Out of Area Agents Should Partner With a Local
With sales in the North Lake Tahoe real estate market continuing at a steady pace buyers are flocking to the Lake Tahoe Basin. Our strong market has not only attracted more buyers to Incline Village and Crystal Bay, but also out of area agents who are lured by the higher prices when compared with the market in which they regularly work. Anyone with a Nevada real estate license can represent buyers and sellers anywhere in the state. But there are significant benefits to working with an agent who focuses on the Incline Village real estate market and develops the knowledge and expertise that only comes with years of experience.
All real estate is local and there are nuances to each market that an agent needs to understand if they are going to adequately represent their clients. While Lake Tahoe and Reno are not far apart on the map, the mountain range that separates them also creates a world of difference when it comes to buying and selling real estate. You have different real estate boards with different MLS systems, different rules and regulations and even a different form of government.
Incline Village and Crystal Bay are unique in that we do not have any tract housing, it’s all custom homes. The different subdivisions each present their advantages and disadvantages which can only be properly understood after spending a great deal of time learning about the vast array of properties in our community. Even on the same street homes of the same square footage and lot size can have wildly different values based on the floor plan, slope, driveway, interior finishes, view, etc.
There are also a number of environmental factors to take into account that can dramatically impact the price and desirability of any given property. What type of sun exposure does the property receive? Is the location prone to afternoon winds or is it sheltered? How much snow accumulates in relation to other parts of the Village? Are the trees on the property an asset or liability based on their health, location and impact on sun and wind? Is there a stream nearby and what effect does that have on the value and use of the property?
The form of local government in Incline Village and Crystal Bay is not a town or city but rather a General Improvement District under Nevada law. Real estate agents need to be familiar with this type of governmental entity so they can provide accurate information when buyers ask questions about our community and how it is managed. It’s important for buyers to understand the services that IVGID provides and what the limitations are so they can make an informed decision. Having knowledge about all of the different recreational venues, who gets access to the beaches plus the benefits of the recreational passes that come with each property can help buyers understand the value added amenities that we are fortunate to have.
The Tahoe Regional Planning Agency (TRPA) Rules and Regulations are so complex and ever-changing that having a basic understanding of how the TRPA as a separate governing agency impacts property owners is fundamental to being an effective real estate agent at Lake Tahoe. Buying and selling property in the Lake Tahoe basin requires knowledge of how the coverage rules work, what a stream zone environment is, BMPs and that’s just scraping the surface. An entire consulting industry has grown up around the need to understand the complexity of TRPA rules and regulations. Having a local agent who is knowledgeable about the TRPA, IVGID, BMPs and a host of other topics is critical when doing real estate transactions at Lake Tahoe.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 8/4/19
Houses Condos PUDs
For Sale 118 73 19
Under $1 million 11 47 11
Median Price For Sale $1,999,500 $699,000 $975,000
YTD Sales 2019 84 81 33
YTD Sales 2018 105 110 35
New Listings 4
In Escrow 19
Closed Escrow 14
Range in Escrow $279,000 – $16,000,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of August 4, 2019