One of the biggest questions everyone has right now is if the mortgage rates are going to stay low for the next year. One of the main reasons that the Lake Tahoe real estate industry has continued to boom while other industries suffered through this pandemic is that interest rates were so incredibly low. Paired with the high demand and low inventory, of course. 2020 gave buyers a major chance to save money on homes for sale in Lake Tahoe with the rates hitting record lows 12 times this year.
So, what does that mean for 2021? The Lake Tahoe real estate industry can change at any time, as we saw this last year. Which means that playing the waiting game to see if rates are going to dip any lower (IE: earn yourself more savings) is risky. In fact, due to the positive news about the Covid-19 vaccine, mortgage rates actually went up a bit. As the economy continues to get stronger and the current health crisis is resolved, there is a highly likely chance the rates will continue to go back up, which several industry experts are predicting that they will.
If you are a buyer, and you have a tight timeline for buying homes for sale in Lake Tahoe, you should get approved and start the process sooner rather than later. Even the little uptick in rates can not only impact your buying power, but also adds more money to the bottom line. In fact, this time of year is a great time to buy anyway because there are usually less buyers in the marketplace in the winter in general. Lake Tahoe real estate specifically can be busy depending on whether or not it is a great ski season. After all, this is a world class ski destination. If you want more information or are trying to determine if now is the best time to buy Lake Tahoe real estate, feel free to give me a call. I would be happy to help!