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Homeownership in Lake Tahoe Is an Investment in Your Future!

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Homeownership in Lake Tahoe Is an Investment in Your Future

Homeownership Is an Investment in Your Future | MyKCM

There are many people thinking about buying a home in Lake Tahoe, but with everything affecting the economy, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. As Bob Broeksmit, President and CEO of the Mortgage Bankers Association (MBA), explains:

“The desire for homeownership is strong. Many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook.”

If you’re in that position, remember that it’s important to consider not just what’s happening today but also what benefits you may gain in the long run.

There’s a lot of information out there about how homeownership helps build a homeowner’s net worth over time. But even today, many people think first about things like 401(k)s before they think of owning a home as a wealth-building tool. It’s especially important if you’re a young prospective homebuyer to understand how homeownership is another key way to invest in your future. An article from Bloomberg notes:

“Millennials have higher average 401(k) balances than Generation X did when they were the same age, but they’re not any better off financially. . . . A lot of that has to do with being less likely to own a home.”

To help you understand just how much owning a home can have a positive impact on your life over the years, take a look at what the data shows. The same Bloomberg article helps show the gap in wealth between renters and homeowners who are 65 years and older (see graph below). The difference is substantial, even when incomes are similar.

Homeownership Is an Investment in Your Future | MyKCM

So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. That’s because, whether you decide to rent or buy a home, you’ll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?

The low inventory of houses for sale in South Lake Tahoe is making it somewhat challenging for buyers that want to get away from renting and that are actively looking to purchase a home.

There are currently only 76 single family home listings and 11 condominiums and townhouses that are listed as “active” on the South Lake Tahoe MLS. There are 32 pending sales which means that 26.9% of the total inventory is in escrow.  I am confident that as we get closer to spring, we will see more of a selection of homes for sale on the South Lake Tahoe MLS.                                                                                                                

 

Bottom Line

Before putting your homeownership plans on hold, let’s connect to go over your options. That way, you’ll have expert advice on how to make the best decision right now and the best investment in your future.

Buying Homes in South Lake Tahoe in Todays market!

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Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market in South Lake Tahoe

Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market | MyKCM

There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying homes in South Lake Tahoe, this may be top of mind for you. That’s because those higher rates impact how much it costs to borrow money for your home loan. As you set out to make a purchase this winter, you’ll need to be strategic so you can find a home that meets your needs and budget.

Danielle Hale, Chief Economist at realtor.com, explains:

“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be given the diminished purchasing power.”

In other words, it’s important to be mindful of what’s a necessity and what’s a nice-to-have when searching for a home in Lake Tahoe. And the best way to understand this is to put together a list of desired features for your home search.

The first step? Get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a Tahoe home that’s out of reach. Once you have a good grasp of your budget, you can begin to list (and prioritize) all the features of a home you would like.

Here’s a great way to think about them before you begin:

  • Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
  • Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t deal breakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender (examples: a second home office, a garage, etc.).
  • Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).

Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate advisor. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your needs.

Bottom Line

Putting together your list of necessary features for your next home in Lake Tahoe might seem like a small task, but it’s a crucial first step on your homebuying journey today. If you’re ready to find a home in Tahoe that fits your needs, let’s connect.

South Lake Tahoe Real Estate Update

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After two years of massive home appreciation, the South Lake Tahoe real estate market has finally cooled down. We have shifted from a sellers market where multiple offers and over asking price sales with minimal contingencies were the norm, to more of a balanced market. 

The average days on the market has tripled from 29 days to 92 days and price reductions are becoming more common than they have in

years. 

Mortgage interest rates and economic concerns of a looming recession have caused many buyers to pause their search for a Tahoe property. With 30 year fixed interest rates now hovering around 7%, more than double what they were in January, low housing affordability is adversely affecting home sales. 

The inventory of homes for sale in South Lake Tahoe remains very low which is the biggest reason that we have not transitioned into a buyers market.

There are currently only 90 active single family homes and 11 condo/townhouses on the market in the city and county areas of South Lake Tahoe. There are 40 pending single family homes and condo/townhouses accounting for 28.4% of the inventory being in escrow.

 

 

In November of 2021 there were only 91 active listings however there were 82 pending sales, double the amount of pending sales currently listed on the MLS.

