We hear it all the time: “I’d like a list of Lake Tahoe foreclosures and short sales.” About 2 years ago this was the way to find a real estate bargain but that is no longer the case. In fact, if you limit your search of homes for sale to just foreclosures and/or short sales, you’ll miss out on some great homes that are priced to sell!
Reduced Inventory of Lake Tahoe Foreclosures
In South Lake Tahoe there are only 11 foreclosures for sale: 7 on the California side and 4 on the Nevada side. The California figure is a drop of 79% from July of 2011! If you decide to only search for foreclosures you’d only be seeing about 3% of the total homes for sale in Lake Tahoe. Home sellers have priced their traditional sale homes at a very good price, so good that why would anyone want to enter the hassle of buying a foreclosure? These figures have been on the decline for some time. Who knows, perhaps there will be a day in the not too distant future where there are 0 foreclosures for sale.
Short Sale Homes on the Decline
Lake Tahoe short sale homes on the market have experienced a drop just like the foreclosures. There was a drop of 78.3% of short sale homes on the market from July 2011 to July 2012. There are currently 11 short sale homes on the market in South Lake Tahoe, CA. There are currently 14 short sale homes for sale in Nevada Lake Tahoe but that figure is a bit distorted. 10 of those are in “active pending” status. If those sales all go through there will only be 4 short sales left.
“Traditional” Homes for Sale in Tahoe
You can probably figure it out by now. If you want to buy a home in Lake Tahoe you’ll need to expand your search to include all homes, not just foreclosures and short sales. By opening up that search you’ll see traditional sale homes priced to compete in all categories. Home sellers have priced their homes just right to attract the buyer looking for a good deal in Lake Tahoe real estate.
If you’re interested in starting a search of Lake Tahoe real estate, contact me and I’ll get you started.