My last day at Alpine was Friday. The spring conditions were great. I’m going to miss this ski season. Fortunately it lasted nearly six months.
Next season is just short 6 months away. So now that skiing is finally over and we’re into the quietest time of the year, what’s next?
Maybe it’s finally time to look at real estate up here at Tahoe. Were you discouraged as prices rose through 2005 and gave up on a dream? Maybe you thought the opportunity to find something special was gone. Maybe you are waiting for the the headline in the paper to read “REAL ESTATE HITS BOTTOM”.
Maybe it has and there are plenty of signs that now is a good time to act.
Why now?
Today at our sales meeting my broker, Trinkie Watson commented that “this is the slowest market we have ever seen”. When you consider the source, this comment carries a lot of weight. You want to buy low, right?
Now consider these stats comparing 1st trimester sales from 2005 and 2008 on the Westshore and in Tahoe Donner in Truckee:
|
2005 Westshore |
2008 Westshore |
| 55 Homes Sold | 20 Homes Sold |
| 137 Days on the market | 164 Days on the market |
| Sold 2.7% below asking price | Sold 8.2% below asking price |
| 2005 Tahoe Donner | 2008 Tahoe Donner |
| 65 Homes Sold | 53 Homes Sold |
| 67 Days on the market | 127 Days on the market |
| Sold 1.4% below asking price | Sold 4.3% below asking price |
What do you see? I’ll tell you.
1) Sales are way down and
2) Market time is way up.
And best of all, Seller’s are negotiating again. On average, Sellers are 3 times softer than they were in 2005. That’s the opportunity! The opportunity to negotiate.
Time isn’t necessarily on your side. This market has been on hold now for more than 2 years and prices on average haven’t moved much since 2005 , up or down. See my January 4, 2008 post. The opportunity is a clear Buyer’s market where negotiation really pays off.
