Purchase a Home in Lake Tahoe with 0% Down!

THE USDA HOME LOAN

The USDA’s home mortgage program is one of two remaining $0 down home loans available today. The goal of the loan is to develop rural and suburban locations, providing affordable home buying options to low and middle-income families.

Benefits

The bonuses of a USDA home loan are numerous. For example, the loan offers…

• No Max Loan Amount
• Low Interest Rates
• Flexible credit standards
• No cash reserves required
• First time and experienced home buyers welcome
• Realistic Income Limits for Both Families and Individuals
• Non-traditional credit accepted for individuals with lack of traditional credit history built up
• Low Closing Costs
• Gifted Funds Accepted, No Documentation Needed
• 30-year Fixed Loan Rate
• 100% Financing

 

Are You Eligible?

 

You can determine eligibility with three questions.

1. Is my house located in a USDA approved rural or suburban area?
2. Is my total household income below 115% of the median income for the area?
3. Does my credit and income meet my USDA approved lenders’ requirements?

 

For income, the factors below will be taken into account:

• Child care expenses
• Number of people in the household
• College students living in the household
• Disabled and Elderly persons
• Medical expenses

 

Johnson Tahoe Real Estate and a USDA loan expert can tell you where to look for homes eligible for the loan. That’s the easy part. These areas are usually located just outside of urban areas. If the population is below 20,000, chances are the location meets the eligibility standard for the loan. Areas around Lake Tahoe such as Zephyr Cove, Kingsbury and Stateline qualify.

Jasmine Reese is a content writer for USDA loans.com, a company specializing in rural loans and lending.

November South Tahoe Real Estate Stats

In November there were 43 single family properties in South Lake Tahoe that were sold on the South Tahoe MLS. Out of the 43 sales, 40 were single family homes and 3 were condos. Although the number of home sales was down from October which had 61 sales, it was up from last November which had 42 sales. There were 26 distress sales which accounted for 63% of the properties that were sold in November. There were 16 bank owned foreclosure sales and 10 short sales that were sold.

November South Lake Tahoe Real Estate Statistics

• There were 43 single family homes and condos in South Lake Tahoe that were sold in November.
• The average price per square foot of all of the homes sold was $163, down from $188 in October.
• The average sales price was 258,806, down from $293,666 in October.
• The median sales price was $228,800, down from $229,000 in October.
• There were 16 bank owned foreclosure sales, up from 14 in October.
• There were 10 short sales that were sold, up from 6 in October.
• The average days on the market was 158 and the median days on the market was 126.

November Statistics for Foreclosures in South Lake Tahoe

• There were 16 bank owned foreclosures sold on the South Lake Tahoe MLS.
• The average price per square foot was $152, down from $162 in October.
• The median sales price was $189,000, up from $179,750 in October.
• The average sales price was $274,594, up from $243,457 in October.
• The average days on the market for the foreclosures was 106 and the median days on the market was 114.

November Statistics for Short Sales in South Lake Tahoe

• There were 10 short sales that were sold on the South Tahoe MLS.
• The average price per square foot for the short sales was $146, down from $154 in October.
• The average sales price was $222,787, down from $276,833 in October.
• The median sales price was $204,936, down from $272,500.
• The average days on the market was 268 and the median days on the market was 234.

The resale homes that were sold last month (non-distress sales) sold with an average price per square foot of $182 which was higher than both the bank owne foreclosures and the short sales. There are currently 298 active single family homes and condos that are available on the mls and there are 117 that are in escrow. December should be another good winter month for closings with 117 properties still in escrow. Now all we need is

South Tahoe Real Estate Inventory

The number of available homes for sale on the South Lake Tahoe MLS continues to decrease as buyer activity remains steady.  The inventory of available homes for sale in South Tahoe usually declines this time of year as many sellers take their homes off of the market for the winter. This season seems to be a little different. With 116 single family homes currently in escrow, the buyers are the ones that are decreasing the inventory.

There are currently 444 total single family listings on the South Lake Tahoe MLS including both houses and condos. Out of the 444 listings, 116 are in escrow and 328 are available active listings. The 116 properties in escrow represent 26.1% of the total inventory in escrow.  Distress sales account for 68.1% of the properties that are currently in escrow. There are 25 bank owned foreclosures and 54 short sales that are in escrow. Distress sales only account for 25.9% of the active listings. There are 43 bank owned foreclosures and 42 short sales that are currently active on the MLS (not in escrow).

