Random Lake Tahoe real estate ramblings
Special to the Tribune
We would like to begin this column with a Thanksgiving wish for all of the people who were impacted by the Camp Fire that devastated Paradise, California and the surrounding area.
Lives are always more important than property and our hearts go out to everyone affected by this catastrophic fire. Whether caused by people or Mother Nature, wildfires are one of the biggest threats to people and property in the Lake Tahoe Basin.
It’s at times like this that everyone needs to take a good, hard look at their property and their community and do everything possible to prevent this type of devastation from occurring.
On a happier note, the annual Incline Village Realtors installation breakfast was held on Nov. 16. At this event the new officers and board of directors had their swearing-in ceremony as the real estate community enjoyed a tasty brunch served up at The Chateau at the Incline Village Championship Golf Course.
Sabrina Belleci was sworn in as the new president for the Incline Village Realtors. She gave an excellent speech on the theme for the coming year, which is all about the importance of community.
Turning to the nuts and bolts of the real estate business, the Incline Village Realtors will be using a new purchase agreement along with some revised forms when conducting transactions. The movement to improve our forms began several years ago and has culminated with this latest round of changes.
Kudos to Karen Bruno and Pam Fernandez for taking the lead with the forms project. All of the local brokers and agents will be spending time learning the new documents, which will be available online. This will hopefully be a big improvement over the old Zip Forms technology that was loved by some and loathed by many.
It looks like 2018 is going to be another big year for real estate sales overall on the Nevada side of North Lake Tahoe. Due to interest rate hikes by the Fed and the recent turmoil in the stock market it will be difficult for sales in 2019 to exceed this year.
We are not expecting the real estate market to tumble. However, there is a very good chance that price increases will slow or go into a plateau phase during the coming year.
Inventory levels are still very low when compared to historical standards. We have seen numerous sellers putting their properties on the market later in the year the usual. With prices at their highest levels in over a decade it’s not surprising to see some property owners dipping their toe in the water.
Sellers need to be realistic when pricing their properties and not overreach. Buyers have access to a great deal of information about the real estate market due to the vast amount of data that is easily accessible on the internet.
While some buyers are willing to pay a premium for a great property, that is the exception rather than the norm.
Don Kanare is the founder and Sabrina Belleci is the owner and broker of RE/MAX North Lake in Incline Village. You can follow their blog at http://www.InsideIncline.com.