Whether you are buying or selling Incline Village, NV real estate in 2017, expect the market to spring forward earlier than usual. In a typical real estate market, winter is a bit slower compared to spring and summer. However, as anyone who has ever visited Lake Tahoe knows, this area is anything but typical. Unlike most areas, Incline Village, NV real estate is also a second home vacation market which means a lot of our residents spend part of the year elsewhere. We also have two popular seasons: winter for the snow enthusiasts and summer for the beach bums. This results in two busy seasons, weather depending of course. With the absolutely epic winter the Lake Tahoe basin has had, it is no surprise that this winter has been busy. In fact, within the last couple weeks, one of my sellers received (and accepted) a fabulous offer by the end of the first day that it was on the market. Because this winter has been busy for Incline Village, NV real estate, it means that the hustle and bustle of spring real estate in Incline Village, NV is already under way. If you were planning on purchasing this year, check out why you should start making plans to purchase or sell now instead of waiting until May or June.
Prices Will Continue to Rise
Home prices in the U.S. have appreciated by 6.9% over the last 12 months by CoreLogic’s latest Home Price Index report. This same report also predicts that over the course of the next year, prices will continue to increase at a rate of 4.8%. If you were hoping to snag a home at recession prices, those days are gone and they are not coming back anytime soon. Buying a home for sale in Incline Village, NV makes sense now more than ever before.
Mortgage Interest Rates Will Continue to Rise
Interest rates have already gone up a couple of times in the last few months and are expected to go up more in the next 4 quarters. The good news is, you can still buy a home for sale in Incline Village, NV with a historically low rate. The bad news is, your purchasing power (how much you have to spend) could be impacted if your budget is strict. If you are a seller, prices are expected to level out as the rates go up. They aren’t expected to decrease, just simply catch up with buyer demand a little bit. As we don’t know when exactly this will happen, it is safe to say that 2017 is the best year to sell if you are looking to maximize and get the most out of your list price.
As a buyer, there is still overflow competition from the folks that couldn’t get into a home for sale in Incline Village, NV last spring and summer. Thankfully, if you buy now you won’t be contending with as many other offers. Multiple bids is great for the seller, not so much for the buyer. As a seller, you can still get a great offer because you are dealing with serious buyers who have braved snow, wind and ice to see your home. That says something!
You are still paying a mortgage
It may as well be your own! Lake Tahoe is going through it’s own housing affordability crisis. It is nothing like the Bay Area but affordable rentals are starting to become a thing of the past. That monthly payment you are paying for housing each month could be gaining equity for YOU!
For more information on buying or selling Incline Village, NV real estate, give us a call!