South Lake Tahoe, CA Market Statistics
- All Sales in the last 365 Days
- Absorption Rates - Last 365 Days
- All 2011 South Lake Tahoe, CA Sales
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- All Current Escrow - South Lake Tahoe, CA
- Al Tahoe, CA
- Bijou, CA
- Black Bart, CA
- Christmas Valley, CA
- Gardner Mountain, CA
- Heavenly Valley, CA
- Highland Woods, CA
- Meyers, CA
- Montgomery Estates, CA
- Pioneer Trail, CA
- North Upper Truckee, CA
- Sierra Tract, CA
- S. Lake Tahoe Condos, CA
- The Tahoe Keys Condos, CA
- Stateline Area, CA
- Tahoe Island Drive, CA
- Tahoe Island Park, CA
- The Tahoe Keys, CA
- Tahoe Paradise, CA
- Y Area, CA
Stateline, NV Market Statistics
- All Sales in the Last 365 Days
- Absorption Rates - Last 365 Days
- All 2011 Stateline, NV Sales
- All 2010 Stateline, NV Sales
- All 2009 Stateline, NV Sales
- All Current Escrow - Stateline, NV
- Cave Rock, NV
- Glenbrook, NV
- Hidden Woods, NV
- Kingsbury (Lower), NV
- Kingsbury (Middle), NV
- Kingsbury (Upper), NV
- Lakefront Properties, NV
- Round Hill, NV
- Skyland, NV
- Summit Tahoe Village (Condos), NV
- Lake Village TownHomes, NV
- Zephyr Heights, NV
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Archive for November, 2009
First Time Home Buyers in South Lake Tahoe: Step Nine
November 30th, 2009 categories: First Time Home Buyers, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe, CA, Stateline, NV
Managing Last Minute Issues
This is inspired by a colleague and friend of ours, Rich Jacobson , who owns the Kitsap County Real Estate Blog in Washington state. His work for the source of this series is superb, and with his graces we are retooling it for first time home buyers in our South Lake Tahoe real estate market.
This then is the ninth in a series of articles focused on helping 1st Time Home Buyers successfully buy a house in South Lake Tahoe. Each time, we’ll focus on key events, or steps if you will, in the South Lake Tahoe home buying process.
1. In the first of these, we talked about Mortgage Lenders and Loan Pre-Approval.
2. In the second article we looked at the first five of the top ten traits to look for in finding A Great Real Estate Agent ( Pt 1).
3. In the third article we discussed the second five of the top ten trails to look for in finding A Great Real Estate Agent (Pt 2).
4. In the fourth article we looked at the initial meeting with your agent and Exchanging Vows: The Buyer Agency Agreement.
5. In the fifth article we looked at How Much $$$ Does it Cost to Buy a House?
6. In the sixth article we provided Tips for Home Tourists.
7. In the seventh article we looked at Writing the Offer they Can’t Refuse.
8. In the eighth article we looked at the Home Inspections.
Step Nine: Managing any 11th Hour Incidents
You have completed you home inspection and have successfully negotiated any repair request with the Seller and have released your due diligence contingency.
We now enter the 
phase of the home buying process where the sales contract is fully formed, with the likely exception of your loan contingency release and final walk-through.
Typically, at this stage there aren’t many places of possible surprise left in the transaction process, but it is helpful to understand some additional steps in the transaction that could lead to unforeseen challenges or delays.
The Lender’s Appraisal
About the time of your inspection contingency release, your mortgage specialist and/or lender will order the appraisal. Your lender must document the house you are purchasing is worth what you have agreed to pay for it.
There are several possibilities that may occur as the result of your appraisal:
1. The property appraises at the full value of your agreed purchase price and with no conditions for funding. This is the preferred result, one which normally assures a closing on time.
2. The property appraises at full value, but there are some conditions for funding that need be satisfied prior to closing. Even though have done your home inspection and negotiated any requested corrections with the Sellers, the Lender may yet require other issues be resolved before they will fund your loan.
Additional funding conditions are especially prevalent in VA or FHA transactions. Both VA and FHA loans typically employ more stringent standards, focusing primarily on safety and structural concerns, when conducting their appraisals. (We see few such loans here in South Lake Tahoe’s second home resort market.)
Shortly after the appraisal is completed, your Mortgage specialist will receive notification of value and any specified conditions for funding. These additional conditions or issues may need to be negotiated with the Sellers for clarification (or correction). Most every such condition we have experienced is resolved satisfactorally in a timely manner.
3. The property appraisal comes in under value. In this situation, the appraiser has determined that the current market value of the property is below the agreed purchase price. The financing contingency of your contract provides language which protects you in such a situation (it’s very rare), and offers you some options to address the difference:
A. Depending on the amount, you may ask the Seller to lower the sales price to match the appraised value. (The Seller may, or may not agree.)
