If you have been searching for that perfect piece of South Lake Tahoe real estate, there are a few “Know before you go” tips. With a majority of South Lake Tahoe real estate being in a seller’s market, finding homes for sale in South Lake Tahoe in a competitive market can feel overwhelming. The last thing you want is to buy South Lake Tahoe homes for sale out of pressure or fear that if you don’t get “this one”, you will be stuck renting the rest of your life. Sounds pretty dramatic, huh? However, when inventory is low, prices are high and you find yourself stuck in bidding wars, emotions can take over and all sensibility goes out the window. Which is ok! Our job as South Lake Tahoe Realtors is to help guide you and offer options through out the entire experience. So what can you do to help the offer process? Check these out!
1. Understand How Much You Can Afford
That doesn’t sound fun, does it? I mean the whole point of hunting for homes for sale in South Lake Tahoe is touring those dreamy properties that look like something out of HGTV, right? This is actually one of the worst things you can do when starting the South Lake Tahoe real estate search. First, fully understanding your finances is crucial in making an offer. Get pre approved (not pre-qualified) so you know exactly how much you can spend. When you set up showings for homes for sale in South Lake Tahoe that you can’t afford, you waste everyone’s time. Including your own. That is valuable time that South Lake Tahoe realtors could be using to schedule showings for homes you can actually afford. It doesn’t cause the home owner to have to vacate their South Lake Tahoe homes for sale for no reason. It also keeps you from getting attached to a property that you can’t afford. OR worse-trying to figure out how you can over extend yourself to make it work.
2. Act Fast
This is not a time to dilly dally. With inventory levels across the country at an all time low, you need to be prepared to move quickly. In order for a market to be balanced, we need a six month supply. Real Estate in South Lake Tahoe is currently around a 3. Some neighborhoods are higher. Some are lower. Prices continue to go up. With buyer demand outpacing the supply, you will need to commit to getting into homes asap and working closely with your South Lake Tahoe realtor in finding a property that fits your needs. Once you do, make that offer!
3. Make a Solid Offer
Speaking of offers, work with your realtor in South Lake Tahoe to make sure it is a solid one! Picking a long time, local realtor who is active in your local area is the best way to put this together. You will need to consider comparable sales, other active listings nearby and what the sellers are hoping for. They may be hoping for a rent back situation for a month or two. Whatever their needs are, find out and work it into your offer so you stand out against the competition.
4. Be Ready to Negotiate
Sellers are usually prepared to counter, and you should too. Be sure to get a home inspection so you know the true condition of the real estate in South Lake Tahoe you are about to buy. Something could come back that needs fixing. This is another tool for negotiations. This is also your opportunity to cancel the contract if the report is bad enough. As always, your realtor in South Lake Tahoe will be an excellent source of information when you get to this point in the process.
Speaking of which, it doesn’t matter if this is your 7th home you are buying, or your first. Having a qualified, local expert by your side is key. No pun intended. But they really are the best at making sure the entire process goes smoothly.
