list. One big thing that is important to note is that every single person has a different timeline. You may need to sell due to relocation, which can’t wait. Or you may want to size up or down, which can likely wait a bit. Chatting with your trusted Lake Tahoe Realtor about your personal circumstances is the best way to determine how to proceed and what to expect. However, the below information offers some good insight if you find yourself pausing and not sure what to do as a seller who was hoping to list this year.
1-Is it safe to list right now? That is a valid question. Lake Tahoe real estate is considered an essential service by the U.S. Department of Homeland Security. However, each area is running things a little differently. Some are only letting prospective buyers in one by one while other areas are 100% virtual, meaning showings are done online. You also may not feel great about letting people into your home not knowing whether or not they have been exposed and could potentially bring something inside. Buyers are being required to wash hands and sanitize while either removing shoes or putting booties on their feet. If you are still living in the home, it would be advisable to clean after each showing, which could get daunting after a while. If the home is vacant, then as long as buyers are taking extra precaution, it should not be a worry to you as a homeowner since you won’t actively be in the property.
2-Are buyers even interested in looking at homes for sale in Lake Tahoe right now? Some have paused, plain and simple. But it is important to note that they are pausing for a variety of reasons. Some have been furloughed or put on reduced hours and have to wait until they are working full time again to secure their loan. Some are simply facing a lot of uncertainty and can’t make any big financial decisions at the moment. A couple things to note though is that inventory is still low and prices have still gone up. Which means anyone expecting a repeat of 2008 with a surplus of homes for sale in Lake Tahoe at incredibly cheap prices might not want to hold their breath waiting for a screaming deal. The current circumstances just aren’t the same as they were 12 years ago. Now if economic conditions worsen, then we might start to see housing prices drop if buyers start to back out, but that won’t correct the issue of low inventory. Which means buyers pausing solely for the purpose of waiting for a cheaper price tag may be waiting for something that isn’t coming to fruition anytime soon.
3-Are homes for sale in Lake Tahoe going to take longer to close? Your Lake Tahoe Realtor can provide more insight on this, but it definitely could. The average for close is 50 days. Buyers are placing more contingencies on their offer during this time of Covid-19. Longer home inspections are a common thing and delayed inspections result in delayed repairs. Extended closing timelines are another as financial circumstances change which impacts the loan approval process. There are a variety of scenarios happening and the best thing to do is to have patience. Make sure your Realtor in Lake Tahoe is keeping you informed along every step of the way, so you know what is going on. One positive for sellers concerned about a high Days On Market scaring away potential buyers is that buyers likely won’t be concerned about that for the next 6 months as they understand the impact this virus has had on our markets.
One thing to note that is really important is your homes online presence. Right now it is more important than ever to make sure you are working with a Realtor in Lake Tahoe who has a digitally driven and technologically advanced marketing plan. There are SO many ways to get a property in front of buyers online. Prior to this pandemic, online is where most buyers started their journey. Now it is basically the only option for the current moment. If you want to continue with listing your Lake Tahoe real estate, be sure to interview a few agents and ask them how they make their listings stand out online. For more info on this topic, feel free to give us a call. We’d be happy to help!