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Coldwell Banker’s Tom Bruno says that you must do your market research before purchasing a home in the Lake Tahoe area.
Bruno states that the real estate prices in the Lake Tahoe area have been flat since last October. They were previously in a five year downward spiral. There are no expectations of movement of listings for at least the next five months.
Indicators show that this is a good time to buy in since luxury properties are always ahead. Properties with a value of $3 million or greater will appreciate before the others. Bruno recommends high end buyers need to start looking at their options now.
When asked if there were such a thing as the best time to buy in Tahoe, Bruno reports he did a study two years ago which indicated that 39% less properties were listed during the peak winter months but sales were only 14% less. Usually the marker for the buyer is tougher in the winter months. Bruno also states that there are some dead periods for sales between Easter and July 4, and September and mid-December, depending on when they get snow. Fall is usually the best time to buy in Lake Tahoe since there are plenty of listings and the buyer has some negotiation power.
Lake Tahoe is a prime location so you will not always get the best deals. The price per square foot is not a good indicator in this area. Homes which are located near the lake or ski resorts are worth more money and in high demand. Other factors are the floor plan, year built, and the overall quality which makes the price per square foot an inadequate way to measure the value of a luxury home.
Real Estate Tips
Location is the key issue in real estate. If you are not on the lake you will want to be as close as you can to the resort where you plan to ski. Lake Tahoe traffic can be horrendus during the peak months and there is no way to predict the road conditions. It is not unusual to find yourself snowed in with snow up to the front door. There is no clear winner when it comes to top locations when buying a home in Nevada versus California except for the lakefront properties. Nevada does have better tax legislation over California.
Homes that are valued at $2.5 million and above should offer master bedrooms on the living floor, family and living rooms should have the great room feel, and garages should accommodate at least three cars. If possible it is best to have a home with a lake view. If the home is older the kitchen and bathrooms should be renovated since the trend leans more to newer construction which features modern kitchens with a gourmet feel, and bathrooms that feature marble.
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