Here is a breakdown of the current 113 residential escrows by price range:

  • Under $200,000- 0  0%
  • $201,000 to $300,000- 0   0%
  • $301,000 to $400,000- 1  2.5%
  • $401,000 to $500,000- 7
  • $501,000 to $600,000- 7
  • $601,000 to $700,000- 7
  • $701,000 to $800,000- 3
  •  
  • $801,000 to $999,000- 7
  • Over $1 Million- 8

So far this year there have been 585 single family and condo/townhouse sales in South Lake Tahoe which is down from 684 sales during the same year to date in 2021. The median sales price is actually up to $707,750 from $689,500 last year but I suspect that number will change in a downward direction by the end of 2022.

Just Sold Listing in South Lake Tahoe
Recently Sold in The Tahoe Keys

The good news for sellers is that there are still many buyers actively looking for both primary residences as well as second homes in Tahoe that were unsuccessful in securing a property during the pandemic. It will just be important to price their properties correctly as most homebuyers are looking for value priced properties to compensate for the higher interest rates and market jitters. 

I do see the South Lake Tahoe Real Estate market improving in the next 12 months as interest rate hikes slow down and as inventory increases so this could be a great opportunity for buyers looking to find their dream home over the next year! For more information about the South Lake Tahoe Real Estate market please reach out to Brent Johnson at 530-416-2625 today!

Top Real Estate Agent in South Lake Tahoe!

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Brent Johnson was just named the top real estate agent in South Lake Tahoe for the 7th consecutive year for  units listed/sold and buyer side sales! Brent was also the top agent in volume with $122,226,532 in sales on the South Lake Tahoe MLS. 2021 was also the 9th consecutive year as the top realtor in South Lake Tahoe for buyer side units sold.

According to the South Lake Tahoe MLS, in 2020 Brent Johnson closed a total of 154 units sold with a total sales volume of $122,226,532 which included 86 listing sales and 68 buy side transactions. The next closest agent had 69 sales.Top real estate agent in South Lake Tahoe

In 2019 Brent Johnson was also the top real estate agent in South Lake Tahoe for units sold with a total of 94 units sold for $56,109,277 in sales volume which included 55 listing sales and 39 buy side transactions. The next closest agent had 24 total sales and $31,830,000 in total volume.

In 2018 Brent had 110 total transactions with over $59,258,110 in volume and 68 sales with over $30,000,000 in volume in 2015.

Brent Johnson is one of the few realtors in South Lake Tahoe that has built his business with a foundation based on hard work, ethics, and cutting edge technology. 

“I believe that I have been able to consistently position myself as the top realtor in South Lake Tahoe by creating a business model that no one else in Tahoe has. I believe in working hard for my clients, doing what I say that I am going to do, and utilizing the power of the internet. My background is also a huge asset for me.  I was born and raised here in South Tahoe and I started here as a developer/general contractor. I know this town like the back of my hand and I know how to evaluate properties well because of my background.”

Having a full-time assistant has enabled Brent to focus on what he does best, selling homes and working with customers. “Janine has been a crucial part of my team and is a valuable asset that allows me to stay efficient and organized. When I am out on an appointment or out showing property Janine is there to respond to emails, take phone calls, and to make sure that no showings or leads slip through the cracks.” This has been a big reason that Brent Johnson has been the top real estate agent in South Lake Tahoe.

Working for Chase International is another key to Brent Johnson’s success as the top realtor in South Lake Tahoe. Chase International South Tahoe Realty is the top producing brokerage in South Lake Tahoe with 530 total units sold and a total sales volume of $411,394,740. The nearest competitor to Chase had only 217 total sales with a total volume of $183,192,554.  “When listing your home with Chase International, you hire an entire team of Realtors and brokers. With my brokers and I working for you, a combined 55 years of experience in the South Lake Tahoe real estate market is on your side. From the pricing of your property through negations and closing, be assured that you will have hired the highest level of expertise and experience.”

When listing your property in with the top real estate agent in South Lake Tahoe there are some important marketing tools that he will use to sell your property. Below are just some of the features that are used by Brent and his team.