B. If you have the resources, you can make up the difference.
C. In some instances, depending on your loan, you can request that the Sellers pay for another appraisal by a company that is acceptable to the Buyer’s lender.
D. You can back out of the contract and retain your earnest money deposit.
Homeowner’s Insurance
Documentation of insurance is required by your lender prior to funding. Often our Buyers have relationships with an insurance company. We will also recommend area insurance specialists as well. There is a clause in your purchase contract that protects you in the event that the home can not be insured (we have never seen such a situation, however).
Seller’s Remorse
This rarely occurs, but it should at least be mentioned. Though we have never seen it, a Seller may have second thoughts about selling. If you’ve ever seen the Steve Martin movie “Father of the Bride” you’ll understand exactly what we’re talking about.
We always counsel our Buyers not to worry about issues before they arise. If and when challenges occur, we’ll deal with them immediately to achieve a mutual resolution agreeable to both parties.
The 1st Time Home Buying process can be, and normally is a smooth and enjoyable adventure!
The first post in this series, Mortgage Lenders and Loan Pre-Approval here.
The second in this series, Get a Great Agent (pt 1) here.
The third in this series, Get a Great Agent (pt 2) here.
The fourth in this series, Exchanging Vows: The Buyer Agency Agreement here.
The fifth in this series, How Much $$$ Does it Cost to Buy a House here.
The sixth in this series, Tips for Home Tourists here.
The seventh in this series, Writing the Offer They Can’t Refuse here
The eighth in this series, your Home Inspections here
The last article in this series, Closing and Owning Your New Home here.
| Discussion: Please leave a comment.
South Lake Tahoe, CA Real Estate Listings Update: Heavenly Valley
November 30th, 2009 categories: California Neighborhoods, For Buyers, For Sellers, Heavenly Valley, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
Heavenly Valley neighborhood, South Lake Tahoe, CA: Current Real Estate Listings Activity.
We’ve just updated all Heavenly Valley neighborhood real estate activity in South Lake Tahoe, including all 2009 sales, current escrow and all active listings. Please note “Heavenly Valley (CA)” found in our left sidebar.
2009 Heavenly Valley single family home sales, here.
Current Heavenly Valley, South Lake Tahoe single family homes in escrow, here.
Current Heavenly Valley, South Lake Tahoe single family homes listed, here.
Also note that we have added information about distressed sales to our reports so that you can easily determine if a house is bank owned, a short sale or not.
| Discussion: Please leave a comment.
South Lake Tahoe, CA Real Estate Listings Update: Gardner Mountain
November 30th, 2009 categories: California Neighborhoods, For Buyers, For Sellers, Gardner Mountain, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
Gardner Mountain, South Lake Tahoe, CA: Current Real Estate Listings Activity.
We’ve just updated all Gardner Mountain neighborhood real estate activity in South Lake Tahoe, including all 2009 sales, current escrow and all active listings. Please note "Gardner Mountain (CA)” found in our left sidebar.
2009 Gardner Mountain single family home sales, here.
Current Gardner Mountain, South Lake Tahoe single family homes in escrow, here.
Current Gardner Mountain, South Lake Tahoe single family homes listed, here.
Also note that we have added information about distressed sales to our reports so that you can easily determine if a house is bank owned, a short sale or not.
| Discussion: Please leave a comment.
South Lake Tahoe, CA Real Estate Listings Update: Country Club Estates
November 30th, 2009 categories: California Neighborhoods, Country Club Estates, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
Elks Club – Country Club Estates, South Lake Tahoe, CA: Final 2008 and Current Real Estate Listings Activity.
We’ve just updated all Elks Club – Country Club Estates neighborhood real estate activity in South Lake Tahoe, including all 2009 sales, current escrow and all active listings. Please note "Elks Club – Country Club Estates (CA)” found in our left sidebar.
2009 Elks Club – Country Club Estates single family home sales, here.
Current Elks Club – Country Club Estates, South Lake Tahoe single family homes in escrow, here.
Current Elks Club – Country Club Estates, South Lake Tahoe single family homes listed, here.
| Discussion: Please leave a comment.
South Lake Tahoe, CA Real Estate Listings Update: Christmas Valley
November 29th, 2009 categories: California Neighborhoods, Christmas Valley, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
Christmas Valley neighborhood, South Lake Tahoe, CA: Current Real Estate Listings Activity.
We’ve just updated all Christmas Valley neighborhood real estate activity in South Lake Tahoe, including all 2009 sales, current escrow and all active listings. Please note "Christmas Valley (CA)” found in our left sidebar.
2009 Christmas Valley single family home sales, here.
Current Christmas Valley, South Lake Tahoe single family homes in escrow, here.
