If you have been reading the news, you likely already know that the amount of buyers currently outweighs the amount of homes across the nation. Lake Tahoe real estate is no exception. In fact, we have been making headlines for the past few months as so many Bay Area residents fled their city or suburban dwellings to quarantine at the lake or finally buy that vacation home now that they can work and school remotely. So how does low inventory benefit sellers? In a few ways actually, which makes now an amazing time to list. Here is why.
- Higher Lake Tahoe Real Estate Values
So many buyers are in the market looking for homes for sale in Lake Tahoe. When inventory is low, the high buyer demand creates bidding wars which results in increasing prices and values. This means, as a seller, you can make more than what you paid or owe. You also get to work with predominantly serious buyers who are willing to do whatever it takes to get you to pick their offer. While you don’t want to completely take advantage, if your moving timeline needs to be a little longer, or if you need a rent back agreement or a longer closing time, buyers are more willing to negotiate on these terms so you will choose to sell to them.
- Greater ROI (Aka: Return on Your Investment)
With homes for sale increasing in price and gaining value, this results in an increase in your home equity. According to CoreLogic recently, the second quarter of this year saw a $9,800 increase for the average homeowner. That year over year equity growth gives you more money to put towards savings or a down payment on a bigger home.
- Better Terms For Sellers
As mentioned above, when sellers are in control of the Lake Tahoe real estate market like they are right now, they have the upper hand. Buyers are more willing to waive things, be flexible on timelines, offer up more money and work with you in order to get your property.
When the Lake Tahoe real estate market is dealing with low inventory, there is no better time to take advantage and list. If you are a seller or a buyer, feel free to give me a call. I would be happy to help and explain how this market works for both parties.