  • Professional Photography and Virtual Tours! With over 84% of today’s home buyers searching for homes on the Internet, professional pictures are a must. Not only will your property be one of the first that they see online, it will make the top of the “Must See” list with the high quality professional pictures and virtual tours.
  • Featured Listings! I pay for my listings to be featured on the top Real Estate websites including Zillow.com, Realtor.com, Trulia.com, www.JohnsonsTahoeRealEstate.com, and more.
  • Maximum Internet Exposure! My website www.JohnsonsTahoeRealEstate.com is one of the most active and user friendly real estate websites in Lake Tahoe. My blog is updated frequently and produces lots of business.  My website is at the top of page one for many Google search phrases.
  • Listing Syndication! Your property listing and professional pictures will be syndicated to thousands of websites worldwide! Not only do I pay for featured listings, I manually upload your listing to Postlets.com, craigslist, facebook, youtube, and many others.  With listing syndication your property gains maximum Internet exposure.
  • Homes and Land Magazine! Even though most home buyers are searching the Internet for properties, I still believe in print advertising. I publish my listings monthly in Homes and Land Magazine. This widely distributed and high quality magazine gives buyers and sellers something to flip through while away from their computer. The professional high resolution photo will insure that your listing stands out above the rest!
  • Just Listed Postcards! I mail out high quality, glossy, 8”x 5.5” “Just Listed” postcards to property owners in your neighborhood. Some of your neighbors may have friends or family looking to purchase a property and may have a buyer for your listing.
  • Open Houses! Open houses are a great way to show off your property to home buyers, neighbors, and other Realtors. If my sellers want open houses I give them open houses! Open houses will be advertised in the Tahoe Tribune, the South Lake Tahoe MLS, and Trulia.com.
  • MLS and Office Tour! Every week the South Lake Tahoe MLS has a caravan style tour of the new listings in South Tahoe.  Chase International also has a monthly office tour for our agents to view our new office listings. I am a firm believer in hosting my listings on both tours so that I can market your listing to other local real estate agents.
  • Marketing Department! Chase International is the only local real estate company with our own marketing department. All of our advertising materials will adhere to Chase’s guidelines and will be second to none in quality and materials.

Whether you are a seller or a buyer and if you are interested in working with the top real estate agent in South Lake Tahoe please call Brent and his team at (530) 416-2625 today! 

Click here to view recent reviews for Brent Johnson Real Estate

Click here to view recent Yelp! reviews for Brent Johnson Real Estate

 

 

August 2021 Real Estate Review

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Low housing inventory continues to be the norm for the Lake Tahoe regional real estate market.  The South Lake Tahoe Real Estate market experienced a decrease in the total number of home listings compared August 2020. This

710 Tata Lane Just sold for $1,290,000!

includes the Active Listings and those that are currently in Escrow. Out of the 230 Active Listings, there are no short sale listings and there is only 1 REO (bank owned property). Out of the 113 properties that are in Escrow, none are Short Sales and one is an REO. In August of 2020, there were 305 Total Listings, 92 Active Listings, and 213 Escrows. 

The median sales price for a Single-Family Homes in South Lake Tahoe is currently $655,000 which is a 34.9% increase from what it was 12 months ago ($485,000 in July, 2020).

 

Here is a breakdown of the current 113 residential escrows by price range:

  • Under $200,000- 0  0%
  • $201,000 to $300,000- 0   0%
  • $301,000 to $400,000- 3  2.7%
  • $401,000 to $500,000- 14  
  • $501,000 to $600,000- 24
  • $601,000 to $700,000- 15
  • $701,000 to $800,000- 19
  • $801,000 to $999,000- 13
  • Over $1 Million- 25

From January 1, 2021 to August 9th, 2021 there have been a total of 508 closings which is up slightly from the number of closings during the same time in 2020 when there were 425 closings. 

Even though we have had more closings so far this year, I expect there to be less home sales in the second half of 2021 compared to 2020 judging by the lower number of pending sales and lack of active listings. The Caldor fire has also caused Highway 50 to close and has created unhealthy air quality in the basin which is creating a temporary slowdown of new listings and pending sales.  

I currently have 7 active listings and 9 pending listings that are currently on the South Lake Tahoe MLS. My active listings are still getting plenty of activity despite the effects of the Caldor fire. 

Be sure to check out my Virtual Showing Videos by accessing my YouTube Channel and you can access it by the link –Brent Johnson’s YouTube Channel Click “Subscribe” for upcoming Virtual Showing Videos! 

You can also follow along on my Social Media pages for new listings and Open Houses!

