July is starting off with a bustling real estate market here in Lake Tahoe. In fact, we are officially back in a seller’s market with an increase in average and median sold price compared to this time last year as well as just last month. With so many buyers able to work remotely, people are re-evaluating what they want out of a home and properties in rural, mountain and suburban areas are not only more affordable compared to city life, but come with a lot more perks and less congestion. All things that consumers now find valuable after dealing with a pandemic in cities that required so many to stay in smaller, cramped spaces with less amenities for a few months. The most recent report from the Realtor.com chief economist showed that 4.8 million jobs were added and the unemployment rate continues to go down and is currently at 11.1%. While this is still higher compared to previous recessions employment rates, it is showing that things are on the mend for the moment. While pending home sales went up 44%, mortgage applications did go down 2%. Currently, buyers still outweigh sellers. In fact, we went into this with low inventory and high demand and the health crisis has not helped ease that as homeowners removed their homes for sale in Lake Tahoe from the market out of concern for safety and health. If you are thinking of selling your Lake Tahoe real estate, working with a local and experienced Realtor is key! There are so many new and ever-changing protocols that having an industry pro guide you is necessary. From additional forms to new showing protocols, having someone backed by experienced is needed not just to come up with a competitive Ask price and listing strategy but to make sure you are selling safely and abiding by the new guidelines. As a buyer, with things moving so quickly, you want to make sure you have someone working on your behalf to get you into the homes for sale in Lake Tahoe that match your criteria and budget. With properties getting multiple offers, this is a seller’s market that does not allow for any time to “sleep on it”. Additionally, sellers aren’t the only ones having to deal with new forms and protocol, buyers have their own. From how the view properties to having a longer closing time, this pandemic is impacting everyone in its own way. For information on our current market, a custom market analysis or general information on the process or what to expect, give me a call. I would be happy to help!
