If you are beginning the process of looking at homes for sale in South Lake Tahoe, you may be wondering how the supply available impacts you. In a nutshell: quite a bit. While your South Lake Tahoe Realtor should be able to explain in depth the current market conditions, buying real estate is basically business 101: When supply is low and the demand is high, the prices go up. When demand is down and supply is high, the prices go down. Of course, each market varies and what is considered a lot of money for one area may be considered an amazing purchase for another.
As someone thinking of purchasing homes for sale in South Lake Tahoe, when the inventory is low and demand is high, it may take a while to find that dream home within your budget. Usually when these are the market conditions, sellers are getting multiple offers and the competition can cause buyers to offer more than the list price. This can price out some buyers causing their purchase to be delayed while they try finding their home. Additionally, if you find a home within your budget that fits your criteria, you do not have any time to sleep on it. Blink and you will likely miss it. Our best piece of advice if this is your current market is to work with a qualified South Lake Tahoe Realtor who knows exactly what you want. A long time, local established Realtor will know of properties before they come on the market, which means you get first dibs before the bidding wars begin. It also means they will be able to ease frustrations by coming up with advice, alternatives and creative ideas that can get you into a new home sooner.
Now if your market has a LOT of homes for sale in South Lake Tahoe available, the demand is low and the prices have come down, you are in luck. This means you get can get the most bang for your buck while having plenty of houses to choose from. You also get a little more time to make a decision. You still need to work with an experienced South Lake Tahoe Realtor as they are the best resource to guide you through the process. In the world of Real Estate, anything can happen.
Currently, the South Lake Tahoe real estate market has a month supply of 4.6. This is up 21.1% from this time last year. While this is good news for buyers that the inventory is increasing, this is still just over a seller’s market and a bit a way from a balanced market, which has a 6 month supply. For more information on selling or buying South Lake Tahoe real estate, feel free to give our office a call.