As a buyer in a seller’s market, you have to ask yourself….is this even possible? Finding the right piece of South Lake Tahoe real estate can be challenging in any market, but during a seller’s market? Well, that is a whole other level of difficulty that is becoming more and more common. If you are new to South Lake Tahoe real estate, let me clarify really quick what exactly a “seller’s market” is. It is when the demand for homes is high, but the inventory is low giving seller’s all the control. As a buyer, you can expect bidding wars and potentially buying a home over the listing price. So how can you not only survive but walk away with a home? Read on!
First you need to know what market you are in. Your South Lake Tahoe realtor should be able to tell you. If they can’t, you need a new realtor. But if you want to go into your first appointment with your realtor in South Lake Tahoe informed on market conditions, these signs are what you need to know: Are homes moving quickly? Is their low inventory? And are homes selling for more than the original listing price? If the answers are yes, you are indeed in a seller’s market.
Second, you need to be ready to make this a priority. This shouldn’t be a weekend hobby. If your South Lake Tahoe realtor calls you and tells you a house just came on the market that fits your needs and is in your budget, you need to go see it as soon as you can get in. If this South Lake Tahoe home for sale matches all your criteria, you or your Lake Tahoe realtor needs to follow up asap. If you don’t, someone else will.
Widen your search parameters to other neighborhoods you may not have previously considered. Homes for sell in South Lake Tahoe are all located relatively close to one another. If your dream neighborhood also happens to be everyone else’s dream neighborhood, you may get outpriced. Don’t cross off nearby area’s. The neighborhood across the street may not have everything you want, but it will likely share at least a few of the amenities you adore about your dream neighborhood.
Actions speak louder than words, so if this property has you written all over it….you better bring the written paperwork and the down payment to back it up. After all, talk is cheap and in order to survive a seller’s market, you have to prove to the Lake Tahoe home owner that you have the mortgage and the funds to back it up in order to be taken seriously, as well as edge out the competition.
Speaking of money, do not play hard to get with the seller of the South Lake Tahoe home for sale. In a buyer’s market, it is common to offer below asking (within reason of course) and then counter offer up a couple of times. In a seller’s market, there is very little room for this. Why? You are likely not the only person putting in an offer, meaning if you bid too low and your contract is one of many, yours likely won’t even be an offer that is considered. Don’t blow your budget by any means, but this is not the time to barter to either.
Don’t have the cash to compete but still want to sweeten the pot for the seller of your dream piece of South Lake Tahoe real estate? Waive some contingencies. A lot of buyers will make an offer on a home for sale in Lake Tahoe, with strings of course. While we don’t recommend you waive inspections on a 100 yr old house, there are contingencies you could likely negotiate or drop in order to stand out to the sellers.
Have more questions on buying real estate in South Lake Tahoe? Give me a call at 530-308-4762.