Brent Johnson’s Instagram Page

Brent Johnson’s Facebook Page

April 2020 Real Estate Review

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The South Lake Tahoe Real Estate market is seeing a decrease in the total number of listings from April 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 201 Active Listings, none are Short Sale and there are 2 REO properties. Out of the 39 properties in Escrow, none are Short Sales and one is an REO. In April of 2019, there were 246 Total Listings, 189 Active Listings, and 57 Escrows. 

The median sales price for a Single-Family Home in South Lake Tahoe as of April 2020 is $470,000.00 which is down 2.1% from April 2019. In April of 2019, the median sales price was $480,000. There are currently 39 properties in Escrow and represent 19.4% of the total inventory. Here is a breakdown by price range of the 39 Escrows:

  • Under $200,000- 0  0%
  • $201,000 to $300,000- 3   7.7%
  • $301,000 to $400,000- 9  30.8%
  • $401,000 to $500,000- 8  
  • $501,000 to $600,000- 3
  • $601,000 to $700,000- 6
  • $701,000 to $800,000- 3
  • $801,000 to $999,000- 3
  • Over $1 Million- 4 (4 are Chase of which 0 are Zalanta)

From January 1, 2020 to April 27, 2020 there have been a total of 147 closings which is up slightly from the number of closings during the same time in 2019 when there were 133 closings. 

Even though we have had more closings so far this year, I expect there to be less home sales in the first half of 2020 compared to 2019 judging by the lower number of pending sales. There has been an increase of activity over the last week which is quite encouraging despite the shelter in place requirements. 

I currently have 17 active listings and most of the listings had showings over the last weekend. 6 of my listings received multiple showings and we received offers on 5 of the listings which is a big jump in activity from the previous weekend.

Be sure to check out my Virtual Showing Videos by accessing my YouTube Channel and you can access it by the link –Brent Johnson’s YouTube Channel Click “Subscribe” for upcoming Virtual Showing Videos! 

You can also follow along on my Social Media pages for new listings!

Brent Johnson’s Instagram Page

Brent Johnson’s Facebook Page

March 2020 Real Estate Review

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The South Lake Tahoe Real Estate market is seeing a slight decrease in the total number of listings from March 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 216 Active Listings, none are Short Sale and there are 4 REO properties. Out of the 54 properties in Escrow, none are Short Sales and none are REO. 

The median sales price for a Single-Family Home in South Lake Tahoe as of March 2020 is $470,000.00 which is down 1.3% from March 2019. There are currently 54 properties in Escrow and represent 37% of the total inventory. Here is a breakdown by price range of the 54 Escrows:

  • Under $200,000- 1  1.9%
  • $201,000 to $300,000- 2  5.6%
  • $301,000 to $400,000- 12  27.8%
  • $401,000 to $500,000- 14  
  • $501,000 to $600,000- 4
  • $601,000 to $700,000- 6
  • $701,000 to $800,000- 6
  • $801,000 to $999,000- 4
  • Over $1 Million- 5 (4 are Chase of which 0 are Zalanta)

From January 1, 2020 to March 30, 2020 there have been a total of 123 closings which is about the same from the amount of closings during the same time in 2019 which was 121 closings. 

We are currently operating during the “Shelter in Place” order that the State of California is under as we are an essential service. We are needing to be creative in order for our clients to be able to purchase homes virtually during this time. I offer Virtual Showings on all of our Active Listings this way people can watch the video first to make sure this is something they are interested in. Buyer’s much be Prequalified prior to looking at a property and must watch the Virtual Showing video prior to entering a property. I can also FaceTime or Zoom any of my clients through properties listed on the MLS if you are not able to come to South Lake Tahoe at this time. 

You can access all of my Virtual Showings by visiting my YouTube Channel- Brent Johnson’s YouTube Channel

Please be sure to “Subscribe” to not miss out on future showings!

Stay home, stay safe, and be well! 

February 2020 Real Estate Review

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The South Lake Tahoe Real Estate market is seeing a slight increase in the total number of listings from February 2019. This includes the Active Listings and those that are currently in Escrow. Out of the 159 Active Listings, none are Short Sale and there are 4 REO properties. Out of the 72 properties in Escrow, none are Short Sales and 1 REO. 

