The South Lake Tahoe Housing Market Keeps Improving!

As of May 25th, there are currently 483 single family homes listed on the South Lake mls, and 95 of them are now in escrow.  Now that 20% of our current single family inventory is in escrow, the South Lake Tahoe real Estate market is continuing to show improvements in buyer activity.

There has been a decrease of foreclosures in South Lake Tahoe that have been coming onto the market, andbuyers are now making offers short sales and the existing re-sale inventory. There are now 22 single family foreclosure listings on the South Lake Tahoe mls, and all but 2 are in escrow. Another reason for buyers now buying the non-foreclosure inventory is to avoid competition from other buyers. Many of the recent new foreclosure listings in South Lake Tahoe have had multiple buyers writing offers on them. Buyers who are not writing full list price offers, or close to list price offers on the foreclosure listings are missing out on the deals.

Out of the 95 single family homes that are in escrow on the South Lake Tahoe mls, 33 are short sales and 20 are bank owned foreclosures.

Statistics for the 95 pending single family homes in South Lake Tahoe

• The average listing price for the South Lake Tahoe homes in escrow is $418,608
• The median listing price is $359,900
• The average listing price per square foot is $244
• The average square footage is 1,757
• The median days on the market was 141

Statistics for the 33 short sales in South Lake Tahoe currently in escrow

• The average listing price for the short sales in escrow is $432,248
• The median listing price is $375,000
• The average listing price per square foot is $244
• The average square footage is 1,812
• The median days on the market was 195

Statistics for the 20 foreclosures in South Lake Tahoe currently in escrow

• The average listing price for the bank owned foreclosures is $292,352
• The median listing price is $267,500
• The average listing price per square foot is $188
• The average square footage is 1,658
• The median days on the market was 68

Single family homes in escrow by South Lake Tahoe mls areas

• Al Tahoe has 4 homes in escrow
• Bijou has 10 homes in escrow
• Black Bart has 1 home in escrow
• Christmas Valley has 4 homes in escrow
• Echo View Estates has 1 home in escrow
• Elks Club has 8 homes in escrow
• Gardner Mountain has 2 homes in escrow
• Heavenly Valley has 2 homes in escrow
• Highland Woods has 2 homes in escrow
• Meyers has 3 homes in escrow
• Montgomery Estates has 9 homes in escrow
• North Upper Truckee has 8 homes in escrow
• Pioneer Trail has 7 homes in escrow
• Pioneer Village has 1 home in escrow
• Sierra Tract has 7 homes in escrow
• Tahoe Island Drive has 4 homes in escrow
• Tahoe Island Park has 5 homes in escrow
• Tahoe Keys has 9 homes in escrow
• Tahoe Paradise has 4 homes in escrow
• The Y Area has 4 homes in escrow

 

With the percentage of housing inventory that is in escrow increasing monthly, the South Lake Tahoe real estate market seems to be heading in the right direction. With more home buyers entering the market daily, the selection of available distress sales is on the decline. Could the bottom of the housing market bubble have passed? Only Time will tell. For more information about the South Lake Tahoe real estate market, call Brent and Jill Johnson.

Viewing Homes for sale in South Lake Tahoe? Bring your snow boots!!

If you are planning on looking at homes for sale in South Lake Tahoe, make sure to bring your snow boots! Yesterday,  my wife and partner Jill was out showing houses in a snow storm and came home with wet and very cold feet. We have finally been getting some well needed Sierra snow, but it does not make things easy for house hunting!

After one of the driest January’s on record, sellers have forgotten how important it is to maintain access to their home through the snow. Many times buyers will pull up to a home that has not been plowed, and just drive away. That sure makes it hard to sell! There was one out of town agent who told Jill that she was just up her two weeks ago and shoveled a path to the front door. It has snowed a few feet since then, and there was a 4 foot berm from the snow plow!

Yesterday Jill had some very adventurous buyers willing to wade through the snow to get inside. It was a good thing,  because they wouldn’t have been able to see many homes if not!

Foreclosures in South Lake Tahoe are the most likely homes NOT have a plowed driveway after a snow storm. It is usually up to the listing agent to schedule the snow removal, pay for it, and hopefully be reimbursed from the bank. Don’t expect to warm up once you are inside either, most foreclosures for sale in South Lake Tahoe are winterized and have no heat!

A lot of homes in South Lake Tahoe are second homes. It is easy for a homeowner who lives out of town to forget that when it is raining in the valley, it is most likely snowing in Tahoe! If you have a second home in Tahoe for sale, and would like buyers to look at it, hire a snow removal company to plow the driveway!

When planning a trip to look at houses for sale in South Lake Tahoe, make sure to bring a good pair of waterproof boots, a jacket, and gloves. You may also want to bring a note pad and a pen to take notes, a digital camera, and a tape measure to make sure that your furniture will fit!

Happy house hunting!!!

 

If you would like to set up an appointment to tromp around in the snow and look at houses for sale in South Lake Tahoe, or would like more information about foreclosures in South Lake Tahoe or real estate in South Lake Tahoe, contact Brent and Jill Johnson today!

South Lake Tahoe Real estate blog posted by Brent Johnson on a snowy Tahoe day!

