South Lake Tahoe Real Estate Alert: INVENTORY LOW!

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If you’re thinking of buying or selling your South Lake Tahoe home, you’ve probably heard all sorts of terms used, and some of it might seem a little confusing. Maybe you’ve heard that it’s a “buyer’s market” or a “seller’s market.” But what do these terms actually mean and how can they effect your home sale?

Low inventory in the real estate market means greater demand for what inventory is available. If you are a home shopper in the South Lake Tahoe real estate market, you probably have been watching a particular price point only to realize that there is just not that much coming on the market.  If you are selling your home, this is good news for you. As long as demand is higher than supply, you could find yourself poised to benefit from the market conditions. And just what benefits might you expect to see?

Benefit #1:  Lots of Competition

If there are more prospective buyers out there pounding the pavement in search of a new home, you’re in luck; many of them could pass through your door, and they could even end up competing against each other. You might find yourself with multiple offers or see potential buyers face off in a bidding war. While there certainly are no guarantees, multiple buyers on the same property usually proves financially luctartive for property sellers. Recently I was personally interested in a property that was priced right…by the end of day one on the market, it had 5 cash offers on it.  You can bet that those offers climbed past the reasonable asking price!

Benefit #2: Higher Returns

You are far more likely to achieve your asking price if you are priced right in the beginning and there are fewer homes on the market. Anxious buyers in need of a home are more desperate if they are worried that they might be outbid by another buyer. That doesn’t mean that you won’t see lowball or rediculous offers, those guys are always going to be on the scene. While you can’t know that the motivation of any particular buyer might be, chances are there are some buyers finding themselves in the position of needing to move quickly – especially if they’re already sold their current residence and need a new place to live…like…..NOW.

Benefit #3:  Shorter Escrow Time? 

For buyers you have been beat up by a seller’s market – tired of making offers, only to get spanked by another interested party – a quick sale might be their comfort zone. Particularly for buyers who have been house hunting for a long time to no avail, you might find that your home, fresh on the market, could get snatched up quickly. Lucky for you! This means less hassle for you keeping your home show ready as you worry for long weeks or months about whether anyone is going to make you an offer.  I have a lot of kids and a life…keeping my house “showcase” is an impossible task!  What a relief to finally be in contract and let your guard down!

Benefit #4:  Sellers Can Shape The Deal 

Less inventory in the South Lake Tahoe real estate market means that buyers are going to have to be flexible and accommodating if they want to win your home before someone else does. And this might mean that you have the upper hand when it comes to negotiation on the terms of sale – from selling contingent upon your own home purchase to letting repairs go on a home inspection. If you have more than one buyer waiting in the wings, you’re in a position to take the best offer available to you.

As with any market, the real estate market is highly variable by location, supply, and demand.  Although we have not had a lot of weather is South Lake Tahoe, we have still seen a lot of people coming to town!  They are on their bikes, hiking, and ….HOME SHOPPING!  If you have been thinking of selling, this is an amazing time to put your house on the market!  With both low inventory and low interest rates, it is bound to go well!

 

Co-Buying South Lake Tahoe Real Estate??

Great South Lake Tahoe Vacation Home!

Buying a home is more affordable when you share the costs with friends and family. Pooling resources with a friend or family member can enable buyers to purchase a house they otherwise wouldn’t be able to afford. For young adults who can’t pay for a home on their own — or for family members who want to take advantage of the tax benefits associated with home ownership — co-buying is the best bet.

This is especially helpful when looking for a second residence in a travel destination such as South Lake Tahoe, where real estate is a bit more than the national average.

South Lake Tahoe provides year round activity and recreation.  Sharing time with partners or families provides an excellent alternative to hotels and resorts.  Too many factors exist to say whether it is any less expensive, but at the end of the day at least there will be home ownership to show for your expense.

As with any financial arrangement involving close friends or family, planning and careful consideration are needed to prevent future friction. And as with any legal contract, you should consult a lawyer to set the terms, and always make sure that you use a licesnsed real estate agent.

How Do You Hold the Title?
The type of title determines who can sign documents and how the property is transferred in case of an owner’s death. Co-buyers who aren’t married to each other may share a title as tenants in common (TIC) or as joint tenants with right of survivorship (JTWROS). Married co-owners may also take title via community property or tenancy by the entirety.

How TICs and Joint Tenancies Differ
When each co-owner has an equal interest (or share) in a home, a JTWROS applies, with one title held between all co-owners. When a co-owner dies, their share goes to the other owners. Ultimately, the last surviving owner will own all shares in the property.

The shares of tenants in common may be equal or unequal, and each co-owner has a separate legal title. In a TIC, there is no right of survivorship, so the home doesn’t go to the last surviving owner. Each co-owner can pass along their ownership through a will, meaning that the remaining tenants in common may find themselves sharing ownership of a home with someone they never intended to. Tenancy in common can be dissolved when one owner buys out another, when the property is sold or when one owner files a partition action to sell the home.

How TICs and Joint Tenancies Are Similar
In both tenancy-in-common and joint-ownership contracts, co-owners have equal rights of possession, meaning that each may occupy and use the property. If the home is rented, each co-owner is entitled to rental income from the entire property in proportion to the ownership share.

