Incline Village real estate: Buyers who procrastinate will be disappointed
Special to the Sun-Bonanza
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 7/24/16
Houses Condos PUDs
For Sale 149 94 31
Under $1 million 36 78 19
Median Price For Sale $1,689,000 $520,000 $949,000
YTD Sales 2016 81 106 22
YTD Sales 2015 70 100 18
New Listings 12
In Escrow 7
Closed Escrow 7
Range in Escrow $330,000 - $2,678,000
During the recession, 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 an unusual willingness among sellers to negotiate price and terms.
But times have changed in the post-recession era. Buyers who wait around hoping to pick up a bargain in September or later in the year are going to be severely disappointed in 2016.
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.
While we have not yet returned to the feeding frenzy of the real estate boom during the previous decade, prices are moving upward and buyers are out in full force.
With real estate prices on the Nevada side of North Lake Tahoe clearly in an up-trend, 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 in 2016.
Buyers who procrastinate this year 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, but this does not mean that when the offseason arrives they will be any more motivated to cut and run. More likely, they will sit tight in the up-trending market and possibly ask for an even higher price next year.
If you have been shopping for real estate in Incline Village or Crystal Bay, 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 who exhibited patience the past few years 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 amount of new listings arriving on the market between now and the middle of August, buyers should not expect a wide variety of new properties to be put up for sale once the schools are back in session.
After the third week of August there will be fewer new listings to choose from and the current inventory will have steadily eroded to a lower level than where it sits now.
The best buying strategy in 2016 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.
The long-term intrinsic value of owning real estate in Incline Village and Crystal Bay means that buyers can proceed confidently knowing they are making a good long-term investment when purchasing a property in 2016.
Don Kanare and Sabrina Belleci are the owners of RE/MAX North Lake. Read their blog and find weekly stats on their website at http://www.InsideIncline.com.