Tahoe home-selling tips: Pay attention to current events – locally and beyond
Special to the Sun-Bonanza
Real estate is affected by many things. Supply and demand can change for many reasons and very quickly. National events, even International events, can impact local property values.
As a property owner, or potential property owner, it is important that you pay attention to the goings on of the world. As government entities change policies, approve or deny projects, the market dynamics are always in play.
While we know of no one with a properly working crystal ball, we know many that attempt to peer in to the future to make wise decisions on whether to buy, sell, or hold.
In our local region, we’ve seen several market changers in recent years. South Tahoe has a new ordinance that dramatically impacts the use of residential properties, for example.
While there were property use problems that needed to be addressed, the overreach of the ensuing regulations is a clear case of the pendulum swinging too far the other way. Many innocent property owners will be financially impacted as a result of bringing the few social contrarians into the fold.
The announcement and approval of a significant new subdivision can be very impactive in our small communities. Six hundred new homes, plus commercial parcels can change traffic flows, school counts, shopping patterns, and much more.
We’ve recently seen public panic on green energy plans, solar farms, as well as the concept of a gravel pit in the mountains. It isn’t always the neighbor complaining, some complain because their view may be compromised. Each has their own reason for their personal reaction, the point is that there can be impact on values.
It is important to be current with your information. Rumors abound, but they aren’t always followed up on. You might here about a troubled HOA and decide to stay away when in fact the problems have been mitigated and values are ready to jump.
A project that is turned down may come back around for approval at a later date. Deficiencies may show in the infrastructure of a subdivision or in the home construction that stigmatize the development for awhile.
Your neighbor might get a Conservation Easement guaranteeing there will be no development on his property thus giving you a park-like view into perpetuity or close thereto.
Oil prices can impact rural properties that have a long drive to civilization. High gas can lower the real estate prices and vice versa. Medical services will attract the retirees while school playgrounds will attract families.
New hiking or riding trails can impact desirability. People will want to be there, or not, and the market will adjust accordingly. Drought and limited watering, or expensive water, will impact buying decisions.
Our Advice: Real estate Agents are charged with the responsibility of disclosing what they knew, or should have known, about things that have an effect on value. Most Agents keep up with things in the community, Region, State, National and World so as to not be surprised with a major market turn around, up or down.
With that in mind, feel free to call your Agent periodically and ask them what is going on. Call about a specific project and its approval process, or just about things in general. One of the first things we hear from people we haven’t seen or talked to for awhile is, “how’s the market?”
You don’t need to be in the market to buy or sell to call your Agent. A good Agent is always there for you providing professional services, including market assessment so you can review your portfolio periodically.
If you own or want to own real estate, keep current with things. Look around, notice the starts, new homes under construction, new businesses. Things are pretty exciting right now. Is it your time to buy? Sell? Call your Agent and chat about it!
Lisa Wetzel & Jim Valentine, CDPE, SFR, work for RE/MAX Realty Affiliates in the Carson Valley. Visit carsonvalleyland.com or call 775-781-5472 for information.
Support Local Journalism
Support Local Journalism
Your donation will help us continue to cover COVID-19 and our other vital local news.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
Local coronavirus cases reached 3,292 on Friday, a rise of 35 from the day before.