Tahoe City Homes for Sale Market Report – Year End 2012

Tahoe City Homes for Sale Market Report – Year End 2012

It’s that time of year to review how the Tahoe City real estate market has performed.  Here is the Tahoe City homes for sale Year End 2012 Market Report.

Tahoe City Homes Sold Market Report – Year End 2012:

Sold Sales:  Tahoe City had 106 single family homes sold in 2012, which is a 66% increase in volume over 2011 levels.

The Tahoe City single family home sales price increased by +3% to an average median homes sales price of $572,000. 

The median average days on market was 116 DOM.

Cash Sale Transactions:  The number of cash sale transactions for the Tahoe City area increased to 39%, which is just above the Tahoe- Truckee Regional average of 34%, or 1 out of every 3 home sales has been a cash buyer.

Absorption Rate:   The current absorption rate is at 3 months, which indicates a Sellers’ market as of 01/02/2013.

Distress Sales: Distress sellers (bank foreclosures- real estate owned (REO’s) and short sales) has declined and dropped to 28% of all homes sold in 2012, which is an improvement over 2011 distressed levels.

Active Homes for Sale:  There were 30 Active – available homes for sale in the Tahoe City area as of 01/02/2013, which is.  They ranged in price from $315,000 to $16.8 million, with an average median asking sales price of $799,000.  Of the 30 homes offered for sale there are three (3) short sales, no (Zero) REO (Bank Foreclosure) listings, which is a clear sign that the market is stabilizing.

Pending Home Sales:  There are nine (9) pending home sales in Tahoe City and they range from $249,000 to $7,950,000.  Only one (1) is a short sale.

For more detailed Tahoe City real estate housing sales data check out my website which has a table summarizing past market sales information for 2012, 2011, 2010, 2009, 2008, 2007 and 2006.

If you’d like more information on the Tahoe City area, or would like to know what your Tahoe City home may be worth, call Laura Allen at 530.414.1260.

More about Tahoe City:

The Tahoe City area is known for its charming Alpine Mountain Village setting located near all of the recreational activities Lake Tahoe and the local ski resorts offer.

The Tahoe City community is located at the junction of California Highways 28 and Highway 89 South and stretches out 3 miles in both directions on the North Shore and West Shore.

Tahoe City is not an incorporated area and has a full time population of just over 1,500 people.

The Tahoe City downtown area has public beaches, recreational facilities, a nine-hole golf course, tennis courts, cross-county ski area, restaurants, shops, and other commercial services to make being in Lake Tahoe enjoyable. The Tahoe City area is also very close to Alpine Meadows, Squaw Valley, and Homewood Ski Resorts offering a diverse selection of places to ski.

The Tahoe City community is a very popular area and is easy to get to on a year-around basis. It is also a popular vacation rental location for summer and winter rentals.

Tahoe City Homes for Sale Market Report – Year End 2012

For all of your Tahoe real estate needs – Laura Allen, 530.414.1260, Broker Associate, REALTOR®, CRS, ABR®, RSPS, ePRO, Previews Property Specialist,  Laura@TahoeLaura.com  DRE# 01473598 www.TahoeLauraLuxuryHomes.com ,  Coldwell Banker Residential Brokerage, Tahoe City, California.

Tahoe City Homes for Sale Market Report – Year End 2012

Tahoe Second Home Loan Information

Tahoe Second Home Loan Information

Did you know that the mortgage loan limits for the Tahoe area are not the same as in the Bay area, or other parts of California?  As part of the Tahoe second home buying process we will cover a number of topics, and check-list items.  One of those check-list items will be how you will pay for your Tahoe property.

If you are a cash buyer, I will let you know what documents you will need to either present with your offer, or once in escrow.

If you are getting a loan to purchase your Tahoe second home I will ask you if you’ve spoken to your lender recently and if you are pre-approved.

Recently, I’ve had several Tahoe second home buyers, who were pre-approved with their local lender find out that they had not been given the correct loan program information.

As a result, the Tahoe second home buyer was put in the position of having to either increase their down payment significantly, or cancel their purchase because they didn’t qualify for the correct loan program they would now need in order to purchase their Tahoe second home.

Here is what you can do to avoid having a last minute lender problem for your Tahoe second home purchase:

Tahoe Second Home Loan Buyer Tips:

• Tahoe Second Home Location:  Make sure your lender knows what county you’ll be buying your second home in.  Most common California counties in the greater Lake Tahoe area are:
• El Dorado
• Placer
• Nevada
• Conforming Loan Limits:  For general planning purposes, as of October 1, 2011, any loan amount below $417,000 in the greater Lake Tahoe, California area is going to fall into the conforming (conventional) loan range, with loans amounts above that falling into either a conforming plus loan product, or a Jumbo loan.
• Primary Residence vs. Second Home:  Make sure your lender knows this is a Tahoe second home purchase.
• % Down:  Confirm the percentage (%) down that is required for the purchase.  Lenders are doing jumbo loans with just 20% down, so make sure you’ve shopped around for the best program.
• Loan % Rate:  Confirm the loan percentage (%) rate for the program you are getting.
• Loan Funding Timeline:  Ask how long it is taking to fund a loan with that lender.  Loans may take as long as 60+ days, so ask upfront to avoid a delay in your transaction.
• Appraisals:  Ask your lender how many appraisals will be needed for your Tahoe second home loan.  More than one appraisal is a signal that a longer escrow period will be needed to close the transaction.
• Shop Your Loan:  The mortgage loan market is very competitive.  It often pays for a consumer to shop around and compare rates, programs, and the level of customer service they are looking for before selecting their lender.

If you don’t have a lender, and you will need one, let me know and I will put you in touch with a great lender that is doing Tahoe second home loans in our area for buyers.  I’m here to help you through the entire Tahoe second home buying process, including working with you and your lender.

If you’d like more information on buying a Tahoe Second Home, or on the Tahoe Second Loan Process, call Laura Allen at 530.414.1260.

For all of your Tahoe real estate needs – Laura Allen, 530.414.1260, Broker Associate, REALTOR®, CRS, ABR®, RSPS, ePRO, Previews Property Specialist,  Laura@TahoeLaura.com  DRE# 01473598 www.TahoeLauraLuxuryHomes.com ,  Coldwell Banker Residential Brokerage, Tahoe City, California.

Tahoe Second Home Loan Information