Current Christmas Valley, South Lake Tahoe single family homes listed, here.
Also note that we have added information about distressed sales to our reports so that you can easily determine if a house is bank owned, a short sale or not.
| Discussion: Please leave a comment.
South Lake Tahoe, CA Real Estate Listings Update: Black Bart
November 29th, 2009 categories: Black Bart, California Neighborhoods, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
Black Bart neighborhood, South Lake Tahoe, CA: Current Real Estate Listings Activity.
We’ve just updated all Black Bart neighborhood real estate activity in South Lake Tahoe, including all 2009 sales, current escrow and all active listings. Please note "Black Bart (CA)” found in our left sidebar.
2009 Black Bart single family home sales, here.
Current Black Bart, South Lake Tahoe single family homes in escrow, here.
Current Black Bart, South Lake Tahoe single family homes listed, here.
Also note that we have added information about distressed sales to our reports so that you can easily determine if a house is bank owned, a short sale or not.
| Discussion: Please leave a comment.
South Lake Tahoe, CA Real Estate Listings Update: Bijou
November 29th, 2009 categories: Bijou, California Neighborhoods, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA
Bijou, South Lake Tahoe, CA: Current Real Estate Listings Activity.
We’ve just updated all Bijou neighborhood real estate activity in South Lake Tahoe, including all 2009 sales, current escrow and all active listings. Please note "Bijou (CA)” found in our left sidebar.
2009 Bijou single family home sales, here.
Current Bijou, South Lake Tahoe single family homes in escrow, here.
Current Bijou, South Lake Tahoe single family homes listed, here.
Also note that we have added information about distressed sales to our reports so that you can easily determine if a house is bank owned, a short sale or not.
| Discussion: Please leave a comment.
First Time Home Buyers in South Lake Tahoe: Step Eight
November 28th, 2009 categories: First Time Home Buyers, For Buyers, For Sellers, Lake Tahoe Real Estate, South Lake Tahoe, CA, Stateline, NV
The Home Inspections
This is inspired by a colleague and friend of ours, Rich Jacobson , who owns the Kitsap County Real Estate Blog in Washington state. His work for the source of this series is superb, and with his graces we are retooling it for first time home buyers in our South Lake Tahoe real estate market.
This then is the eighth in a series of articles focused on helping 1st Time Home Buyers successfully buy a house in South Lake Tahoe. Each time, we’ll focus on key events, or steps if you will, in the South Lake Tahoe home buying process.
1. In the first of these, we talked about Mortgage Lenders and Loan Pre-Approval.
2. In the second article we looked at the first five of the top ten traits to look for in finding A Great Real Estate Agent ( Pt 1).
3. In the third article we discussed the second five of the top ten trails to look for in finding A Great Real Estate Agent (Pt 2).
4. In the fourth article we looked at the initial meeting with your agent and Exchanging Vows: The Buyer Agency Agreement.
5. In the fifth article we looked at How Much $$$ Does it Cost to Buy a House?
6. In the sixth article we provided Tips for Home Tourists.
7. In the seventh article we looked at Writing the Offer they Can’t Refuse.
Step Eight: Home Inspections, a Must for Every Buyer
Your offer has been accepted and you’re under contract with the Seller. The next major step in the home buying process is the Home Inspection. We had touched on this previously in this series, but now that you’re on your way to buying your first South Lake Tahoe home, lets take a closer look at this important step… one that exists for your protection.
Here are some commonly asked questions & answers regarding Home Inspections:
Why do we need a home inspection? Regardless of the apparent good condition of a house, you must have a licensed professional inspect the home thoroughly. Unless the house is brand new (where sign-offs by city officials constitute an inspection), we insist on home inspections for every buyer we represent.
Think of this old adage here: “An ounce of prevention is worth a pound of cure.”
- The Inspection "Contingency." In both the CA and NV purchase contracts, there is a clause that indicates that your purchase of the property is contingent upon your satisfaction of the home inspections. What this means in the most simple of terms is you have a stated "due diligence" period to perform all inspections. Until you release this "contingency", your home purchase contract is not fully formed.
The usual and customary time allotted for your due diligence is 17 days, that can be changed however within your purchase contract to best suit your particular needs.
- My Brother is a handyman/contractor who will do my inspection for free! Many folks have a relative or friend that has construction experience, but the home inspection is no place to cut corners to save a few hundred dollars. You must use the services of an experienced, certified professional. We will recommend a few licensed home inspectors for you to consider.
- How much does a Home Inspection cost and how long will it take? The normal South Lake Tahoe home inspection costs between $300 – $400. (It can cost more for a large, high-end home.) In South Lake Tahoe, a Pest Inspection is also required (it’s CA state law), which normally costs between $200-$300. One can figure approximately 2 to 3 hours for the inspections, which vary on the size of the house.
