Real Estate Recovery in the Lake Tahoe Basin, and specifically where I work which is primarily in Truckee, is really a challenge to analyze!!
Every day when I go on line to check status of properties, I am seeing more and more indications of prices going up, inventory increasing steadily, and a Seller’s market potentially declining if Sellers and their agents aren’t a little more thoughtful about how to price homes. In this area we had a real estate tour on Thursday. It was the first one in a long time, because we must have a certain number of homes in order to tour and we just haven’t met the criteria. I was disappointed to see that some of the homes seem so over-priced, it brings up a concern. Okay, sorry, I shouldn’t say over-priced. I don’t know that for sure. But it does seem like jumping up in price as much as some homes have, we could be looking at another stall out.
This is a second home market. Buyers are smart, and once we sell some of the homes to the desperate ones, we are risking another log jam with a market that isn’t moving.
I spoke to a lender recently who said that their big concern is that appraisals will be able to keep up with the changing market. In order to appraise, the comps need to be there.
So my plan: 1) have smart discussions with sellers 2) rather than price high, price smart! If the market holds, then we’ll get multiple offers and the price will be higher. 3) stay on top of the stats and have those figures ready for discussion.
I certainly don’t want any of my clients not to get top dollar. That is one reason that I haven’t been promoting “pocket listings” because really, they aren’t to a seller’s advantage are they? Not unless a seller really says, “just sell it, because I don’t want to show it”.
So my intention is to have what I hope is a “smart” talk with a potential listing. I might lose a listing, but at least I won’t go back to losing sleep!