The busy summer visitor season might be winding down but that does not mean that Incline Village real estate sales activity has slowed as we get deeper into the year. During the past week, 14 properties have gone into escrow continuing the steady pace of sales activity that we have seen all summer. With prices still trending upward in most parts of our community, buyers who procrastinate will find themselves missing out on the best values on the North Shore of Lake Tahoe.
28 properties closed escrow this past week ranging from a 480 sq. ft. Toepa unit for $269,000 to a $6,350,000 home on the lakefront in Crystal Bay. It has been tough for buyers in today’s market, with a lot of buyer competition. Inventory levels are down nearly 50% from this time last year…
Those buyers who are actively looking at properties and writing offers in late summer and autumn 2020 are finding that competition amongst other buyers is still incredibly high. With spectacular weather continuing in the Lake Tahoe basin, we will likely see a continuation of the steady stream of buyers making their way up to Incline Village and Crystal Bay. This is one year where it does not make sense for buyers to wait until November or December and hope that a desperate seller will just throw in the towel. With the inventory declining this time of year and the best properties getting snapped up, procrastinating buyers risk missing out on finding the place of their dreams.
As demand remains strong, prices will continue to trend upward especially in those locations where there is a relatively small supply.
It is advisable for any buyer considering financing to meet with their lender in advance of writing an offer and secure a pre-qualification or pre-approval letter. By submitting evidence of your ability to get financing along with your purchase offer you will generally be in a better negotiating position than someone who is not already prequalified by a lender.
If you are a buyer that has been sitting on the sidelines the past few years, the autumn of 2020 presents a good opportunity to strike a deal on a property that appeals to you. It’s one thing to be contemplative and deliberative before making a purchase offer. But procrastination will only help the buyers you are competing with who are interested in similar properties. The happiest buyers in this fall will be the ones who act decisively when they find a property that they like.