Lake Tahoe 2016 Real Estate Market: Homebuyers Excited To Own Property,But Inventory Almost Zero
Lake Tahoe's real estate markets started off 2016 on a positive note. Almost every metric revealed positive increases and buyer demand remained strong while inventory was close to non-existent.
Snowy weather had made people excited to unwind and ski on the fresh powder of Tahoe. With each passing year, buyers had become more enthusiastic about the prospect of owning a Tahoe property. This greatly helped drive demand. Excitement also brewed as the water level of Lake Tahoe rose and made rafting on the Truckee River a reality for the summer of 2016.
Lake Tahoe, so far this year, has made 128 single family home sales in the north areas and Truckee which had the biggest sales volume for this time period over the last 11 years. Decreasing inventory and increasing buyer demand sent home prices up to 12 percent over last year and sales of luxury homes increased to 44percent, according to Sierra Sun.
According to economists, homebuyers should not wait too long. Most people who are planning to purchase a home this year said that they will wait until the spring or summer to begin looking. However, buyers who will start their search early will face less competition and still have a wide selection to choose from, according to Realty Times.
Economists also encourage buyers to shop around for a mortgage, since lower interest rates equate to thousands in savings over the span of a loan. Buyers are encouraged to not take the first quote they receive and to talk to more than one lender.
Lake Tahoe real estate markets is reportedly able to maintain continued strength as the year progresses. It is expected that sellers will experience increasing home costs and a high level of interest in their listing, and economists encouraged buyers to move quickly when they see a home that meets their needs.