The True Value in Tahoe Real Estate
Typically, the true value in real estate
is usually translated to mean its current market value which is the dollar amount it would sell for. As we all know, the market values changes frequently due to so many circumstances, some expected and other not so expected for example, our favorite; Covid. As of recent the major market hurdle we need to overcome is the ever increasing interest rates. This one clearly is out of our control but it appears there is some good news as the rates are starting to level off.
Mortgage rates seem to have peaked
According to local Loan Officer Tara Offenbacher from Guild Mortgage, “Mortgage rates seem to have peaked in early November 2022. She also commented, “Now buyers have needed time to adjust to the current interest rates after seeing the historically lowest interest rates we experienced in 2021 and 2022. Keep in mind that the average 30-year mortgage rate since April 1971, when Freddie Mac started keeping records, is 7.76%.”
Rates are Slowing Down Sales Volume
My company Chase International recently posted the 2022 market recap and after a long decade of price appreciation and record volumes the number of sales is declining. Here in South Lake Tahoe, the market I specialize in saw a 16 percent decrease in volume with a one percent increase in median home prices. The positive is the prices aren’t dropping too significantly and Sue Lowe, President for Chase International is optimistic, “Overall, real estate as an asset shows a consistent increase in value over time and remains the single largest contribution to household wealth.”
In my mind the real true value in real estate in Tahoe more than just a dollar figure.
A home in Tahoe offers a very special place to escape and fall in love with nature. As we know, and Viator.com states on their web-site perfectly-Surrounded by pine forest and steep, alpine peaks, Tahoe is famous for its dazzlingly clear, blue-green water and epic winter snow. I have to highlight the last part-yes epic winter snow especially this year.
A Tahoe Home is a Special Place
Owning a Tahoe home is having a special place to be rooted down in the Tahoe lifestyle and getting to enjoy it more often and for longer periods of time. It is more than just renting a hotel room for a weekend and going home. This value meter is unmeasurable and unlike money it is something we can’t take with us. This higher level of non monetary value is how I perceive it and I hope you agree.
As I have always said you know when the timing is right to purchase a home here in Tahoe is when you find the right one. If you currently own a home I hope you continue to find the value in your Tahoe place. If you are looking to purchase let me help you find the right home and location for your needs and wants.
Thanks for visiting! Jennifer Fortune