Buyers Should Not Procrastinate in 2018
During the 1st quarter of 2018 the overall pace of sales is slightly ahead of the same time last year. With inventory levels hovering around a 4 month supply, buyers who procrastinate will find themselves missing out on the best values on the North Shore of Lake Tahoe. As of this writing there are only 4 single-family homes listed for sale on the Incline Village MLS priced under $800,000 and just 13 out of 87 with asking prices under $1 million.
Prices are still trending upward in our community. Low elevation condos are continuing to move up a bit more quickly than anticipated. Looking at one of our bellwether indicators, the least expensive 2 bedroom, 2 bath McCloud condo currently listed for sale is offered at $545,000. There is just one condo for sale in all of Third Creek and agents are continually sending out e-mails asking if anyone has a pocket listing in that complex. The asking prices in this very popular development have been in a steady uptrend the past few years and there is nothing to indicate that is going to change anytime soon. As demand remains strong prices will continue their march upward especially in those locations where there is a relatively small supply.
It is still early in the year and there will be a significant numbers of properties coming on the market during spring and summer. However, with the economy strong in the California markets that provide most buyers to Incline Village and Crystal Bay, competition is heating up for the most desirable properties. We are seeing good sales activity across the entire price spectrum. As a result, some sellers are even contemplating raising their asking prices if their properties were previously on the market and did not sell in 2017.
Even though there have been some pretty big snow storms in March, we continue to see a steady stream of buyers making their way up here to look at property. This is one year where it does not make sense for buyers to wait until autumn and hope that a desperate seller will just throw in the towel. With the inventory being very low and the best properties getting snapped up, procrastinating buyers risk missing out on finding the place of their dreams.
It is advisable for any buyer considering financing to meet with their lender in advance of writing an offer and secure a prequalification or preapproval 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 spring of 2018 will likely be your best opportunity to strike a deal on a property that appeals to you. The buyers who wait to write offers until September or October may be kicking themselves for having missed out on the best values. The laws of supply and demand will dictate that prices remain in an uptrend for the foreseeable future. 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.
For more great content, visit www.insideincline.com