Finding Best Home Values In South Lake Tahoe

November 26, 2014

In the first quarter of 2014, South Lake Tahoe experienced a spike in home values.  This was due largely to a sudden drop in the available homes for sale in South Lake Tahoe.  For homeowners that have been patiently waiting for their home equity to reach a level that allows them to sell, it was an encouraging signal.  Anticipating that values would continue to rise, the flood gates opened with hundreds of optimistic sellers. The result was an abundance of homes that had more than met the buyer demand.  This had shifted the balance to favor the buyers in the market and home values began to level off as the summer season approached.

The summer season brought many homeowners to the market with higher prices.  As the rise in home values stalled out, sellers found themselves overpriced in the market.  Since June, price reductions became a daily occurrence.  The oversupply of homes and daily price reductions had sent a different message to the buyers in the market.  Buyers no longer sensed the urgency and some had decided to wait for a downturn in the market.  The downturn never happened nor do I think that it will.  The sellers had also noticed the change in the market place and they are waiting for the next upturn.  For now both the buyers and the sellers are on a level playing field as the market finds itself in a more balanced position.

This may not discourage most of the buyers from pursuing the “Tahoe dream”but they have become more selective with the higher prices.  The expectations are high and the buyers are looking for the whole package.  They want a great location and condition for a price that offers less.  Buyers are taking more time to thoroughly scan the market and they are leaving no stone unturned.  When a good value does pop up, it is quickly scooped up and it’s not uncommon to see multiple offers.

Knowing that it now takes longer for a home to sell, buyers may not have to wait for a good deal to pop up.  The better values are most likely going to be the sellers that have been already been sitting on the market for a long period of time and they are becoming more motivated.  From my experience, it is hard to predict which seller is more motivated because you don’t see it in the asking price.  More times than not, you won’t find out until you actually submit a written offer.  It is more work and time but it may take offers to several buyers to flush one out.  If you are a good fisherman, then eventually you will snag one!

However, snagging a good deal may not be your goal.  I am meeting more buyers that are looking for a home to hold for a long period of time.  So it may become more of a waiting game as they try to find the right home at the right price.  I have seen many buyers do exactly that and wait too long.  The waiting game perpetuates to the point of never finding or buying anything.  It is almost impossible to find the complete package.  If you are looking for the right thing to hold for a long period of time, then it will most certainly be worth paying a little bit more! Making dozens of offers to find the motivated seller will do more to frustrate you and exhaust yourself.  Finding the Tahoe dream will become the Tahoe nightmare!  From a real estate agent that has worked with hundreds of buyers over the years, you don’t want to do that to yourself.  My best advise to you is to put your focus on a nice home that will make you feel comfortable.  It will never be perfect. You will most likely compromise some of your expectations and pay a little more but you will realize the “Tahoe dream”.  For more assistance, call a local South Lake Tahoe real estate agent, Jim Wire, 530-314-9008 or email to jim@hotwiretotahoe.com.

Lake Tahoe Home Sale Weekly Report for Nevada East Shore 11/20/14

November 21, 2014

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes and Condos for the East Shore. I just started tracking condos with homes as of October 28th, 2009 which will be give different results from previous market reports. The reason that I use this segment of the market is that it has the most influence on the general value trends.

The home sales on the Nevada east shore of Lake Tahoe are still looking good and the cold is not slowing it down!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes on the market and the pending sales.  This past week the Market Activity Ratio had increased by 1.1% due to the number of Lake Tahoe homes for sale decreasing by 1 as the pending sales increased by 2.  There are no bank owned foreclosures but 4 short sales currently on the market.  The distress sales now represent 3% of the available inventory and 19.4% of the pending sales.

This past week there were 4 completed sales for a YTD total of 182 sales.  The sales were on Quaking Aspen for $430,000, Griffin for $390,000, Cedar Ridge for $835,000 and Easy St for $2,195,000.  This had decreased the 6 month average sales price by .7% to $972,973.  The average days on market are 157 days.  For more information, contact your local Lake Tahoe real estate agent, Jim Wire, 530-314-9008 or email to jim@hotwiretotahoe.com.

South Lake Tahoe Home Sale Weekly Report 11/20/14

November 20, 2014

As of July 29th, 2009, I began adding Condos to the market statistics. What you are looking at below are charts and numbers derived from the South Tahoe Association Of Realtors Multiple Listing Service for Single Family Homes and Condos. The reason that I use this segment of the market is that it has the most influence on the general value trend..

