Posted Tue Mar 09 01:42PM
How’s the Market
from Lupe’s Desk
As I reflect on the last year, the largest change I have noticed in the real estate industry is how quickly things change! Interest rates, banking regulations, standard forms, prices, market trends all change at a far more rapid pace than ever before. I receive market updates daily and my colleagues in the lending industry receive pages & pages of new lending requirements each day.
You may have noticed the 14% decrease in the sales prices of 2009 vs. 2008. This is due to the fact that the majority of sales were short sales or foreclosures. Short sales & foreclosures sell for low prices to encourage buyers to take them “as is” and wait for months and months for a short sale approval. There were also fewer higher priced homes that sold and that is reflected in the median sales prices, as well.
Demand is high, prices are low, interest rates are low but appraisers are not reflecting this in their appraisals. While many of our listings are receiving very good offers, the appraisals can come in low-causing the sale to be cancelled or the Seller to accept a lower sales price in order to close the sale.
“Shadow Inventory” is our buzzword right now. Shadow inventory are homes that have been foreclosed on, but have not been listed for sale yet. Shadow inventory also includes homes that are in the foreclosure process and homes that appear to be in immediate risk of foreclosure. It is estimated that we have over a year’s supply of homes that could flood the market and increase supply dramatically. Right now that sounds pretty good to me! If you have been working with me to find a home-you know how little there is for sale.
Hanson Ranch, the semi-custom neighborhood off Pioneer, is almost sold out. There are only 3 homes left to build & sell. It really is turning out to be a beautiful neighborhood. I am usually there on Sunday afternoon (open house) and would love to have you stop by and say Hello.
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Posted Tue Mar 09 01:38PM
Snow Life!
My friends here at Tahoe keep asking….are you tired of the snow yet? It’s so beautiful. They laugh. They have lived with snow for many years and most (not all) are tired of shoveling and snow blowing. I know I’m still a newbie up here but I think it’s all how you look at the situation. I live in the outskirts of town now where there’s a lot more snow than in town so it’s important to stay on top of the situation. I have to admit this last big series of storms we had was very intimidating when they were predicting up to 10 feet of snow in a week but thank goodness we didn’t get that much. It was still a lot though!! Every morning going to work and every evening when I got home there was new snow to attend to. Here’s how I looked at it during that huge storm as I want to keep this “newbie” attitude.
Number one - then it snows we all get much needed snow to go play in (not to mention the water runoff for our thirsty state).
Number two - shoveling is great exercise. It’s a great ab, leg and arm workout! When I shovel snow I don’t have to do other exercises in the gym!
Number three - I love the Honda snow blower!! It’s fun! It’s kind of like a lawnmower but I just have to remember about that darn auger and point it in the right direction. Nothing worse than blowing snow into the garage or at your neighbor’s car that was trying to pass you but you didn’t see them! Ok so I’m still a bit dangerous with the snow blower but I’m improving and it’s a blast to blow that snow across the street.
Number four - did I mention how beautiful and quiet it is?
On a business note, I am so proud of my daughter, Michelle Morrison, and her business accomplishments here. I’m thankful to be working with her here in this challenging new real estate environment. Michelle was number one for 2009 at RE/MAX Realty Today at South Lake Tahoe. Her hard work, tenacity and knowledge of technology paved the way for our team. It’s a learning experience every day for me working with her. I just renewed my real estate license recently for California. It’s been 20 years for me now in real estate and has it ever changed! I am currently working on my Nevada license for our team.
Our website is www.southtahoehomesearch.com My cell is still 530-867-4586.
Colleen & Michelle
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