Incline Village real estate: Good values available over next six weeks
While we are deep into what is considered the offseason for real estate sales, buyers have an excellent opportunity to strike a good deal this time of year.
In general, with fewer buyers looking at property at Lake Tahoe in winter, sellers tend to be more flexible on price and terms than they are during the peak of the summer season. This is not the case for every property, but for those places that have been on the market for 6 months or longer, there may be a better opportunity to negotiate with a motivated seller.
Even though inventory levels are near their cyclical annual low point, there is still a good variety of houses, condos and freestanding condos from which to choose. Many listings that expired or were withdrawn in November or December are being held as pocket listings by the previous agent.
So, your search to find a property should not be limited to just those places actively listed for sale on the MLS. This is a great time to ask your agent to do some networking and see if another agent in town has any pocket listings that meet your criteria.
At the present time there are 95 single family homes listed for sale on the Incline Village MLS. However, there are only 9 houses with asking prices under $800,000 and 25 residences priced under $1 million.
In 2015 we saw a flurry of activity with 54 houses selling for less than $800,000. Now that most of that inventory has been absorbed, buyers shopping in the lower to moderate price range will have fewer offerings to choose from this year. As a result, buyers seeking a value priced property would do well to search actively during the off-season when they have less competition.
The majority of buyers who purchase property on the Nevada side of North Lake Tahoe have their primary residence somewhere in California. Since that economy has been a bright spot and likely will continue to show strength in 2016, we anticipate the total number of real estate sales in our community will equal or exceed last year.
The forces of supply and demand dictate that prices will rise when demand exceeds supply. That will probably be the case for lower to moderate elevation properties this year. Hence, buyers are in a good position to find the best values during the winter when demand is relatively low.
If you cannot find the type of property you are seeking at this point in time it’s a good idea to have your agent continuously monitor the market while networking with other agents on a regular basis. That way you won’t miss out when a place that meets your criteria becomes available.
Many sellers would prefer to strike a deal at a fair price in a short amount of time rather than waiting for months or even years for someone to pay top dollar.
So, while the inventory may appear a bit thin this time of year, there are good opportunities to be found if you and your agent remain diligent in your search. Sometimes it’s better to seek out opportunities rather than to wait for a knock on the door.
Once we get past Easter, most sellers feel that summer is right around the corner and they can hold out for a higher price and better terms. Buyers have a window of opportunity during the next 6 weeks to find a good value and strike their best deal.
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.