Aug. 29, 2017
Are we in a buyer’s or seller’s market? The answer depends on your location, but it’s arguably a good time to both buy and sell.
There are many great Truckee area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (530) 582-6900 for a FREE home buying consultation to answer any of your real estate questions.
A lot of my clients often ask, “Are we currently in a buyer’s or a seller’s market?”
Right now in the Tahoe-Truckee area, the answer depends on which neighborhood you’re looking in. For example, in Lahong, there are more than 22 great homes for sale, and about two to four are selling every month. The same is true for some of the high-end homes in Tahoe-Donner and around the lake.
If you’re looking for a high-end property, it’s definitely a buyer’s market. If you’re a first-time homebuyer looking in the $400,000 to $500,000 range, you’ll face a lot of competition, so that price point is definitely a seller’s market.
Our current inventory is about 12% less compared to where it was at this time last year. Supply is down, but there is still quite a good selection of homes on the market. Inventory isn’t quite low enough to cause prices to spike—they rose 5% from January to March, but they’ve since stabilized and are now what’s keeping our market level. Interest rates are still very low as well, especially on jumbo properties, and some of our clients are still getting rates between 4% and 4.25%.
Supply is down, but there is still quite a good selection of homes on the market.
”To summarize, it’s not only a great time to buy, but it’s also a great time to sell because you’re selling in a market where buyers can get incredible rates on their loans. We’re still about 10% below our peak pricing, so buyers should be aware that we still have quite a ways to go in terms of appreciation.
As a seller, you need to pay attention to what other homes are selling for and make sure yours stands out in terms of its condition. As always, listen to your Realtor and stage your home as best you can to attract the best buyer possible.
If you have any other questions about our Tahoe-Truckee market or are thinking of buying or selling a home, don’t hesitate to get in contact with me. I’d love to help you!