Buying Lake Tahoe real estate in the midst of a pandemic not only pressed pause on the typical home buying process, but now that it is back open, things aren’t running per the usual. Buying homes for sale in Lake Tahoe can already feel overwhelming as it is, especially if you are purchasing from far away, but right now is adding another layer of stress for purchasers. Of course working with a Lake Tahoe Realtor helps alleviate any extra pressure, but here are three things to know about buying right now.
- Do not, I repeat, do NOT lowball. Listen, consumers hear the word “recession” and automatically assume that it is a free for all for everyone. Trust us when we tell you, it is not. At least not right now. Unlike 2008, we went into this with low inventory, high demand and lower interest rates. The pandemic hit, some sellers removed their homes for sale in Lake Tahoe which caused even more of a dip in inventory. Then mortgage rates took another cut, so while demand from buyers may have slowed down due to being on unemployment or simply waiting to see what happened, the demand to buy is still present. Also, values for homes for sale in Lake Tahoe have stayed strong. In fact, in most neighborhoods, the prices have gone up compared to this time last year AND last month. While some sellers may be flexible in pricing, it is important to come to the table with an offer that is fair market value. Your Lake Tahoe Realtor will guide you through this part of the transaction.
- Closings are not moving quickly. In some scenarios, say with a cash deal, you may see a quicker close on Lake Tahoe real estate. However, with new public health guidelines slowing things down, getting an inspection, appraisal and maintenance fixes taken care of is taking longer than usual. Be patient and understand that while you may be chomping at the bit to get a move on, so are most of the other parties involved. Additionally, lenders and underwriters are working remotely in a lot of cases and are a bit back logged. Everyone is doing their best to play by the rules. Every area is operating a little differently though so your Lake Tahoe Realtor should be able to advise on the current average closing times.
- This is not the market for Lookie Loos. Listing agents and sellers want to see proof of funds, not a pre-qualification letter. With so many sellers not wanting strangers in their homes and Lake Tahoe Realtors playing by the rules to keep themselves and clients safe, if someone doesn’t have a loan or proof of funds, a seller most likely isn’t going to let them in their home. Come prepared and people will be willing to work with you. Also understand that standards for getting a loan have tightened up, so if you are serious about purchasing but not quite financially ready, start taking the steps to achieve those goals.
For more information on buying in the Lake Tahoe real estate market, feel free to reach out. I would be happy to provide more information on the entire process.
