Buying homes for sale in Lake Tahoe right now is no easy task. Inventory is low, demand is high and the values keep going up. As a buyer, you have your work cut out for you. So how do you beat out the competition? The most important step is finding a qualified and experienced Lake Tahoe Realtor who you trust but also has their finger on the pulse of the market. This person is your advocate and can guide you through the process of finding your dream property while also taking you all the way to the finish line. Here are some tips to keep in mind if you are buying in a seller’s market.
- Get Pre Approved. Not Pre-Qualified. One is actually the loan you have secured so you know how much you can spend and the other is simply a “guesstimate” based on a few surface level factors. When time is of the essence, the delay in trying to get a loan AFTER you have found your dream Lake Tahoe real estate could cost you the house altogether. When things are moving fast, and with loan approvals taking a bit longer, a property can go pending with multiple offers within 24 hours. Get all your ducks in a row BEFORE you start viewing homes for sale in Lake Tahoe.
- Know what you want ahead of time. This keeps you, your Lake Tahoe Realtor, the seller’s and their agent from wasting time on Lake Tahoe real estate that is not a match for you. Know the features of the home you would like: How many beds and baths, one level or two, big fenced yard, new modern construction or cute A-Frame cabin. Once you know those, think of the amenities you want to be close to and the neighborhood features you would like, such as: Walking distance to the lake, minutes to a Ski Lodge, backing a meadow, close to certain businesses, schools, etc. These things help you dial in what you are looking for so that search results are refined for you and you are seeing homes for sale in Lake Tahoe that not only match your want list but also your budget.
- Prepared to be competitive. Your Lake Tahoe Realtor should find out things like what the seller’s ideal offer looks like: Is it over the list price by a certain amount? Do they want to do a rent back agreement? Do they have a certain timeline they want to sell by? Do they prefer a young family over an investor? These details can help you craft an offer that stands out and gets you to the top of the stack. This is another reason why working with a Realtor in Lake Tahoe has so many benefits: we find out the necessary info that helps you achieve your goals.
- Do not come in a with a low-ball offer. There are so many folks out there that think they can haggle, and while that might work in a buyer’s market sometimes, seller’s do not have time for that when they have multiple other offers coming in. In fact, be prepared to offer over ask. Just do not overextend yourself.
- Be patient. Getting frustrated when inventory is low and demand is high is normal. Finding out a home is pending before you get a chance to tour is tough. Finding out your bid wasn’t picked is also tough. The waiting can be nerve wracking. But this is a big investment and your Realtor in Lake Tahoe is there to help guide you and help you through.
For more information on buying in a seller’s market, feel free to reach out. I would be happy to help!