We’ve been writing about how busy our real estate market is in Lake Tahoe, how inventory is down, prices are starting to rise, sales are up and interest in buying continues to grow for months now. But, how is this compared to the rest of communities in the US that are considered prime vacation home locations?
According to the USA Today’s article on May 26, everyone else is just like Lake Tahoe. While the speed in how our market isn’t improving as quickly as larger cities where people maintain their primary home, we’re still rebounding and the future looks good.
Vacation home spending comes 2nd
Demand for vacation homes, second homes and primary residences in Lake Tahoe are all on the increase due to the stronger economy and increased confidence in the real estate market. The National Association of Realtor’s economist says sales will improve more this year because of increases in household wealth. Since vacation homes are considered luxuries, spending on luxuries takes longer to recover from a recession.
Vacation home buyers have been flocking to Lake Tahoe over the last year. They want to buy now and are tired of waiting any longer. The challenge that buyers are facing now is the limited amount of homes for sale. The bottom has come and gone and we’ve seen home prices rise steadily since August of 2012. The median selling price of homes and condos combined is $265,000, which is 11.8% higher than last year.
Vacation home sales in the United States were up 10% last year compared to a 17% increase for primary residence purchases according to the National Association of Realtors.
Now is the time to buy
Will lending interest rates increase? Who knows but indicators are that they will. In our opinion, this is an excellent time to purchase your Lake Tahoe dream home because the prices are still low compared to what they will be in the near future. We have some great tools to use to help you in your search:
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