Selling Tips for Homeowners

September 2, 2014

South Lake Tahoe is a second home market.  A high percentage of our buyers come from out of the area.  What I hear most from the buyers is that they want to buy something in already good condition.  Their concern is that they don’t want to be faced with making any major repairs or upgrades themselves because they know it’s a challenge to work with contractors from long distances.  Because there are no statistics to quantify value for condition, it’s hard to know the exact impact on values.  However, as an experienced Lake Tahoe real estate agent, I can tell you that the homes in better condition will sell quicker and for higher prices.

So what can you do to prepare your home and get it into the best condition as possible?  You have probably already acquainted yourself with all kinds of articles regarding this issue.  So I won’t get into specific details.  The easiest and least expensive tactic is to give your home a fresh and clean look.  This can be achieved by simply decluttering and deep cleaning your home.  A step further would include fresh paint and doing minor repairs.

Homes that are dated back to a decade or longer will most likely need several upgrades.  In most cases, I find that homeowners do not have the time or money to do any major repairs nor upgrades.  Mechanical upgrades such as a furnace or water heater do not do much for the value of your home but they may become issues after a buyer does their home inspections.  A newer roof and windows may not add a lot more value but a buyer does take it into consideration and it will sell the home quicker.  The more visual impact an upgrade has, the more likely it will make a huge difference in value and time that it takes to sell.  These upgrades may be things such as stylish kitchens and bathrooms, wood floors, lighting, layout, fireplaces and exterior landscaping.

Unfortunately, when a homeowner makes a decision to sell, it is a decision that is more spontaneous rather than something that is planned.  The reality is that most homeowners are not prepared and prefer to sell their homes “As Is”.  They are not willing or they may not have the resources and time to make large improvements before putting their home on the market.  If that is the case and it usually is, then pricing your home competitively becomes more critical.

When it comes to pricing your home, your goal should be to price it just below the competition.  This will help it to sell quicker and avoid any negative stigmitation as it lingers on the market. It’s not always obvious what that number is because Lake Tahoe neighborhoods are not homogeneous.  In most cases, you are comparing apples to oranges.  Sometimes a property is very unique or the sales are nonexistent and there are no comparables.  Then you feel like you are plucking numbers from the air.  Lake Tahoe home values can be a challenge and your best valuation will come from an experienced, local real estate agent.  Websites such as Zillow.com and Trulia are hit and miss which doesn’t make them the most reliable source for an accurate home valuation especially in Lake Tahoe.

If you are thinking about selling your home, then set aside some time for preparation.  Start packing away things that clutter the home and leave only the essentials.  Do a deep cleaning that involves steam cleaning carpets, oven, closets, and anything else that is not cleaned on a regular basis.  Additionally, make repairs on mechanical systems that you may have been putting off.  A buyer will notice if a home is clean and maintained well.  A good impression will help to overcome any issues regarding upgrades.  It is also a small investment for a greater return.  For more questions or a home valuation, contact your South Lake Tahoe real estate agent, Jim Wire, cell 530-314-9008 or email jim@hotwiretotahoe.com.

Lake Tahoe Home Sale Weekly Report for Nevada East Shore 8/29/14

August 29, 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 homes sales on the Nevada east shore have been strong all summer!  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 decreased by .9% to show that 15.4% of the available homes on the market are now pending sales in escrow.  This was due to the number of homes for sale in Lake Tahoe decreasing by 5 as the pending sales decreased by 3.  There is 1 bank owned foreclosure and 4 short sales currently available on the market.  The distress sales now represent 12.9% of the inventory.

There were 9 completed sales this past week for a YTD total of 132 sales.  The lowest sale was on Aynes Ct for $295,000.  The top three sales were on Barton Dr for $798,000, Skyland Dr for $820,000  and Kelly Rd for $1,165,000.  The 6 month average sales price had decreased by 2.7% to $1,041,428.  The average days on market are 158 days.  For more information, contact your Lake Tahoe real estate agent, Jim Wire, at 530-314-9008.

South Lake Tahoe Home Sale Weekly Report for 8/28/14

August 28, 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.

Home sales in South Lake Tahoe have been strong all summer!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes for sale and the pending sales.  This past week the Market Activity Ratio had decreased by .7% to show that 23.2% of the available homes for sale are now pending sales in escrow.  This is due to the number of homes increasing by 5 as the pending sales decreased by 2.  So how does this compare to last year?  Last year at this time there were 69 less homes on the market yet there were 7 more pending sales.  There is only 1 bank owned foreclosure and 1 short sale available on the market.  The distress sales now represent .6% of the available inventory and 12.7% of the pending sales.

