While it’s rare for me to invite other authors to contribute to “The Perspective,” I annually invite my colleagues at the Blair Team in Tahoe to provide an overview of the marketplace there.
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The personal stories of one Realtor’s battles and triumphs in the highly-competitive Bay Area Real Estate Market, seeking to illuminate and humanize the very real ups-and-downs of homeownership.
As a fair number of Bay Area residents own vacation homes in Tahoe, who better than the number one COMPASS team in the Tahoe region to give us the 411?
Take it away Jamie and Nicole (and thank you).
Mid-way through 2023, the Lake Tahoe real estate market looks as different from the start of the year as the weather report. Following a sluggish winter with rising inflation, higher interest rates, and record snowfall that made Lake Tahoe properties extremely difficult, if not impossible to show and tour, there was, admittedly, some uncertainty in early spring/summer as to whether our buyers would be ready to move on the increased inventory. Fortunately, the local real estate market has rebounded, and we have seen a surge of qualified buyers eager to purchase homes at EVERY price point.
Equalizing markets
That isn’t to say that this summer will be a repeat of the 2022 seller’s market. After a tumultuous three years in Lake Tahoe, we are seeing buyer-seller dynamics slowly equalizing, with an early round of price reductions that served to revitalize serious searchers. Despite ongoing whispers of a recession, buyers are still eager to acquire Lake Tahoe properties which they see as an investment in lifestyle. (Compass Luxury recently published an article that highlights the lifestyle benefits of Lake Tahoe real estate investment. Read it here.)
Additionally, we see clients seeking to thoroughly understand and consider the long-term benefits of buying now, versus waiting to see what happens with future interest-rate fluctuations. For a deeper dive into how prospective buyers should approach the “Buy Now versus Later?” question, check out our recent blog post.
Well priced homes are selling
As with all markets, whether its around the lake or in one of the surrounding communities, properly priced homes are moving well, even at luxury and ultra-luxury price points. Within those buyer bases, some distinct trends have
emerged that highlight a difference in real estate goals . . . .
High-net-worth buyers seeking turnkey convenience gravitate toward neighborhoods such as Martis Camp and Lahontan that offer gorgeous modern properties, and numerous community amenities such as health clubs, golf course membership, restaurants, and more; ideal options for homeowners who visit a few times a year and want to fully enjoy every minute of their time in the Sierra Nevada.
Another preference is for elusive lakefront property on the Nevada shoreline that offers motivated homeowners unparalleled views and lake access, as well as the financial benefits of the tax-friendly state.
Whether you’re seeking to buy or sell a home in Lake Tahoe, our team is dedicated to helping you achieve your goals and develop great relationships in the process.
Please contact the Blair Team if you have any questions about the local real estate market, or simply need some recommendations for your next visit: (530) 581-1400.
How can we help you?
Julie Gardner & Sarah Abel | Compass Realty
Not just Realtors, but consultants in all things house and home, we’re here to educate, explore, examine and refer . . . In short, you may count on us to take care of your home as if it were our own and anyone who knows us, knows we take pretty darn good care of our homes.
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