Houses for Sale in South Lake Tahoe, 1140 Sioux Street

Houses For Sale in South Lake Tahoe May Not Have BMP’s

If you are thinking about purchasing a house for sale in South Lake Tahoe, you need to know about BMP’s. Best Management Practices (BMP’s) are an erosion control measure designed to help prevent storm water runoff from entering Lake Tahoe by capturing and infiltrating it. Storm water runoff carries sediment and nutrients into the lake which reduces the lakes famous clarity.

In 1992 the Tahoe Regional Planning Agency (TRPA) created the TRPA retrofit ordinance. The ordinance requires all developed properties in the Lake Tahoe Basin to have BMP’s installed by  October 15th 2006. Although new houses in South lake Tahoe built after 1992 have BMP’s installed due to regulation through local building departments, most other homes still do not. The TRPA has fines set in place for properties that do not have BMP’s installed yet. The fees are as follows:

• non-compliance for over 1 year $1,000
• non-compliance for over 2 years $2,500
• non-compliance for over 3 years $4,000

We are already 3 years past the ordinance deadline of October 15th 2006, so I called the TRPA to find out more about the fines. I was told that no one has been fined, and that they would rather see property owners spend the money on installing BMP’s instead of fines. The TRPA did say that there are 3 different watershed priorities, 1,2, and 3. If your property is in a priority 1 watershed, they will begin enforcing the ordinance. First they will send a letter to you telling you about the requirement. Then they want to see that you are making reasonable progress in installing your BMP’s. If you show reasonable progress, they will not issue a fine.

Each property will have different BMP requirements based on slope, soil, location, and your structure. You can have the Tahoe Resource Conservation District (TRCD)  preform a BMP evaluation and design the BMP’s foryour property. The TRCD is a grant funded, non regulatory agency that focuses on assisting single family homeowners with controlling erosion, native and adapted landscaping, and many other conservation initiatives. The TRCD currently has a waiting list for BMP evaluations, and will not evaluate a property until the snow has melted, so you should sign up soon!

BMP requirements are different for each property, but generally BMP’s consist of three basic requirements.

1. Installing gravel filled infiltration trenches about 6″ deep under all dripping roof lines.
2. Installing about 3″ of gravel under all elevated decks, overhangs, and cantilevers.
3. Having a paved driveway for parking, and maintaining all of the runoff from the driveway by either a drywell or gravel filled trench.

BMP’s can be installed by the homeowner, or a licensed contractor. The TRCD has a list of contractors that specialize in BMP installations. Depending on the size of the property, BMP’s can cost anywhere from a few hundred dollars if you choose to do the work your self, to many thousands if you hire a contractor or  need to pave a driveway.

 

 If you have a house for sale in South Lake Tahoethat does not have BMP’s, it would be a good idea to have an evaluation done for your property. If you are thinking of purchasing real estate in South Lake Tahoe, make sure that you find out if the property has a BMP certificate or not. If there is no BMP certificate, be prepared to install your BMP’s!

 

This South Lake Tahoe Real Estate blog was written by South Lake Tahoe Realtor Brent Johnson. Brent Johnson sepcilizes in houses for sale in South Lake Tahoe, South Lake Tahoe Real Estate, and foreclosures for sale in South Lake Tahoe. For more information about any properties on the South Lake Tahoe MLS, contact Brent Johnson today!

South Lake Tahoe Real Estate Buyers Should Consider FHA Loans

An FHA loan is a loan that is funded by an FHA approved lending institution and insured by HUD. FHA loans are a great option because the interest rates are low even though the loan to value ratio can be high. Borrowers can put as little as 3% down! FHA loans are great for first time home buyers and buyers with less than perfect credit.

With an FHA loan the borrower is responsible for paying a mortgage insurance premium. The mortgage insurance protects the lender if the borrower defaults. The premium can cost 1.5% of the loan amount and can be financed into the mortgage. The borrower will also be responsible for an annual mortgage insurance cost of .5%. The annual mortgage insurance will only be required until the loan to value ratio reaches 78% or less. 

 Here are some other facts about FHA loans

• The maximum mortgage payment to gross monthly income ratio is 29%
• The maximum total amount of recurring monthly debt and recurring installment debt to gross monthly income ratio is 41%.
• You can purchase a home in need of repairs and finance the repair costs with the mortgage. This is a great  option if you are considering buying a foreclosure in South Lake Tahoe due to the fact that many of the foreclosures are in need of some kind of repair. Click here to view a list of foreclosures in South Lake Tahoe currently listed on the South Lake Tahoe MLS.
• Buyers can purchase a home with as little as 3% down.
• A termite report is required, and all section one and section two termite work will need to be repaired.
• FHA has a loan program for condos, variable interest rate loans, and loans for making the  home energy efficient.
• FHA loans are for your primary residence.
• Visit the HUD website for more information about FHA loans.

Currently there is a large inventory of homes for sale in South Lake Tahoe on the South Lake Tahoe MLS. An FHA insured loan may be a great resource for buyers to take advantage of a buyers market and own a piece of Tahoe!

 

For more information about Real Estate in South Lake Tahoe, homes for sale in South Lake Tahoe, or the South Lake Tahoe MLS, please contact Brent and Jill Johnson today!

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