South Lake Tahoe Market Report May 2017

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from May 1st to May 31st.  A total of fifty-eight single family homes have sold in South Lake Tahoe with an average sold price of $529,197.

South Lake Tahoe Market Report April 2017

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from April 1 to April 30th.  A total of forty-eight single family homes have sold in South Lake Tahoe with an average sold price of $549,933.

South Lake Tahoe Market Report March 2017

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from March 1st to 31st.  A total of sixty-four family homes have sold in South Lake Tahoe with an average sold price of $521,756.

South Lake Tahoe Market Report February 2017

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from February 1st to 28th.  A total of fourty-four family homes have sold in South Lake Tahoe with an average sold price of $405,625.

South Lake Tahoe Market Report January 2017

c21tpMarket Reports

The following market report covers current inventory of South Lake Tahoe Real Estate including; Residential, Land and Commercial properties from January 1st to 31st.  A total of sixty-two family homes have sold in South Lake Tahoe with an average sold price of $492,189.

Monthly US home-price gains reach a 2½-year high

c21tpRecent Headlines, Tahoe Real Estate Tips

Low inventory and mortgage rates pushed home-price gains to a 30-month high in December, according to the S&P/Case-Shiller U.S. National Home Price Index.

The index, which measures all nine U.S. census divisions, found that home prices rose 5.8 percent year over year, up from November’s 5.6 percent annual gain. The December rise was the highest annual increase since June 2014, when it rose 6.3 percent vs. to June 2013.

A poll by Reuters showed that the index was expected to rise 5.3 percent in December, after rising by the same amount a month earlier.

The S&P/Case Shiller 20-city composite index, which tracks the nation’s largest cities, gained 5.6 percent year over year, up from 5.2 percent the previous month. Seattle, Portland, Oregon, and Denver once again topped the charts with the largest year-over-year gains. Seattle continued to lead the pack, rising at an annualized rate of 10.8 percent.

Of the nation’s 20 largest cities, seven reached their all-time highs in December: Seattle, Portland, Denver, Boston, Charlotte, North Carolina, San Francisco and Dallas.

“Home prices continue to advance, with the national average rising faster than at any time in the last two-and-a-half years,” David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a press release.

And while rising home prices can trigger concerns about inflation, Blitzer said the speed at which they are growing “is not alarming.” He cited low inventory as a factor for the rise.

“While sales of existing single-family homes passed five million units at annual rates in January, the highest since 2007, the inventory of homes for sales remains quite low with a 3.6 month supply,” he said.

Blitzer noted that new home sales were higher than in recent years, at 555,000 in 2016, but still under the average pace of 700,000 since 1990.

Mortgage rates also had an impact on the rise, Blitzer said: “A 30-year fixed rate mortgage today is 4.2 percent compared to the 6.4 percent average since 1990.”

 

Homeownership Offers Stability & Wealth Creation

c21tpUncategorized

Homeownership Offers Stability & Wealth Creation | Keeping Current Matters

The most recent Housing Pulse Survey released by the National Association of Realtors revealed that the two major reasons Americans prefer owning their own home instead of renting are:

  1. They want the opportunity to build equity.
  2. They want a stable and safe environment.

Building Equity

In a recent article by The Mortgage Reports, they report that “buying and owning a home is the essence of ‘The American Dream.’ Each month, your housing payments go toward owning your home instead of renting it; building your personal wealth and assets instead of someone else’s.

History has shown that homeownership is a clear path to wealth-building, with homeowners boasting a net worth [that is] multiples higher than the net worth of renters.”  

Family Stability 

Does owning your home really create a more stable environment for your family?

survey of property managers conducted by rent.com disclosed two reasons tenants should feel less stable with their housing situation:

  • 68% of property managers predict that rental rates will continue to rise in the next year by an average of 8%.
  • 53% of property managers said that they were more likely to bring in a new tenant at a higher rate than to negotiate and renew a lease with a current tenant they already know.

We can see from these survey results that renting will provide anything but a stable environment in the near future.

Bottom Line

Homeowners enjoy a more stable environment, and at the same time are given the opportunity to build their family’s net worth.

 

Source: 

2-3 FEET of Snow For Northern Sierra

c21tpRecent Headlines

The National Weather Service recently upgraded the Winter Storm Watches to Winter Storm Warnings.

2-3 FEET of Snow is forecasted for the Northern Sierra.

The first wave of heavy precipitation is expected to arrive early Thursday Morning and it will be accompanied be associated with warm air advection and a brief PWAT plume/atmospheric river.

The second round of precipitation is expected to be especially heavy for the Lake Tahoe area through Friday night. As of now, it looks like Lake Tahoe area ski resorts will look the best for Friday and Saturday powder turns.

 

California Winter Storm Warning:

URGENT - WINTER WEATHER MESSAGE
NATIONAL WEATHER SERVICE SACRAMENTO CA
300 AM PST WED FEB 1 2017

...MOUNTAIN SNOW RETURNS TONIGHT...

.SNOW WILL RETURN TO THE NORCAL MOUNTAINS THIS EVENING AS A
WINTER STORM MOVES INTO THE REGION. PERIODS OF MODERATE TO HEAVY
SNOW WILL BE POSSIBLE ACROSS THE HIGHER ELEVATIONS INTO THE
WEEKEND.

WESTERN PLUMAS COUNTY/LASSEN PARK-
WEST SLOPE NORTHERN SIERRA NEVADA-
INCLUDING THE CITIES OF CHESTER, QUINCY, AND BLUE CANYON

...WINTER STORM WARNING REMAINS IN EFFECT FROM 10 PM THIS EVENING
TO 4 AM PST SATURDAY...

* TIMING...TONIGHT INTO EARLY SATURDAY

* LOCATIONS...INTERSTATE 80 OVER DONNER PASS, HIGHWAY 50 OVER ECHO
  SUMMIT, HIGHWAY 88 OVER CARSON PASS AND LASSEN VOLCANIC NATIONAL
  PARK.

* MAIN IMPACT...SLIPPERY, SNOW COVERED ROADS WITH LIMITED
  VISIBILITY DUE TO HEAVY SNOW AND BLOWING SNOW.

* SNOW ACCUMULATIONS...3 TO 6 INCHES DOWN TO 5500 FEET WITH 2 TO 3
  FEET ALONG THE NORTHERN SIERRA AND SOUTHERN CASCADE CREST.

Why Pre-Approval Should Be Your First Step

c21tpRecent Headlines, Tahoe Real Estate Tips

 

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach. Freddie Mac lays out the advantages of pre-approval in the My Home section of their website: “It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.” One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.” Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.