- What is normally involved in a Home Inspection? Most Home Inspections involve a complete evaluation and assessment of all structural, mechanical, electrical, and plumbing systems and their primary components. Your inspector will make sure that the home is safe, structurally sound, and that all primary systems are operating properly. (If it is not, he will give you a report in full detail as to what it will take to get it that way.)
- Should we be present during the Inspection? Because some 65% of our home buyers do not live here, it is not uncommon for many South Lake Tahoe buyers to not be present during the home inspection. If a buyer is in town at the time, we normally accompany them on the inspection. One can learn a lot about a house during this time.
Inspectors we recommend will take additional time with a Buyer to point out the features and functions of various systems in the home. If any problems are identified, the Buyer can see them first hand, which often goes a long way in relieving buyer anxiety… over repairs we normally see and have fixed daily.
- What happens if the Inspector finds something major wrong with the house? We have never seen a situation that can not be corrected. So if something does come up on the inspection report, remember that the point of the inspection is to protect you.
First Time Buyers have a tendency to become overly concerned when a negative inspection issue is identified. Almost every house is going to have something on an inspection report, particularly here in South Lake Tahoe where the average age of a house is more than 10 years old.
If a significant defect is found, you have the opportunity to ask the Sellers to remedy or repair the problem. This is a negotiation process, one we are experienced in handling.
The Sellers may agree to your request for repairs, in full or in part. Most often such remedy is offered as a credit at closing. In most all instances, if the Seller’s response to your request for repairs is not acceptable, you can elect to terminate the contract and retain your earnest money deposit in full.
Once the inspection is completed and all relevant issues are resolved to the satisfaction of both parties, your due diligence contingency is released, the transaction moves forward and you’re another step closer to successfully achieving your 1st Time Home Buying Adventure!
The first post in this series, Mortgage Lenders and Loan Pre-Approval here.
The second in this series, Get a Great Agent (pt 1) here.
The third in this series, Get a Great Agent (pt 2) here.
The fourth in this series, Exchanging Vows: The Buyer Agency Agreement here.
The fifth in this series, How Much $$$ Does it Cost to Buy a House here.
The sixth in this series, Tips for Home Tourists here.
The seventh in this series, Writing the Offer They Can’t Refuse here
The next article, Avoiding Last Minute Surprises here
| Discussion: Please leave a comment.
An Improvement in Jobs!
November 28th, 2009 categories: For Buyers, For Sellers, National real estate news
Jobless Claims Drop to 14 Month Low
This is better news about the U.S. jobs market than we’ve seen in a while, but it must be taken into seasonal context. In other words, economy and housing industry recovery is still going to take time.
As we have discussed frequently, job loss is directly related to home foreclosures. Both unemployment and foreclosures must decline significantly before we see real stability, first, and then subsequent growth in the U.S. housing market.
Here’s a few key bullet points in the Associated Press article:
- In an encouraging sign for the U.S. economy, the number of newly laid-off workers filing claims for unemployment benefits fell below 500,000 last week (for the first time since January).
- Consumer spending also picked up in October, and new-home sales hit the highest point in more than a year.
- Combined, the news suggested that the economy should be able to sustain at least a modest rebound.
- Analysts noted that jobless claims would have to drop to near 400,000 for several weeks to signal actual growth in employment.
- Economists estimate the economy will lose a net 145,000 jobs this month. It would have to add 125,000 jobs a month just to keep the unemployment rate from rising.
- Other analysts also cautioned against reading too much into the sharp drop in unemployment claims. Part of the improvement reflected large seasonal adjustment factors, which smooth out changes that normally occur at certain times of the year.
(full article
)
| Discussion: Please leave a comment.
South Lake Tahoe, CA Real Estate Listings Update: Al Tahoe
November 27th, 2009 categories: Al Tahoe, California Neighborhoods, For Buyers, For Sellers, Lake Tahoe Real Estate, Our Background, South Lake Tahoe Statistics, South Lake Tahoe, CA
Al Tahoe neighborhood, South Lake Tahoe, CA: Current Real Estate Listings Activity.
We’ve just updated all Al Tahoe neighborhood real estate activity in South Lake Tahoe, including all 2009 sales, current escrow and all active listings. Please note "Al Tahoe (CA)” found in our left sidebar.
2009 Al Tahoe single family home sales, here.
Current Al Tahoe, South Lake Tahoe single family homes in escrow, here.
Current Al Tahoe, South Lake Tahoe single family homes listed, here.
Also note that we have added information about distressed sales to our reports so that you can easily determine if a house is bank owned, a short sale or not.
| Discussion: Please leave a comment.
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