When a South Lake Tahoe Realtor enters a listing into the MLS, it tells local professionals and their buyers a lot about the home. Which is a great resource as it helps people find homes for sale in South Lake Tahoe that actually match their criteria. Or….not. While beds, baths, square footage and ask price are all parameters that help people find what they are looking for, there are certain things that can cause for pause like a lengthy DOM. DOM is also known as Days On Market. This is telling buyers how long homes for sale in South Lake Tahoe have been sitting active. Your South Lake Tahoe Realtor will usually be able to tell you why a home is taking a while to sell just from their local knowledge, but if you are hesitant to view a home that has been sitting a while, read below.
First thing is first: It is a myth that there is something wrong with South Lake Tahoe real estate that has been sitting a while. In fact, there are a lot of factors that come into play. Lots of times it is due to being overpriced as mentioned above. Sometimes it is because an offer was put on the home and accepted, but then financing fell through. Sometimes it is outdated interior or needed repairs and buyers don’t want to sink a lot of money into a home. Location is another thing to keep in mind as something located along a high traffic road isn’t always desirable. Or, in other situations, the Listing Realtor did a poor job of marketing the home. Professional photos capturing all the angles or limited information aren’t exactly the best thing for luring buyers into a home. Sometimes, it is simply that a home is TOO custom and the layout or design would only appeal to a small pool of buyers.
A higher DOM can give buyers a little more bargaining power in some scenarios. Market value is what a buyer is willing to pay for homes for sale in South Lake Tahoe. When demand is limited, a serious seller could be willing to negotiate more. Especially if they are eager to sell. Low balling is never a good way to introduce your offer, but work with your South Lake Tahoe Realtor on coming up with a price that is below ask but the seller would still be willing to work with. Just note, not all sellers are desperate even if their home has been listed a while.
Finding South Lake Tahoe real estate that matches all your needs and is a bargain is tough. If you find something that matches your criteria but has been sitting a long time, proceed with caution and find out why. It could be nothing, or it could be something. Whatever you do, do not skip the inspection contingency in the contract. It is your right as a buyer to make sure you know everything about this investment that you are making and should something negative come to light, you want to have the protection and ability to back out.
For more information on this topic or South Lake Tahoe real estate in general, feel free to contact our office. We would be happy to help.