South Lake Tahoe real estate buyers are now getting off of the fence and purchasing homes at 2002 prices. So far this month there have been 31 new single family home escrows reported on the South Lake Tahoe mls. We are on track to pass the amount of escrows that we had in March, which was 38.
South Lake Tahoe home buyers are still seeking deals and distress sales. Out of the 31 new escrows, 9 are bank owned foreclosures and 9 are short sales. Many of the foreclosures that are priced under market value are attracting multiple offers. In some cases there have been as many as 10 buyers with competing offers on recent foreclosure listings. One reason for the multiple offers is that most South Lake Tahoe home buyers are looking for homes under $300,000. The inventory under $300,000 is greater than it has been in years, but is now on the decline do to recent buyer activity. When an under priced foreclosure comes on the market under $300,000, there are many buyers that are jumping at it.
South Lake Tahoe home buyers must be focusing on the positive!
- The Dow Posted its Biggest 6 Week Gain Since 1938, up 24% see the full story by Charley Blaine, MSN
Money - Interest rates are at historic lows, currently 30 year fixed mortgages are at 4.87%
- $8,000 first time home buyer tax credit
- South Lake Tahoe real estate prices are now similar to 2002 prices
- The market is showing signs of bottoming out
- Investors and speculators are now getting back into the real estate market
It will be interesting to see if this spring flurry of buyer activity continues.With most of the buyer activity under $300,000, the median and average home prices are going to continue to be pulled down by these lower priced sales.
Make sure to keep checking my list of foreclosure listings on the South Lake Tahoe mls.
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