Procrastinating Buyers Missing the Best Deals
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 two weeks 27 properties have gone into escrow continuing the steady pace of sales activity that we have seen all summer. With prices still slowly 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.
We have recently seen properties going into escrow ranging from around $129,000 for a lot in Tyrolian Village up to nearly $12 million. Buyers shopping in all price ranges are finding excellent choices. So, even though inventory levels are relatively low by historical standards, there is still a good variety of properties available. Those buyers who are actively looking at properties and writing offers in late summer and autumn 2019 are finding that motivated sellers are willing to negotiate a reasonable price and terms in an effort to get their places sold before winter arrives. With spectacular weather continuing in the Lake Tahoe basin, we will likely see a 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.
We have seen the number of condos available for sale dwindle in such places as McCloud, Third Creek and Mountain Shadows. 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 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 autumn of 2019 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.
Weekly Real Estate Update
Statistics gathered from the Incline Village MLS on 9/8/19
Houses Condos PUDs
For Sale 126 65 18
Under $1 million 16 43 12
Median Price For Sale $1,848,000 $559,000 $719,000
YTD Sales 2019 106 108 43
YTD Sales 2018 132 132 42
New Listings 11
In Escrow 14
Closed Escrow 11
Range in Escrow $129,000 - $11,900,000
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of September 8, 2019