There were 19 completed sales this past week for a YTD total of 412 sales.  At this time last year there were 64 more sales.  The lowest sale was for $170,000.  Most of the sales were below $420,000.  The top three sales were on Tata Ln for $538,000, a townhome in Lakeland Village for $655,000 and Kokanee Way for $1,100,000.  The 6 month average sales price did decrease by .3% to $425,104.  The average days on market are 106 days.  For more information, call Jim Wire your south lake tahoe real estate agent, 530-314-9008.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 08/28/14 at 9:22pm
Active
Listing Price Range Quantity Average DOM
$40,000 thru $49,999 1 15
$120,000 thru $139,999 1 121
$140,000 thru $159,999 4 101
$160,000 thru $179,999 6 153
$180,000 thru $199,999 8 98
$200,000 thru $249,999 17 100
$250,000 thru $299,999 40 79
$300,000 thru $349,999 37 100
$350,000 thru $399,999 45 96
$400,000 thru $449,999 30 129
$450,000 thru $499,999 22 109
$500,000 thru $549,999 16 96
$550,000 thru $599,999 18 69
$600,000 thru $649,999 12 87
$650,000 thru $699,999 16 109
$700,000 thru $749,999 2 94
$750,000 thru $799,999 8 183
$800,000 thru $849,999 5 159
$850,000 thru $899,999 4 277
$900,000 thru $949,999 2 24
$950,000 thru $999,999 7 51
$1,000,000 thru $1,249,999 5 144
$1,250,000 thru $1,499,999 15 154
$1,500,000 thru $1,749,999 3 380
$1,750,000 thru $1,999,999 5 244
$2,000,000 thru $2,249,999 1 97
$2,250,000 thru $2,499,999 1 56
$2,500,000 thru $2,749,999 2 125
$3,000,000 thru $3,249,999 2 118
$3,250,000 thru $3,499,999 2 50
337 110
Summary Price Information
Minimum $47,000 Maximum $3,495,000
Average $582,886 Median $429,000
Pending
Listing Price Range Quantity Average DOM
$100,000 thru $119,999 1 83
$140,000 thru $159,999 1 83
$160,000 thru $179,999 4 162
$180,000 thru $199,999 4 71
$200,000 thru $249,999 9 94
$250,000 thru $299,999 13 77
$300,000 thru $349,999 13 82
$350,000 thru $399,999 16 92
$400,000 thru $449,999 3 173
$450,000 thru $499,999 8 108
$500,000 thru $549,999 9 127
$550,000 thru $599,999 3 106
$600,000 thru $649,999 3 63
$650,000 thru $699,999 4 108
$700,000 thru $749,999 2 138
$750,000 thru $799,999 3 92
$900,000 thru $949,999 2 109
$950,000 thru $999,999 1 95
$1,000,000 thru $1,249,999 2 107
$4,500,000 thru $4,749,999 1 482
102 103
Summary Price Information
Minimum $119,000 Maximum $4,700,000
Average $468,554 Median $374,000
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 08/28/14 at 9:22pm
Sold
Selling Price Range Quantity Average DOM
$80,000 thru $89,999 1 60
$100,000 thru $119,999 3 316
$120,000 thru $139,999 3 115
$140,000 thru $159,999 1 71
$160,000 thru $179,999 9 118
$180,000 thru $199,999 10 121
$200,000 thru $249,999 46 86
$250,000 thru $299,999 53 74
$300,000 thru $349,999 45 90
$350,000 thru $399,999 35 79
$400,000 thru $449,999 24 168
$450,000 thru $499,999 26 100
$500,000 thru $549,999 17 164
$550,000 thru $599,999 17 124
$600,000 thru $649,999 8 141
$650,000 thru $699,999 10 133
$700,000 thru $749,999 7 123
$750,000 thru $799,999 5 73
$800,000 thru $849,999 1 350
$850,000 thru $899,999 2 129
$900,000 thru $949,999 1 98
$1,000,000 thru $1,249,999 2 97
$1,250,000 thru $1,499,999 4 145
$2,000,000 thru $2,249,999 1 0
$4,000,000 thru $4,249,999 1 45
$5,000,000 thru $5,999,999 1 48
333 106
Summary Price Information
Minimum $87,500 Maximum $5,750,000
Average $425,104 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

Lake Tahoe Home Sale Weekly Report for the Nevada East Shore

August 22, 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 Lake Tahoe Home sales on the Nevada east shore are slipping a little!  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes for sale and the pending sales.  This past week the Market Activity Ratio had 1.1% to show that 16.3% of the available homes for sale are pending sales in escrow.  This is due to the number of homes for sale in Lake Tahoe increasing by 4 as the pending sales decreased by 2.  There is 1 bank owned foreclosure and 4 short sales available on the market.  The distress sales now represent 2.9% of the available homes on the market and 11.8% of the pending sales.

There were 4 completed sales this past week for a YTD total of 123 sales.  All of the sales were below $300,000 and one of them was a single family home on Juniper which sold for $296,130.  The only sale above that was on Robin Cr for $850,000.   Despite the lower sales, the 6 month average sales price showed an increase of 6% at $1,069,798.  The average days on market are 157 days.

South Lake Tahoe Home Sale Weekly Report 8/21/14

August 21, 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.

