It is not news that several different industries have been hit hard by the current pandemic. Travel, being one of them. With Lake Tahoe real estate being a tourism driven market, we have definitely seen the impacts COVID-19 has had on our town and the local economy. The good news is that we are opening back up on June 12th, so far anyway. The unknown is that we simply do not have a timeline for when things will fully recover. According to some recent stats, 48% of U.S. citizens have canceled their summer plans. 36% said they did not intend on scheduling any travel plans in the near future while in another survey, 29% of people said they would travel within the next 6 months while 71% wanted to wait another 6 months before making any commitments. This lack of travelers puts a huge strain on our local economy and our homeowners who rent their properties for income when they aren’t being used for personal reasons.
With so many of our Lake Tahoe real estate owners not able to rent their vacation homes, there are sellers who are considering listing. As we prepare for a busy summer, if you have been thinking of listing your secondary home, it is actually a great time. Here is why:
Low Inventory is a huge factor. We went into this pandemic teetering on the edge of a seller’s market not just for Lake Tahoe real estate, but across the country. The amount of Lake Tahoe homes for sale available to purchase is down 3.2% from last year with new listings down 4.7%. With only a 4.3 month supply, which is up slightly from the country’s average of 4.1, we are still working with low inventory. Which means for the serious buyers still out there, your property can be listed and not have as much competition.
Home Prices are also something to keep in mind. While most folks expected to see prices tank, they have actually held their value quite well across the country. The lack of inventory and buyer demand has kept prices from going down, and in some areas, going up compared to last year. Lake Tahoe homes for sale have actually gone up 8.6% compared to last year, and they are up from last month. Listing while prices are holding steady, buyer demand is high and inventory is low makes this the perfect time to list. Especially because there are Bay area buyers who are now able to work from home full time and have been eyeing Lake Tahoe as their permanent residence. For more information, give me a call. I would be happy to help!
