The California Association of Realtors recently came out with a list of the “Top 5 Reasons for Buying.” They discussed that 38% of the buyers in California bought because of price reductions, 12% due to favorable pricing and/or financing, 10% because they desired a new or better location, 9% because of a tax advantage or investment and 7% bought because they were tired of renting a home.
These figures were the result of a survey of home buyers in 2013.
Top Reasons for buying a home in Lake Tahoe:
In Lake Tahoe, the reasons for buying a home are different than the rest of the state. Since the majority of home buyers are buying a second home or vacation home in Lake Tahoe, the reasons to purchase are different than purchasing a primary residence.
One of the biggest buyer motivations to purchase was the low-interest rates and still attractive asking prices. The majority of buyers were interested in owning a home that they could use themselves and then rent out on a Vacation Rental program to receive additional income. Some of the buyers plan on living in their Lake Tahoe Vacation home part or full time as a personal residence after they retire in the future.
Why do you want to buy a home in Lake Tahoe?
If you’re ready, follow these easy steps:
- Sign up to receive email notifications of homes for sale in your price range.
- Work with a trusted broker or agent. Your agent wants you to be happy and in the home of your dreams.
- Get preapproved, know your buying power before you start searching. This will determine what price range you should be looking at since you don’t want to waste your time looking at homes that are too expensive, and on the other hand, you may miss out on the right home by thinking you can’t afford it.
- Have a wish list of what you want in a home. You may feel pressured since the market is so active but never stray from your “priorities.” You won’t be happy if you have to settle on a home, just so you can own in Lake Tahoe.
- Don’t stay on the sidelines. Interest rates have risen as has the median home price. These won’t be going down anytime soon.
- You may be outbid on a few homes and the process may be more stressful than you’d like, but be persistent. If you’re ready to be a homeowner, it’s still a great time to buy.