Buyers Should Not Procrastinate
Updated: Apr 22, 2020
During the 1st quarter of 2020 the overall pace of sales is moving along quite nicely. With inventory levels remaining very low, buyers who procrastinate will find themselves missing out on the best values on the North Shore of Lake Tahoe. As of this writing there are only 3 single-family homes listed for sale on the Incline Village MLS priced under $800,000 and just 11 out of 75 with asking prices under $1 million.
Prices are still trending upward in our community. Low elevation condos are continuing to show very good strength and demand remains high for the better locations. The asking prices in McCloud and Third Creek, two of the more popular developments have been in a steady uptrend the past few years and there is nothing to indicate this will change anytime soon. As demand remains strong, prices will continue their march upward especially in those locations where there is a relatively small supply.
It is still early in the year and there will be a significant number of properties coming on the market during spring and summer. However, with the economy strong in the California markets that provide most buyers to Incline Village and Crystal Bay, competition is heating up for the most desirable properties. Overall sales activity is strong across the entire price spectrum.
Since the weather has been rather benign the past few weeks, we continue to see a steady stream of buyers making their way up here to look at property. It does not make sense for buyers to wait until autumn and hope that a desperate seller will just throw in the towel. With the inventory being very low for several years in a row and the best properties getting snapped up, procrastinating buyers risk missing out on finding the place of their dreams.
It is advisable for any buyer considering financing to meet with their lender in advance of writing an offer and secure a prequalification or preapproval letter. By submitting evidence of your ability to get financing along with your purchase offer you will generally be in a better negotiating position than someone who is not already prequalified by a lender. And with interest rates quite low it’s a good idea to lock in a favorable interest rate early in the proceedings.
If you are a buyer that has been sitting on the sidelines the past few years, the spring of 2020 will likely be your best opportunity to strike a deal on a property that appeals to you. The buyers who wait to write offers until September or October may be kicking themselves for having missed out on the best values. The laws of supply and demand will dictate that prices remain in an uptrend for the foreseeable future. It’s one thing to be contemplative and deliberative before making a purchase offer, but procrastination will only help the buyers you are competing with who are interested in similar properties.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 2/16/20
Houses Condos PUDs
For Sale 75 45 11
Under $1 million 11 24 5
Median Price For Sale $2,250,000 $815,000 $1,146,200
YTD Sales 2020 16 21 6
YTD Sales 2020 13 20 6
New Listings 3
In Escrow 7
Closed Escrow 7
Range in Escrow $619,000 – $1,525,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of February 16, 2020