The big new in South Lake Tahoe real estate right now is the low inventory, increased home prices and buyers trying to find a home for sale in South Lake Tahoe. This is an issue across the nation right now, with the national month supply sitting at a 4.2. In order for the market to be considered “balanced”, there needs to be a 6 month supply. South Lake Tahoe real estate is currently less than the national average at 3.4. Currently, the only neighborhood on the California side that is close to a buyers market is Tahoe Keys. However, they have the highest median and average home sales price between $600,000 and over $700,000. If you were already feeling the pressure as a buyer, this information may be slightly frustrating. As a realtor in South Lake Tahoe, I personally feel that being informed about market conditions actually benefits you, regardless of whether you are buying or selling. In fact, this type of information can get you prepared and ensure that you take the proper steps BEFORE you even start touring homes.
The most important step you can possibly make, aside from selecting a qualified realtor in South Lake Tahoe, is getting pre-approved. This shows sellers that you are serious about purchasing their home for sale in South Lake Tahoe. When you get pre-approved, you have already handed over your financials, completed all the paperwork and have an approved loan for a certain amount of money. This not only saves you time by knowing exactly how much you can spend, BUT, it also lets the seller know that your financing is lined up and you aren’t just window shopping. It also gives you the confidence to move quickly in a competitive market, which the South Lake Tahoe real estate market is.
More benefits to getting pre-approved? You are locking in an interest rate, which means you are locking in your housing costs. Unlike renting, your monthly payments stay the same. Which allow you to budget accordingly. Your offer on a home for sale in South Lake Tahoe has a higher chance of getting picked as well. If it comes down to a pre-approved buyer and an buyer that is just pre-qualified (which is essentially a guesstimate), they are going to pick the one that has the financing lined up. Being pre-approved also speeds up the process once your offer on real estate in South Lake Tahoe has been accepted.
If you are serious about making an offer, be sure to get pre-approved and be sure to have a qualified South Lake Tahoe realtor represent you. For more information, give me a call. I would be happy to help!
