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Homeownership in Lake Tahoe Is an Investment in Your Future!

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!

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.

Montgomery Estates Retreat- 2245 Lupine Trail, South Lake Tahoe, CA 96150 El Dorado County

Spacious 5 bedroom Montgomery Estates retreat minutes from Heavenly Resort and Village! Located on a 15,336 square foot lot with Conservancy land on each side, the forest views can be admired from just about every room. The main living area, kitchen, and master bedroom are all located at street level with no stairs. The updated kitchen features granite slab counters, hardwood cabinetry, new stainless steel appliances, and a breakfast bar. The great room has vaulted ceilings, hardwood flooring, a gas fireplace, and beautiful forest views. The master bedroom has a custom en-suite bathroom with a jetted tub, steam shower, and custom marble tile throughout. The mid-level has 9′ ceilings with 4 large bedrooms, a family room with a wood-burning stove, a workout room, and even a wine cellar. Downstairs is a game room/movie room which is perfect for entertaining and the kids! Other features include Anderson windows, hydronic heat, A HEATED 3 CAR GARAGE, 3 fireplaces, and ample storage!

2245-Lupine
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September South Tahoe Real Estate Statistics

September was a big month for sold homes in South Lake Tahoe. There were 62 single family properties that had closed escrow in September, up from 44 sold properties in August. Of the 62 properties that were sold in September, 58 were detached single family homes and 4 were condos.

Distress sales accounted for 27 of the sold properties in September. There were 10 short sales and 17 bank owned foreclosures that were sold in September. The short sales had an average sales price per square foot of $193 and the foreclosures had an average price per square foot of $145. The non-distress sale properties had an average price per square foot of $198.

September South Tahoe Real Estate Statistics

  • There were 62 single family homes reported as sold on the South Lake Tahoe MLS in September, up from 44 in August.
  • The average price per square foot of the single family homes in South Lake Tahoe that were sold in September was $183, down from $192 in August.
  • The average sales price was $306,721, down from $343,558 in August.
  • The median sales price was $233,250, down from $295,000 in August.
  • There were 10 short sales in South Lake Tahoe that sold, up from 6 in August.
  • There were 17 bank owned foreclosures in South Lake Tahoe  that sold, up from 11 in August.
  • The average days on the market was 136 and the median days on the market was 99.

September Statistics for Foreclosures in South Lake Tahoe

  • The 17 foreclosures that sold in September had an average price per square foot of $145.
  • The average sales price of the foreclosures was $258,292.
  • The median sales price of the foreclosures was $213,357.
  • The average days on the market was 113 and the median days on the market was 87.

September Statistics for Short Sales in South Lake Tahoe

  • The 10 short sales that sold in September had an average price per square foot of $193.
  • The average sales price was $331,252.
  • The median sales price was $215,000.
  • The average days on the market was 264 and the median days on the market was 245.

With only 4 condos that were sold in September there is not enough sales to report the statistics. Three of the condos that were sold were in the Tahoe Keys which does not surprise me. The summer time is when the Keys Condos seem to sell the best.

South Tahoe Real Estate Review for May

After a very long winter here in Lake Tahoe the weather is finally warming up and Highway 50 is busy with visitors looking to escape the heat of the valley.  The South Lake Tahoe Real Estate market should heat up this summer as well now that home prices are the lowest that they have been in years.

In May there were 35 homes in South Lake Tahoe that were sold on the South Tahoe MLS. Distress sales accounted for 22 of the 35 home sales. Short sales accounted for 8 of the distress sales and foreclosures accounted for the other 14.

Both the average sales price and the median sales prices were down sharply last month. The average price per square foot was only down slightly.

South Lake Tahoe Real Estate Statistics

  • The average price per square foot of the sold  houses in South Lake Tahoe in May was $183 per square foot, down from $186 per square foot in April.
  • The average sales price was $316,777,  down from $342,063 in April.
  • The median sales price was $285,000, down from $314,500.
  • The average days on the market was 163 and the median days on the market was 114.
  • There were 8 short sales in South Lake Tahoe that were sold in May, the same number of short sales that were sold in April.
  • There were 14 foreclosures in South Lake Tahoe that were sold in May, the same number of foreclosures that were sold in April.

The foreclosures in South Lake Tahoe  that were sold in May had an average price per square foot of $153 and the short sales had an average price per square foot of $173. The non distress sale properties that sold had an average price per square foot of $221. The average sales price of the foreclosures was $262,193 vs $400,963 for the non distress sales. The median sales price of the foreclosures in South Lake Tahoe that were sold was $$205,000 vs $360,000 for the non distress sales.

The short sales in South Lake Tahoe  that were sold had an average price per square foot of $173,  a median sales price of $244,000 and an average sales price of $275,000.

As you can see, the distress sales continue to bring down the average sales price, median sales price, and average price per square foot of the home sales in South Lake Tahoe.

Tahoe Keys Real Estate

Spring is the time of year when the homes in the Tahoe Keys begin to sell as well. This year the lake is almost full and the water levels in the Tahoe Keys look Great! There were 6 Tahoe Keys properties that were sold in May. There were 2 Tahoe Keys condos that were sold and 4 homes that were sold. Two of the homes that sold were foreclosures and one was a short sale.

March South Tahoe Real Estate Statistics

March was a great month for closings on the South Lake Tahoe MLS. There were 44 single family homes in South Lake Tahoe that were reported as sold during the month of March. The number of sold homes in South Tahoe was up in March from only 30 home sales in February. The median sales price of the homes that were sold in March was $310,000 which was down 2.4% from March 2010, but was up substantially from $269,200 from what it was in February.

The number of sold foreclosures in South Lake Tahoe were also up in March. There were 17 bank owned single family homes that were sold in March which was up from 10 in February. There were only 3 short sales that closed escrow in March which was down from 5 short sale closings in February.

South Lake Tahoe Real Estate Statistics

  • The median sales price of the homes in South Lake Tahoe that were sold in March was $310,000, up from $269,200 in February.
  • The average sales price of the houses in South Lake Tahoe that were sold in March was $349,941, down from $356,770 in February.
  • The average price per square foot was $197, up from $188 in February.
  • The average days on the market was 153 and the median days on the market was 125 including the escrow period.
  • There were 17 bank owned foreclosures (REO’s) that were sold, up from 10 in February.
  • There were 3 short sales in South Lake Tahoe that were sold, down from 5 in February.

The foreclosures in South Tahoe that were sold in March had an average sales price of $242,621 and a median sales price of $215,000. The average price per square foot of the foreclosures that were sold was $169 per square foot, much lower than the non-foreclosures that sold for $217 per square foot.

Currently there are 345 total single family listings on the South Lake Tahoe MLS. There are 266 listings that are active and 79 that are active pending. Short sales account for 75 of the current MLS listings. Out of the 75 short sale listings, 35 are active, and 40 are active pending.  Bank owned foreclosures accout for 42 of the single family listings. There are 26 foreclosure listings that are active, and 16 that are active pending.