Write a Co-Ownership Agreement Before You Buy
Sharing the cost of buying a home can benefit everyone involved, but it’s essential to determine ground rules before any money changes hands. Co-ownership agreements are basically the prenuptial agreements of home ownership: They lay out the relevant rights and responsibilities of each party.

While it might be difficult to imagine problems at the outset, when you’re excited to buy a home with family or friends, these documents are important because they are the only way to resolve ownership issues aside from court proceedings. And when thousands of dollars are stake, it’s important to address at least these three concerns:

What are the ownership percentages? For joint tenants, this is easy: Each co-owner has an equal share. Tenants in common may choose to divide the shares, perhaps based on the amounts contributed for the down payment.
How are ongoing expenses divided? The division of recurring expenses such as mortgage payments, property taxes, insurance, utilities and maintenance costs should be spelled out in your co-ownership agreement. They may be divided according to ownership percentages or the amount of time each co-owner will invest in improving or providing upkeep for the property. Consider setting up a joint checking account so that any co-buyer may draw from it to pay shared bills and expenses.
What happens when one co-owner wants to sell? When co-owners want to sell their interest in the house, they are not required to sell to someone approved by the remaining co-owners. However, a co-ownership agreement can grant the remaining co-owner the right of first refusal.

Holding title exerpts taken from Tasha Schroeder, CO-Owning a Home, Realtor.com

South Lake Tahoe Christmas Eve….Wonderful!

th-1At least they waited until 7am.  This is my sleep in week, and although I am not very good at the sleeping part I can justify staying in my room just a little longer to get some things done.  7am rolled around and they were banging on the door.   Tomorrow will be more like 5am…they will hardly be able to contain themselves and the morning of anticipation will comence with a mass unwrapping.  7am on Christmas day hits and I am struck with a feeling of anti-climactic shock…and for what??!  Stuff.  Stuff and things.

Christmas Eve has always been my favorite, hands down.  When the Spirit of Anticpation is at its fullest, I am glowing with a level of  excitement and joy that I don’t tap into on any other day.  I get to be kid like in my adult world and it is liberating!  We spend the day doing things that we love, the kids are all home, the fire is warm and the yummy food abundant.  It is truly the best gift of the season and I live for the days in the year where we lay it all down and come together.  God has wired me to be connected to my tribe and that tribe goes far beyond blood.

This year we were blessed with a little snow and a little more on the way.  A White Christmas is a real possibility!  The skis are ready in the event of a miracle…and I believe in miracles!

There is something entirely special about Lake Tahoe at Christmas time and that point is validated when I look out on the highway to see a constant stream of cars coming down Echo Summit before the holiday.  People love it here and build a tradition with their own by making an annual pilgrimage to the mountains for some together time.  You could offer me a trip of a lifetime anywhere in the world for Christmas and I’d turn you down….this is the only place I desire to be and I am so blessed to call it home.

It is my prayer that each of you carry the Spirit throughout the entire holiday and that it is not deflated by the unwrapping of stuff and things.  I pray that you make lasting and fulfilling memories that will sustain you for the year and beyond…and that you are connected to your loved ones in a way that goes deeper than flesh and bone…for this is a precious gift and no holiday is needed to receive it.

Making magic happen…and keeping it real.

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I was a home schooling mom of five kids for over 13 years.  Everyday was a school day in our world.  Although we spent a great deal of time in the books, we also made an educational experience out of all that we did, whether it was riding a chair lift at the ski resort or grocery shopping…there was always an opportunity to glean some little bit of knowledge from all we put our hands to.  I miss those days of waking up early to hit the books and then hitting the powder afterward.  Life was unstructured structure and I loved every day of it.

These days the kids are in public school and I am back to work.  I took that crisp, clean real estate license and proudly hung it at Realty World.  I spent years building an educational foundation for those little people and now I am busy  building a career that will sustain me into my golden years.  I know that I have a lot of work to do before the actual work begins…I am actually enjoying the process!  I am in an office full of great people who seem to genuinely care…I like that a lot.

When it comes to navigating the real estate business, there are times when I am entirely sure of the direction I am going and then there are times when I am pretty sure that I am doing it all wrong.  Today I realized that this is no different than how I felt when I was homeschooling my kids!  We would have those banner days when it felt like we were light years ahead of the rest of the world…then we would run into someone who had a six year old who could speak three languages and I would feel the weight of defeat.  Ugh.

A voice of reason told me that I am my brand.  I am unique. I took this to heart as there are so many out there trying to create an image that will sell.

I wake up everyday with the intention of doing the best I can.  I have a lot and I am grateful for it.  I am making connections and those will take their course and develop.  My kids are healthy and strong, smart and adjust well to all of the curve balls that life throws at them.  We are doing okay…better than okay. I make mistakes, try to own them and make them right.  I have friends, really good ones that I can call at 3am.  And most importantly, when I look in the mirror I like who I see and do not wish to be someone else.  Then I came to a realization…I do not want to be a salesperson…and I have a choice not to be one.

If you are looking for someone to help you find a place to call home, please call me.  I am excited to be part of that process.  If it is time for you to move on and you need help finding someone to make your home their own, please call me.  I would love to be part of that process as well.

I choose to be a servant.