As we head into 2020, the real estate forecasts from industry experts are making headlines and while every professional has their own opinion on what to expect, there are a few things everyone is agreeing on. Before we jump into those bullet points, it is important for buyers and sellers to familiarize themselves with the current market conditions if they have plans to list or buy homes for sale in South Lake Tahoe. Knowing what the average and median sold prices are, what the days on market are and what the inventory is like are just a few things that can guide both parties towards a successful action plan. For buyers, knowing these details gives them an idea of buying power, a sense of urgency and how competitive they have to be. For sellers, it lets them know their position in comparison to other sellers, how quickly homes are getting offers and what their negotiating power is. Additionally, working with a qualified South Lake Tahoe Realtor who knows the local market is crucial for success. Not only do we act as an advocate in both scenarios, but we help guide you through the entire process and beyond. So how is 2020 looking? Let’s see what experts are predicting below.
- Interest rates will be lower than they have been and are projected to remain that way throughout the year. Buyers, this means when looking at homes for sale in South Lake Tahoe, you can rest assured that so long as you don’t wait too long, you are likely to secure a great interest rate on your loan, which gives you more buying power. Sellers, this is good news for you because when interest rates are low, more buyers feel inclined to purchase South Lake Tahoe real estate so they can lock in that great rate.
- While lack of inventory is expected to be an issue throughout the year, experts predict that the number of homes sold next year will at the very least be equal to 2019, or even or outpace it.
- Home prices are expected to go up by 5.4% over the course of the next year. For sellers, this is added value to your property. However, buyers may want to purchase earlier in the year if they want to save money.
What is important to note is that every market is a little different. South Lake Tahoe real estate is a second home resort market, so while the national trends do impact us, work with your South Lake Tahoe Realtor to find out how those trends are impacting you locally. You want to feel confident about listing or buying homes for sale in South Lake Tahoe and the best way to do that is with the advisement of a South Lake Tahoe Realtor working on your behalf. For more information on buying or selling South Lake Tahoe real estate, feel free to give us a call. We would be happy to help!