If you thought that you missed your opportunity to sell this year, think again. Regardless of typical South Lake Tahoe Real Estate “busy” seasons, the best time to sell is when demand is high and supply is low. Across the U.S., existing home sales are strong and are expected to continue through 2020 at this same pace. Our real estate market is a second home resort market, so while we do not operate on the same times table as major cities or suburban residential areas, our month supply is still hovering around a seller’s market, making NOW a great time to list. Of course, every property is different so your South Lake Tahoe Realtor will have more information that can help guide you on a successful sale. Let’s take a look below at our market compared to the U.S. market in general.
As of the end of August, the amount of homes for sale went down 2.6%. Here, homes for sale in South Lake Tahoe went up 12.1% which is great, however, there is a “but”. The amount of NEW homes for sale in South Lake Tahoe went down .4%, pendings were down 10.3% and South Lake Tahoe real estate SOLDS went down 11.1%. The U.S. Month supply was 4.1 while ours is currently at 4.6. A balanced market needs 6 months of inventory, which we are below. Additionally, home prices are up about 6% in our market. So while inventory has gone up, it is still considered a seller’s market, inventory is still low and prices are increasing compared to years prior. Add in great mortgage rates and buyers are still interested in finding their dream piece of South Lake Tahoe real estate. A quick note regarding month supply: When there is less than 6 it is a seller’s market, when there is 6-7 it is considered neutral and anything above that is considered a buyer’s market. Add all of this together and it creates an atmosphere that is favorable for seller’s despite the season. If you need information on what your home is worth, what to do to get it ready for the market, or are just looking for some general information from a South Lake Tahoe Realtor, we would be happy to help.
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