Waking up this early morning here in South Lake Tahoe It is almost a dream-lightly snowing as I walk my dog on this spring day in April. No one is up yet in the neighborhood except the two coyotes we just saw and Lola my dog chased away. As I looked up towards the snow filled sky I couldn’t help but ask, “wonder if the snow will kill the virus”. Of course I also wonder since I am a local Realtor, “What will Tahoe Real Estate look like after the Coronavirus?”
There is no doubt that this virus is a bump in the road.
I read this interesting article in the Vail Daily today about how after 9/11 the real estate market in Vail saw a boom. The jist of the article is how after a major world crisis “People don’t want to be that close (to other people),” Stockton said. “They want wide open spaces and a mountain lifestyle.”
Tahoe-It is all about the mountain lifestyle.
These days with the coronavirus looming over us I have noticed the irony of it. The skies appear more bluer with the lack to no airplane traffic, there are more birds out chirping and there is a peace and calm in the air. The irony is I know many people are suffering and even dying from this virus. I feel very bad for those people and I pray for you and all of this to end soon.
So what will the Tahoe real estate market look like after the coronavirus?
Currently activity in the marketplace has dramatically slowed down but it isn’t dead. Homes are still going pending on average one a day which is surprising. There are still buyers out there; primary home buyers as well as second home buyers. I listed a duplex in Al Tahoe on Friday and had an offer on Saturday-local buyer. There is no doubt this virus will affect the market especially the lending side of things. A local lender, Ron Yokotake, told me this week that he saw 14 pages of changes just this week. The lenders are tightening their strings and some funding programs are literally running out of money.
I agree with the Vail Daily article that it will take time for people to start traveling again when this is over. We will recover but it will take time so my prediction is transactions overall for the year will be down at least 30%. Tahoe is like Vail -a quality mountain town and people will want to take “flight to quality”. Good thing we are a lot less expensive than Vail!
Staying positive will be the key to success in 2020. I pray that our local families and businesses will stay alive and weather this pandemic. We will recover, it will just take time and no one knows yet if it is two more weeks or 2-6 more months. Thankfully I get to live in Tahoe and enjoy the deep blue skies except for today I’ll enjoy the blizzard outside my window. Soon it will be time to shovel!
For all of your real estate needs I”m here to help. Jennifer Fortune 530-318-9286, firstname.lastname@example.org and my web-site