As we head into the last few months of 2020, we can all agree this year is one for the record books. While the pandemic has created new realities for a majority of us, the Lake Tahoe real estate market has been no exception. Here are a few ways this year has defied the normal real estate trends.
Recovery
When the economy was put on hold this spring due to the pandemic, experts and U.S. citizens predicted the real estate market would tank. While we didn’t have a Second Quarter like normal, technology helped Lake Tahoe real estate to come roaring back to life and then some. With experts calling it remarkable, the demand for Lake Tahoe homes for sale has made news headlines and caused a record low inventory and an increase in housing values.
Mortgage Rates
Another big factor in this year’s record Lake Tahoe real estate market is the historically low mortgage rates. It is one of the biggest motivators that have caused so many buyers to come out and look at homes for sale in Lake Tahoe. This gives consumers more buying power and the opportunity to save a substantial amount of money.
Affordability
While home prices are on the rise, affordability is still out there! The super low mortgage rates are off setting the increasing home values, which creates an incredible opportunity for consumers. And while owning homes for sale in Lake Tahoe is considered expensive by some, it is actually still less compared to a lot of other places in the state of California. With everything going virtual, from work to fitness to school, people are able to move out of their expensive city and suburban neighborhoods to a place they love to visit and save money on housing costs.
While the lack of inventory is creating challenges for buyers, patience is key. However, with the current mortgage rates and the ability to live anywhere an opportunity, there is no better time to buy a home. For more information on real estate in Lake Tahoe, feel free to reach out. I would be happy to help.
