How to make sure you don’t pay too much, or miss anything in South Lake Tahoe, or anywhere else for that matter.

One does not normally think of market control from a buyer’s perspective. Not in South Lake Tahoe, not anywhere really. The buyer does have ultimate control over a real estate market, though. There is no real estate market without them.

When a buyers does make the decision to purchase a home, two immediate concerns come into play. Both are fears, though a buyer may not consciously identify them as such.

Every home buyer has (1) a fear of paying too much, and (2) a fear of missing something.

(click "read the rest of this entry" below)

These two issues can make the home shopping process more stressful, and often much longer than it need be. Properly, and comfortably, addressing these two concerns is where a buyer gains market control.

Gaining control, and thereby conquering home shopping anxiety, is rather simple. It’s a process though, not a difficult or painful one, but one that has only a few steps that must be taken.

 Steps to Make Sure You Don’t Pay Too Much  :
The following steps will give a buyer professional level market knowledge sufficient to recognize the difference between a house that is priced properly and one that is overpriced.

1. Get a real estate Agent you can Trust.
2. Get the agent to show you all of the numbers.
3. Get your agent to show you the key market trends, and explain their relevance:

• Supply (all current inventory)
• Demand (annual demand over time)
• Absorption Rates (current monthly absorption rates by price range)
• Median Prices (over time, and particularly w/in the last 180 days)

Note: If you don’t already have a real estate agent you trust, please call or email us.

• Here’s an example of what we mean by all of the numbers.
• Your agent must show you the information, preferably in spreadsheets. (there is much difference between “telling” you how the market is and “showing” you what it is. If he or she tells you, please call  or email us. You will be shown the difference.)

Remember that a properly priced home, particularly one in a buyers market, is the DEAL that all buyers are looking for.

Also remember that the offering strategy is vastly different for a right priced home compared to one that is over priced. There can be as much of a difference as 10% to 15%, and more in extreme cases.

A right priced home always gets an offer that’s much closer to the listing price than an overpriced home. Consider these differences below when it comes to considering an offering strategy:

Fact:

• 1/3 of all  recent South Lake Tahoe single family home sales sold in 90 days or less… at 95% of list price.
• 2/3 of all recent South Lake Tahoe single family home sales sold in 205 days… at 85% of list price.

See a full study of these facts here.

Also be aware that some homes in the South Lake Tahoe market are so right priced that they are receiving either full price offers, or multiply offers, or both.

Though these are rather rare these days, they do happen, and the steps above coupled particularly with the counsel of your trusted agent will best help you recognize these opportunities

 Steps to Make Sure You Don’t Miss Anything :
There are only a few very simple steps to make sure you never miss that house that’s perfect for you and your family, whether perfection is one of price or quality, or both.

1. Get a real estate Agent you can Trust.
2. Get the agent to pay attention to the market for you.
3. Sign up for automatic listing notification. (immediately alerts you the second anything new hits the market)

If you are not already on an automatic listing notifier to make sure you don’t miss anything in South Lake Tahoe:
on the CA side of the market, here.
on the NV side of the market, here.

Posted by Richard Bolen on Thursday, July 10th, 2008 at 3:28 pm.