With the current pandemic, many sellers have wondered if summer 2020 is a good time to list their homes for sale in Lake Tahoe. The reality is, the answer is YES! In fact there are 6 things backing this up to give sellers the confidence to put their Lake Tahoe real estate on the market. Here is what you need to know if you are on the fence.
Buyer Demand Is Back, and with a vengeance! Not only do buyers outweigh sellers, but those looking to purchase homes for sale in Lake Tahoe are serious and looking to make up for lost time after being forced to stay home for a couple of months. With buyers outpacing sellers, this means that sellers benefit from less competition which can result in a quick sale, sometimes over ask, depending on the variables.
As mentioned above, inventory is low. It was 27% lower in June compared to the year prior on a national level and according to our local MLS, it was down 15% for Lake Tahoe real estate in July. Once again, with buyer demand high and inventory low, sellers stand to gain by listing this summer.
The other perk to selling right now is that prices for homes for sale in Lake Tahoe are UP! The national median home price was up 7.7% while the median in our area was up 5.5% and the average was up 15%.
Furthermore, if you need to buy after selling, now is a great time. You can benefit from mortgage interest rates that are historically low and allow buyers to save tens of thousands over the lifetime of their loan. Even the slightest increase in percentage can impact your buying power. These historically low rates are a big driver in buyer interest right now.
Homeowners needs have shifted. Especially our Bay Area friends who love to visit on the weekends and holidays but prior to the pandemic had to report to work Mon-Fri. Now with schools and work happening remotely, people can live wherever they want with most of them choosing to live in places they love to visit frequently.
While unemployment rates were at record highs, businesses have started adding jobs back and claims for unemployment have slowed. These slow signs of recovery are fueling consumer confidence and giving buyers the motivation they need to buy Lake Tahoe real estate.
If you are want more information on buying or selling Lake Tahoe real estate, feel free to give our office a call. We’d be happy to help!
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