Real estate: Home buyers who procrastinate will be disappointed
Special to the Tribune
Weekly real estate update
Statistics gathered from the Incline Village Multiple Listing Service on July 19
Houses Condos PUDs
For Sale 56 25 12
Under $1 million 7 14 4
Median Price For Sale $2,750,000 $949,000 $1,250,000
YTD Sales 2020 86 90 25
YTD Sales 2019 79 76 29
New Listings 14
In Escrow 24
Closed Escrow 21
Range in Escrow $325,000 - $6,195,000
These statistics are based on information from the Incline Village Board of Realtors or its MLS as of July 19.
For many decades patience was considered a virtue when shopping for real estate at Lake Tahoe. Buyers who waited until late summer or fall to make a purchase decision were finding a lot of excellent opportunities and often a willingness among sellers to negotiate price and terms. But times have changed in 2020.
Buyers who wait around hoping to pick up a bargain in September or later in the year are going to be severely disappointed.
Houses and condos that have asking prices close to fair market value are getting a large number of showings every week as the crowds of summertime visitors pursue buying opportunities. The sense of urgency due to the coronavirus pandemic sometimes feels like we have returned to the feeding frenzy of the real estate boom in the 1st decade of the century. Prices are still moving upward and buyers are out in full force. With inventory levels at historical lows, buyers need to be nimble and willing to pull the trigger when they find a place they like.
The strategy of waiting until after the summer crowds depart and then trying to negotiate a great deal between September and December is a losing proposition this year. Buyers who procrastinate will find that the property they hope to pick up at a bargain price after summertime will likely no longer be available.
Some sellers are sticking to their guns and refusing to budge very much off the asking price. And we are seeing many multiple offer situations.
If you have been shopping for real estate at Lake Tahoe, returning in the fall to write an offer on your favorite property will probably result in disappointment. There is so much pent up demand among buyers fleeing urban areas that it is unlikely the property you are holding out for will still be available when the Aspen trees start changing color. While we will continue to see a fair number of new listings arriving on the market between now and the end of August, buyers should not expect a wide variety of new properties to be put up for sale after Labor Day. As we approach later summer and autumn, there will be fewer new listings to choose from and the current inventory will have likely eroded to a lower level than where it sits now.
The most successful buying strategy in 2020 is to be decisive and not procrastinate if you are seriously interested in purchasing a particular property. Your agent can provide you with comparable sales information and guide you through the negotiation process to help you strike the best deal.
Each community at Lake Tahoe has its own customs, rules, regulations and nuances. So, working with an experienced local agent is critical to getting good representation and having a smooth transaction.
If you’ve been searching for a property at Lake Tahoe, the summer of 2020 will reward the buyers who are decisive and not the procrastinators.
Don Kanare is the founder and Sabrina Belleci is the Owner / Broker of RE/MAX North Lake.
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