If you are thinking of buying or selling Lake Tahoe luxury real estate in 2020, there are few key things to know about the next 12 months that experts are forecasting. The end of 2019 saw a lot of homeowners realizing they had more equity while wages increased, and mortgage rates stayed low. This created the perfect space for homeowners to move on up into a bigger, more luxurious home. Will that continue in 2020? Let’s take a look at the facts.
The United States economy is strong which creates more buying opportunities in the Lake Tahoe luxury real estate market. While inventory for starter and mid range homes for sale in Lake Tahoe may be lower in comparison, luxury homes for sale in Lake Tahoe are considered to be in a buyer’s market. In a nutshell, if you have a higher spending limit, there are more options to choose from.
With more luxury homes for sale in Lake Tahoe available, more affluent buyers come out to purchase which increases market activity. Additionally, there are a lot of Bay Area buyers who have the ability to work remotely. With the cost of living so high in the Bay Area, buyers are realizing that they get more bang for their buck with luxury homes for sale in Lake Tahoe compared to what they can get living in or near San Francisco.
In most scenarios, sellers are also buyers, especially those looking to buy Lake Tahoe luxury real estate. If they are listing their property and have gained more equity, they can pair that with their great purchasing power and buy a bigger, more luxurious home.
Whether you are new to the luxury real estate market or you have been living in a higher priced home for a long time, 2020 is a great year for buying Lake Tahoe luxury real estate. For more information on our market, feel free to contact me. I would be happy to help!