The median sales price for a Single-Family Home in South Lake Tahoe as of February 2020 is $475,000.00 which is the same as February of 2019. There are currently 72 properties in Escrow and represent 31.2% of the total inventory. Here is a breakdown by price range of the 72 Escrows:

  • Under $200,000- 1  1.4%
  • $201,000 to $300,000- 5  8.3%
  • $301,000 to $400,000- 12  25%
  • $401,000 to $500,000- 17  
  • $501,000 to $600,000- 6
  • $601,000 to $700,000- 11
  • $701,000 to $800,000- 8
  • $801,000 to $999,000- 6
  • Over $1 Million- 6 (4 are Chase of which 0 are Zalanta)

Today, we are faced with several new challenges regarding how Real Estate will be affected due to the worldwide Coronavirus pandemic. We should expect that property showings will be slow since we are required to social distance and in some cases “Shelter in Place”. We will see our market get a later start to our Spring Listing Season as in years before, we would see that would have just begun. 

We are still out showing properties, however, we are following strict guidelines to comply with social distancing. We are following our clients instead of riding in the same car to ensure the 6-foot rule, using hand sanitizer frequently before and after entering a property, refraining from touching surfaces, and staying home if we are not feeling well. 

In South Lake Tahoe currently, the Casinos, restaurants and bars, some hotels, and other local business are closed until further notice. It will be interesting to see when our town will be back up and running! 

Until then, wash your hands and stay well!

Brent Johnson’s Real Estate Acheivement Awards of 2019

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It’s that time of year again when Chase International recognizes agents within the company for their outstanding achievements from the prior year. I am proud to have received the following awards for my Real Estate sales success in 2019-

#1 Agent in “Total Individual Sales Volume”

#1 Agent in “Individual Units Sold”

 

 

 

 

 

“Leader in Luxury”

I greatly value and appreciate all of my clients and am looking forward to another successful year in 2020! Click here to read some of my client’s feedback from our transactions throughout the years-

Brent Johnson’s Zillow Reviews

January 2020 Real Estate Review

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The South Lake Tahoe Real Estate market is again seeing a slight decrease in the total number of listings from February 2019. This includes the Active Listings and those that are currently in Escrow. Out of the Active Listings, none are Short Sale and there are 2 REO properties. Out of the properties in Escrow, none are Short Sales and there are 2 REO. 

The median sales price for a Single-Family Home in South Lake Tahoe as of January 2020 is $485,000.00 which is up 2.1% from January of 2019. There are currently 56 properties in Escrow and represent 42.9% of the total inventory. Here is a breakdown by price range of the 56 Escrows:

  • Under $200,000- 0  0%
  • $201,000 to $300,000- 3  5.4%
  • $301,000 to $400,000- 14  30.4%
  • $401,000 to $500,000- 12  
  • $501,000 to $600,000- 7
  • $601,000 to $700,000- 3
  • $701,000 to $800,000- 8
  • $801,000 to $999,000- 4
  • Over $1 Million- 5 (4 are Chase of which 1 is Zalanta)

Mortgage Rates are at their lowest they have been in 3 years. CNN reported that, “Mortgage rates across the U.S. have fallen to a three-year low, a boon for house-hunters and homeowners looking to refinance. 

The average 30-year mortgage is charging 3.45%, while 15-year loans are at 2.97%, according to Freddie Mac. That’s down from 4.41% and 3.84% a year ago. Lower rates means homeowners pay less for their house over the life of the loan. So anyone with decent credit shopping for a home is likely getting the cheapest interest rates in years, experts said.”

What factors are pushing down mortgage costs? “The Federal Reserve has kept rates low after cutting them three times last year amid signs of economic weakness, while inflation remains tame.

“And once [banks] start to expect that, they’re willing to lend money over the long run at lower interest rates,” said Bob DeYoung, an economist and business professor at the University of Kansas. 

Another reason mortgage rates have receded: European and other overseas investors seeking shelter from Brexit, the coronavirus and other global risks have scooped up U.S. Treasuries, pushing down yields. Banks typically keep mortgage rates slightly above Treasury rates, so home loan costs have declined in turn.”

Check out the article here- Mortgage Rates Hit Three Year Low

If you’ve been holding out, now is a great time to buy! We usually start seeing an increase of listings by early Spring and now would be the time to check in with your Mortgage Broker. 

To check out an up to date Market Report for South Lake Tahoe, you can access here- Market Report for South Lake Tahoe

For more information, you can email me directly at bjohnson@chaseinternational.com or call/text 530-416-2625.