South Lake Tahoe Homes sales are now peaking!  It won’t be long before inventory and sales will slowly diminish.  This is the time of year when buyers will be quick to snatch the best values before they are gone.  To measure the most current buyer activity, I use the Market Activity Ratio which is the relationship between the number of homes for sale and the pending sales.  This past week the Market Activity Ratio had decreased by .4% to show that 23.9% of the available homes for sale are now pending sales in escrow.  This is due to the number of South Lake Tahoe homes for sale increasing by 1 as the pending sales decreased by 2.  There are 2 bank owned foreclosures and 3 short sales currently on the market.  The distress sales now represent 1.5% of the available inventory and 10.6% of the pending sales.

There were 20 completed home sales in South Lake Tahoe this past week for a YTD total of 393 sales.  The lowest sale was on Glen Rd for $155,000.  The majority of the sales were below $300,000.  The top three sales were on Shawnee St for $652,500, Marconi Way for $705,000 and Springwood Dr for $820,000.  The sales were enough to ever slightly increase the 6 month average sales price by .1% to $426,568.  The average days on market are 107 days.

Listings per Status
%Jim Wire %Real Estate Lake Tahoe

Area Market Survey
Summary

Listings as of 08/21/14 at 9:36pm
Active
Listing Price Range Quantity Average DOM
$40,000 thru $49,999 1 8
$100,000 thru $119,999 1 76
$120,000 thru $139,999 1 114
$140,000 thru $159,999 4 94
$160,000 thru $179,999 6 146
$180,000 thru $199,999 9 86
$200,000 thru $249,999 16 90
$250,000 thru $299,999 37 79
$300,000 thru $349,999 37 101
$350,000 thru $399,999 44 93
$400,000 thru $449,999 28 139
$450,000 thru $499,999 24 110
$500,000 thru $549,999 15 105
$550,000 thru $599,999 15 69
$600,000 thru $649,999 10 76
$650,000 thru $699,999 17 95
$700,000 thru $749,999 4 118
$750,000 thru $799,999 9 162
$800,000 thru $849,999 6 143
$850,000 thru $899,999 4 270
$900,000 thru $949,999 2 17
$950,000 thru $999,999 6 52
$1,000,000 thru $1,249,999 4 150
$1,250,000 thru $1,499,999 16 143
$1,500,000 thru $1,749,999 3 373
$1,750,000 thru $1,999,999 5 237
$2,000,000 thru $2,249,999 1 90
$2,250,000 thru $2,499,999 1 49
$2,500,000 thru $2,749,999 2 118
$3,000,000 thru $3,249,999 2 111
$3,250,000 thru $3,499,999 2 43
332 108
Summary Price Information
Minimum $47,000 Maximum $3,495,000
Average $586,465 Median $429,500
Pending
Listing Price Range Quantity Average DOM
$140,000 thru $159,999 1 76
$160,000 thru $179,999 5 148
$180,000 thru $199,999 2 105
$200,000 thru $249,999 10 98
$250,000 thru $299,999 16 65
$300,000 thru $349,999 16 78
$350,000 thru $399,999 15 91
$400,000 thru $449,999 3 124
$450,000 thru $499,999 9 94
$500,000 thru $549,999 10 113
$550,000 thru $599,999 3 99
$600,000 thru $649,999 2 235
$650,000 thru $699,999 4 108
$700,000 thru $749,999 1 176
$750,000 thru $799,999 1 108
$900,000 thru $949,999 2 102
$950,000 thru $999,999 1 88
$1,000,000 thru $1,249,999 2 100
$4,500,000 thru $4,749,999 1 475
104 100
Summary Price Information
Minimum $152,000 Maximum $4,700,000
Average $454,287 Median $359,000
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 08/21/14 at 9:36pm
Sold
Selling Price Range Quantity Average DOM
$80,000 thru $89,999 1 60
$100,000 thru $119,999 3 316
$120,000 thru $139,999 3 115
$140,000 thru $159,999 1 71
$160,000 thru $179,999 10 113
$180,000 thru $199,999 9 128
$200,000 thru $249,999 46 90
$250,000 thru $299,999 49 76
$300,000 thru $349,999 43 91
$350,000 thru $399,999 37 81
$400,000 thru $449,999 23 171
$450,000 thru $499,999 24 101
$500,000 thru $549,999 15 170
$550,000 thru $599,999 18 119
$600,000 thru $649,999 9 140
$650,000 thru $699,999 9 137
$700,000 thru $749,999 7 123
$750,000 thru $799,999 5 73
$800,000 thru $849,999 1 350
$850,000 thru $899,999 2 129
$900,000 thru $949,999 1 98
$1,000,000 thru $1,249,999 2 12
$1,250,000 thru $1,499,999 4 145
$2,000,000 thru $2,249,999 1 0
$4,000,000 thru $4,249,999 1 45
$5,000,000 thru $5,999,999 1 48
325 107
Summary Price Information
Minimum $87,500 Maximum $5,750,000
Average $426,568 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

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