The South Lake Tahoe Home Sale market is still proving to have healthy sales despite a declining inventory!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of South Lake Tahoe homes for sale and the pending sales.  This past week the Market Activity Ratio had increased by 2.1% which is the result of the number of South Lake Tahoe homes for sale decreasing by 15 as the pending sales increased by 4.  It now shows that 27.3% of the available inventory are now pending sales in escrow.  There are 3 bank owned foreclosures and 2 short sales available on the market.  The distress sales now represent 2.1% of the available inventory and 11.4% of the pending sales.

There were 11 completed sales this past week for a YTD total of 588 sales.  The lowest sale was a townhome on Ski Run for $180,000. Better than half of the sales were below $417,000. The top three sales were on Narragansett Cr. for $505,000, Pioneer Tr for $555,000 and Marshall Tr for $639,000.  This was enough to increase the 6 month average sales price by .8% to $428,699.  The average days on market are 110 days.  For more information, contact your local Lake Tahoe real estate agent, Jim Wire, 530-314-9008 or email jim@hotwiretotahoe.com.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 11/20/14 at 7:00pm
Active
Listing Price Range Quantity Average DOM
$40,000 thru $49,999 1 99
$100,000 thru $119,999 2 37
$120,000 thru $139,999 2 141
$140,000 thru $159,999 2 144
$160,000 thru $179,999 8 140
$180,000 thru $199,999 6 123
$200,000 thru $249,999 13 119
$250,000 thru $299,999 23 90
$300,000 thru $349,999 30 130
$350,000 thru $399,999 24 127
$400,000 thru $449,999 16 121
$450,000 thru $499,999 16 125
$500,000 thru $549,999 11 140
$550,000 thru $599,999 11 140
$600,000 thru $649,999 9 110
$650,000 thru $699,999 10 124
$700,000 thru $749,999 2 53
$750,000 thru $799,999 8 247
$800,000 thru $849,999 4 137
$850,000 thru $899,999 4 63
$900,000 thru $949,999 2 104
$950,000 thru $999,999 5 151
$1,000,000 thru $1,249,999 4 263
$1,250,000 thru $1,499,999 9 207
$1,500,000 thru $1,749,999 2 378
$1,750,000 thru $1,999,999 3 397
$2,000,000 thru $2,249,999 1 181
$2,250,000 thru $2,499,999 1 142
$2,500,000 thru $2,749,999 1 302
$2,750,000 thru $2,999,999 1 146
$3,250,000 thru $3,499,999 1 118
$3,500,000 thru $3,749,999 1 68
$10,000,000 or More 1 75
234 137
Summary Price Information
Minimum $47,000 Maximum $11,500,000
Average $627,329 Median $429,500
Pending
Listing Price Range Quantity Average DOM
$140,000 thru $159,999 1 209
$160,000 thru $179,999 3 113
$180,000 thru $199,999 1 87
$200,000 thru $249,999 7 181
$250,000 thru $299,999 20 98
$300,000 thru $349,999 10 67
$350,000 thru $399,999 12 105
$400,000 thru $449,999 7 91
$450,000 thru $499,999 5 96
$500,000 thru $549,999 2 40
$550,000 thru $599,999 8 129
$600,000 thru $649,999 2 257
$650,000 thru $699,999 4 167
$700,000 thru $749,999 2 270
$1,000,000 thru $1,249,999 2 137
$1,250,000 thru $1,499,999 1 179
$2,500,000 thru $2,749,999 1 116
88 117
Summary Price Information
Minimum $149,000 Maximum $2,660,000
Average $441,224 Median $357,000
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2014 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

