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| | | | | | John Eppolito
775.832.TAHO (8246)
800.341.TAHO (8246) |
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Date Posted 8-19-09
View graphs, then read comments below graphs. Please contact John for further discussion or information on Lake Tahoe real estate.
John Eppolito
800.341.(TAHO) 8246
775.832.(TAHO) 8246
john@Jtahoe.com
THE STATISTICS FOR THE FIRST HALF OF 2009 ARE IN.
In my opinion now is the time to buy in Tahoe. Prices are down, interest rates are low, and inventory is up. We will always have a limited supply of property in Tahoe, because the Lake Tahoe basin is about 98% built. We will have strong demand from baby boomers and their children for many years.
In general, sales prices are back to about 2003 - 2004 levels, except not as many listings are selling as in those years. In general, the number of units sold in the first half of the year has been down every year since 2004.
But now, in the second half of the year more buyers are beginning to look at property, some are writing offers. We are getting a lot of price reductions. Some buyers watch the price reductions on a property they like, and as soon as the price gets low enough they write an offer.
We have more units in escrow now than we have had in the last year, and typically many of our buyers do not get serious and write offers until after Labor Day. In the last two weeks, I have had buyers interested in three homes; two sold to other people, and the third home received an offer within three days of getting listed.
MOST IMPORTANTLY - ON THE NORTH SHORE OF LAKE TAHOE WE ARE AT OUR LOWEST - MONTHS SUPPLY OF INVENTORY - (MSI) IN AT LEAST A YEAR. WE ARE BETWEEN 12 AND 19 MSI DEPENDING ON HOMES OR CONDOS, CA OR NV. IN ALL CATEGORIES, EXCEPT CA CONDOS, WE ARE AT THE LOWEST MSI IN OVER A YEAR. THIS IS POSITIVE FOR THE MARKET. I HAVE THE GRAPHS FOR MSI, IF REQUESTED I WILL EMAIL THEM TO YOU.
We have some very motivated sellers, short sales, and foreclosures. On the other hand, we have many listings on the market that are overpriced for the current market. Some of the less motivated sellers are taking their property off the market. Most of the distressed property is in the lower price range. But we have good deals in all price ranges!
At some point in the next few years median prices will be higher. Could they go lower before they move higher? Yes, it is possible. But in my opinion, in Tahoe, we are very close to the bottom. One of the things that will probably happen is, once a lot of buyers believe we have hit the bottom in Tahoe they will all write offers. At some point, on the way up, we will begin to see multiple offers. We are not quite there yet. SMART BUYERS ARE BUYING NOW!
THANK YOU FOR FORWARDING THIS EMAIL TO ANYONE YOU KNOW WHO IS INTERESTED IN LAKE TAHOE REAL ESTATE.
For more information and charts to support some statements in this email please contact your Lake Tahoe Real Estate Specialist, John Eppolito. To view all the listings at Lake Tahoe in both states on my original website click here www.Jtahoe.com.
To view my new website and all the listing in both states in a different format click here www.TahoeRealtor.net.
To find an approximate value for YOUR HOME or any home in CA or NV click here What Is My Home Worth?
Your Tahoe Realtor
John Eppolito
john@Jtahoe.com
www.Jtahoe.com
775.832.TAHOE (8246)
800.341.TAHOE (8246)
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