Here are some interesting activity statistics for the sale of Single-Family Homes and Condominiums in North Tahoe and Truckee, excluding Donner Summit, Sierra County & Surrounding Areas*
For the period of time from June 1, 2020 to June 23, 2020.
- New listings: 176
- Same period 2019: 126
- Of 2020 new listings: 74 went into contract (escrow)
- Same period 2019: 34 went into contract (escrow)
Total Properties Under Contract June 1st to June 23rd.
- 2020: 233 Median Price $825,000
- 2019: 97 Median Price $647,000
51% Of Our Total Residential Listings Are In Escrow.
In a normal market that is usually plus or minus 28%
For those who have been thinking about selling their home, NOW IS THE TIME TO SELL!
For those thinking of buying I have these comments.
We are in a sellers market that is very competitive. Properties that are priced right are going into contract very quickly after coming on the market. In the under $1,00,000 price range we are often seeing multiple offers and the homes are selling at listing price or above.
You think it is not a good time to buy? That is not correct, NOW IS A GOOD TIME TO BUY, better than it will be in the next few years. Why, because prices are raising, and that will continue due to high demand and low inventory and very favorable interest rates; the 30-year fixed-rate mortgage average is down to 3.13%, the lowest in its history. These low rates give you more buying power. When rates go up, and they will, your buying power will go down.
Before buyers come to look at properties they need to prepare to make a purchase by getting pre approved for a loan, not pre qualified! They should be ready to make a decision quickly and act quickly when they see the home that feels right to them. Finally, they should expect to pay asking price or possibly over asking price. Low offers will not succeed.
*Greg Rankin and Chase International do not guarantee the accuracy of this information. Statistical information gathered from the Tahoe Sierra Multiple Listing Service. Not all real estate transactions in our area go through MLS, therefore, this information may not be completely accurate. CalDRE License #00826938
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