Here is a breakdown by price range of the 116 escrows:

• 38 properties under $200,000
• 29 properties  from $201-$300,000
• 22 properties from $310-$400,000
• 13 properties from $401-$500,000
• 6 properties from $501-$600,000
• 2 properties from $601-700,000
• 2 properties from $701-800,000
• 0 properties from $801-900,000
• 4 properties over 1 million

So far this year there have been 504 single family homes and condos that have been sold in the city and county areas of South Lake Tahoe on the South Tahoe MLS. Bank owned foreclosures have accounted for 158 (31.3%) of the closings and short sales have accounted for 81 (16.1%) of the closings.

October South Lake Tahoe Real Estate Statistics

Buyer activity remained strong in October with 61 single family properties reported as sold on the South Lake Tahoe MLS. There were 62 single family properties that were sold in September, only one more than October. Of the 61 single family properties that were sold, 54 were detached single family homes and 7 were condos.

Distress sales accounted for 20 of the properties in South Lake Tahoe that were sold in October. There were 14 bank owned foreclosures and 6 short sales that were sold last month. This is down from 27 distress sales in September when 17 foreclosures and 10 short sales were sold.

There were two lakefront sales, one for $3,700,000 and one for $4,200,000 that really skewed the average price per square foot and average sales price. Using the lakefront sales the average price per square foot was $227, without the lakefront sales the average price per square foot was $188. For the following statistics I have excluded the lakefront sales.

October South Tahoe Real Estate Statistics

• There were 61 single family homes in South Lake Tahoe that were sold in October, down from 62 in September.
• The average price per square foot of the home sold was $188, up from $183 in September.
• The average sales price was $293,666, down from $306,721 in September. The average sales price was $415,938 including the two lakefront sales.
• The median sales price was $229,000, down from $233,250.
• There were 14 foreclosures in South Lake Tahoe that were sold on the South Lake Tahoe mls, down from 17 in September.
• There were 6 short sales in South Lake Tahoe that were sold, down from 10 in September.
• The average days on the market was 155 and the median days on the market was 114.

October Statistics for Foreclosures in South Lake Tahoe

• There were 14 bank owned foreclosures that were sold on the South Lake Tahoe MLS in October, down from 17 in September.
• The average price per square foot was $162, up from $145 in September.
• The average sales price was $243,457, down from $$258,292 in September.
• The median sales price was $178,750, down from $213,357 in September,
• The average days on the market was 84 and the median days on the market was 83.

October Statistics for Short Sales in South Lake Tahoe

• There were 6 short sales in South Lake Tahoe that were reported as sold on the South Lake Tahoe MLS, down from 10 in September.
• The average price per square foot was $154, down from 193 in September.
• The average sales price for the short sales was $276,833, down from $331,252 in September.
• The median sales price for the short sales was $$272,500, up from $215,000 in September.
• The average days on the market was 223 and the median days on the market was 204.

With current mortgage interest rates at all time lows and 110 properties currently in escrow on the South Lake Tahoe MLS we should another great month of closings in November!

September South Tahoe Real Estate Statistics

September was a big month for sold homes in South Lake Tahoe. There were 62 single family properties that had closed escrow in September, up from 44 sold properties in August. Of the 62 properties that were sold in September, 58 were detached single family homes and 4 were condos.

Distress sales accounted for 27 of the sold properties in September. There were 10 short sales and 17 bank owned foreclosures that were sold in September. The short sales had an average sales price per square foot of $193 and the foreclosures had an average price per square foot of $145. The non-distress sale properties had an average price per square foot of $198.

September South Tahoe Real Estate Statistics

• There were 62 single family homes reported as sold on the South Lake Tahoe MLS in September, up from 44 in August.
• The average price per square foot of the single family homes in South Lake Tahoe that were sold in September was $183, down from $192 in August.
• The average sales price was $306,721, down from $343,558 in August.
• The median sales price was $233,250, down from $295,000 in August.
• There were 10 short sales in South Lake Tahoe that sold, up from 6 in August.
• There were 17 bank owned foreclosures in South Lake Tahoe  that sold, up from 11 in August.
• The average days on the market was 136 and the median days on the market was 99.

September Statistics for Foreclosures in South Lake Tahoe

• The 17 foreclosures that sold in September had an average price per square foot of $145.
• The average sales price of the foreclosures was $258,292.
• The median sales price of the foreclosures was $213,357.
• The average days on the market was 113 and the median days on the market was 87.

September Statistics for Short Sales in South Lake Tahoe

• The 10 short sales that sold in September had an average price per square foot of $193.
• The average sales price was $331,252.
• The median sales price was $215,000.
• The average days on the market was 264 and the median days on the market was 245.

With only 4 condos that were sold in September there is not enough sales to report the statistics. Three of the condos that were sold were in the Tahoe Keys which does not surprise me. The summer time is when the Keys Condos seem to sell the best.

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