A New Year for the Tahoe Real Estate Market
Proudly Affiliated With
Sierra Sotheby's International Realty
Greetings,
I hope my email finds you doing well and off to a good start in 2021. Many of us view a new year as the perfect opportunity to reflect, reevaluate our goals, and move forward with a refreshed feeling of a new beginning. I cannot think of another year where a reset has been more welcome. While I don't believe all of the troubles we experienced last year will magically disappear overnight, I do have a sense of hope that 2021 will be better for all.
If you missed my 2020 Market Review, here's a link to it: Click Here to View Year-End Report. After a record year for real estate sales in 2020, many are asking, "What's next"?
2021 is set up to be another strong year for the Tahoe real estate market. There are many reasons to be optimistic, and below are two reasons I recently discussed with my trusted colleague and lender Ephraim Schwartz at O’Dette Mortgage Group:
- Low Interest Rates: The Federal Reserve played a critical role in stabilizing the mortgage market and helped fuel the incredible housing environment in 2020. They did so by purchasing upwards of $120B in Treasuries and mortgage-backed securities (MBS) per month to help pin down long-term rates. Looking ahead, the Fed recently shared they will purchase "at least" $120B in Treasuries and MBS monthly until "substantial" improvement is seen in their dual mandate, which is maximum employment and price stability. With unemployment too high and inflation too low, expect the Fed to continue purchasing bonds and keeping home loan rates low well into 2021, thereby fueling home purchase activity.
- Work from Home Trend: COVID forced many to work from home in 2020. Many companies both big and small have come to the realization they can be very productive with employees working from home. So, in addition to providing shelter and long-term wealth, would-be homeowners are now attracted to the idea of buying a home where they can comfortably work. This is certainly fueling the demand for real estate in Tahoe.
The biggest challenge the Tahoe real estate market faces now and for the foreseeable future of 2021 is the severe lack of inventory. There are only 151 homes available for sale in the entire North Tahoe Region (California and Nevada). We sold more than that just in the month of December last year. In other words, we have less than a month's supply of homes for our market, and demand does not seem to be slowing down. My hope is that after the ski season winds down and ski leases expire, we'll see a little increase in new listings. So, if you're considering selling, you might want to consider selling soon before there's more competition in the market and we continue to experience high demand. Our team is here to help you make informed decisions. Let us know if you'd like to discuss the current value of your home and possible strategies to maximize your sales price.
If you're still hunting for that perfect home, we're keeping our eyes and ears open for you. If you're not already set up to receive auto-notifications for upcoming and new listings, please contact me to discuss your specific goals and criteria.
Enjoy the new listings for this week in the Tahoe markets we service outlined below.
Below is a breakdown of the new listings which came on the market in the last seven days. Please contact me if you would like to view all current listings that match your criteria, and/or sign up on our website to get auto-notifications when new listings come on that might be of interest to you.
NEW LISTINGS - HOMES/CONDOS
- All Locations: Click Here to View
- Donner Lake: Click Here to View
- Donner Summit: Click Here to View
- Incline Village and Crystal Bay: Click Here to View
- Lake Tahoe North Shore: Click Here to View
- Lake Tahoe West Shore: Click Here to View
- Northstar: Click Here to View
- Squaw/Alpine: Click Here to View
- Tahoe Donner: Click Here to View
- Truckee Golf Resort Communities: Click Here to View
- Truckee Neighborhoods: Click Here to View
NEW LISTINGS - HOMESITES
- All Locations: Click Here to View
- Donner Lake: No new listings this week
- Donner Summit: Click Here to View
- Incline Village and Crystal Bay: Click Here to View
- Lake Tahoe North Shore: No new listings this week
- Lake Tahoe West Shore: No new listings this week
- Northstar: No new listings this week
- Squaw/Alpine: No new listings this week
- Tahoe Donner: Click Here to View
- Truckee Golf Resort Communities: Click Here to View
- Truckee Neighborhoods: No new listings this week
We hope this information is helpful. Jeff and I are experts in the second home luxury market of north Lake Tahoe and look forward to the opportunity to help you buy or sell your property. Thank you for your continued confidence, support, business, and friendship. We are honored to work with you while living in this magical place we call home.
If you have friends/family interested in selling or buying property anywhere in the world, please forward my newsletter on to them and let me know how you’d like me to follow up with them. The Sotheby's network of professionals extends worldwide, and we strive to create relationships with quality agents throughout this network.
Thank you,
Breck Overall
Global Real Estate Consultant
CA #01760070, NV #0184483
Sierra Sotheby’s International Realty
Overall & Hamilton Group
Real Trends #1 Ranked Team in Tahoe
Cell: 530.318.3452