Area Market Survey
Summary

Listings as of 11/20/14 at 7:00pm
Sold
Selling Price Range Quantity Average DOM
$80,000 thru $89,999 1 62
$100,000 thru $119,999 3 65
$120,000 thru $139,999 4 112
$140,000 thru $159,999 5 142
$160,000 thru $179,999 7 122
$180,000 thru $199,999 10 100
$200,000 thru $249,999 36 77
$250,000 thru $299,999 61 90
$300,000 thru $349,999 59 95
$350,000 thru $399,999 42 92
$400,000 thru $449,999 25 154
$450,000 thru $499,999 32 104
$500,000 thru $549,999 22 131
$550,000 thru $599,999 17 134
$600,000 thru $649,999 9 156
$650,000 thru $699,999 10 126
$700,000 thru $749,999 3 187
$750,000 thru $799,999 6 84
$800,000 thru $849,999 2 203
$850,000 thru $899,999 4 129
$900,000 thru $949,999 1 98
$1,000,000 thru $1,249,999 4 294
$1,750,000 thru $1,999,999 1 456
$2,000,000 thru $2,249,999 1 0
$2,750,000 thru $2,999,999 1 118
$3,500,000 thru $3,749,999 1 500
$5,000,000 thru $5,999,999 1 49
368 110
Summary Price Information
Minimum $87,500 Maximum $5,750,000
Average $428,699 Median $349,000
Equal Opportunity Housing * All information deemed reliable, but not guaranteed.
Info deemed reliable but not guaranteed. DOM may not reflect total days property has been on market
Copyright ©2014 Rapattoni Corporation. All rights reserved.
U.S. Patent 6,910,045

1480 Ledge Ct – Lake View Home for Sale in Lake Tahoe!

November 18, 2014

%Jim Wire %Real Estate Lake TahoeThis is a newly renovated chalet which was completed in 2010.  The views of Lake Tahoe are priceless!  A new foundation was constructed and the home was enlarged from 1652 SF to its current size of 2798 SF.  Only the original framing remained as the home was stripped to the studs.  All of the electrical, plumbing, windows, roof and siding were replaced.  With a new look and increased size, it is stunning!

This is a one of a kind lake view home for sale in Lake Tahoe! It boast 4 bedrooms plus a loft, 3.5 baths and a double garage.  The main floor is an open area which combines the kitchen and living area which makes it functional for entertaining large groups.  The kitchen has a double wide refrigerator and freezer.  There is an commercial size gas stove top and oven.  The cabinets are a walnut wood.  Located in the middle is a large granite top island.  To accommodate large gatherings, there are stools around the island and two dishwashers.  The living area opens to the deck outside.  From the outside deck you can see the dual sided fireplace and listen to music with outdoor speakers.

To ensure warmth and comfort there is radiant floor heating. The main floors are done with a hand-scraped Walnut Acacia wood.  The bathrooms are a slate tile.  There is a view from every room except for one bedroom.  Two of the bedrooms are suites with bathrooms.  One is located on the main floor and the other is on the floor below.  On the lower level are two bedrooms and a bathroom.  The downstairs living area has a slider door that leads to the deck with a hot tub.  The upper loft area has a game area and a sleeping area.  The third bathroom is located in the loft area as well.

From the moment that you walk through the front door, you are faced with a fabulous lake view!  There is almost no place that you can go to avoid a view of Lake Tahoe.  Of course it’s a view that you can never tire from looking at.  To see more photos click here.  For more information contact your South Lake Tahoe real estate agent, Jim Wire, 530-314-9008 or email jim@hotwiretotahoe.com.

 

 

Lake Tahoe Home Sale Report for Nevada East Shore 11/13/14

November 13, 2014

What you are looking at below are charts and numbers derived from the Northern Nevada Regional Multiple Listing Service for Single Family Homes and Condos for the East Shore. I just started tracking condos with homes as of October 28th, 2009 which will be give different results from previous market reports. The reason that I use this segment of the market is that it has the most influence on the general value trends.

During the slow season the Lake Tahoe home sales may experience a periodic spike in sales and this past week it did just that!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number Lake Tahoe homes for sale and the pending sales.  This past week the Market Activity Ratio had increased by 2.3% as the number of homes for sale decreased by 4 and the pending sales increased by 4.  It is showing that 20.2% of the available homes for sale are now pending sales in escrow.  There are no bank owned foreclosures and 4 short sales currently available on the market.  The distress sales now represent 3% of the available inventory and 14.7% of the pending sales.

There were 2 completed sales this past week for a YTD total of 178 sales.  The sales were two townhomes on Bigler Cr for $275,000 and Burke Dr for $360,000.  The recent sales had decreased the 6 month average sales price by 1.5% to $979,558.  The average days on market are 157 days.  For more information, call your local Lake Tahoe real estate agent, Jim Wire 530-314-9008 or email jim@hotwiretotahoe.com.

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