Welcome to Spotlight!

Welcome to "Spotlight on Truckee-Tahoe," our inaugual monthly e-newsletter distributed on behalf of Elder Group Tahoe Real Estate. Here, we’ll provide you with valuable market insights as well as highlights within the Tahoe-Truckee community. We’d love to hear from you! Tell us what topics you’d like us to address, ask your questions about a specific area or just let us know your thoughts. If you find this information interesting and relevant, please consider forwarding to a friend. Be sure to visit our new website for real estate and neighborhood information, snow conditions, webcams, traffic updates, restaurant information and more. And check out my video about market trends and learn what’s going on in today market.

If you have questions or would like to talk about your real estate needs, please feel free to e-mail Alison Elder directly. We look forward to hearing from you and thanks for reading!

Price Reductions Fuel Tahoe Properties

The 4th quarter of 2009 delivered record sales and the lowest prices in years in the Truckee-Tahoe real estate markets. It was a great quarter for buyers as prices continued to soften. If you’ve ever considered a Tahoe retreat, now’s the time to buy. Overall sales increased 107% from the Q4 in 2008 overall and improved a huge 147% on the West Shore, 125% in Tahoe City and 91% in the North Shore. Learn more about these record sales.

Bank Owned & Short Sale Property Stats

Given the unique bubble market, the counts for the Lake Tahoe and Truckee area for bank owned properties (REO’s) and short sales were relatively low compared to Q4 sales volume. In Truckee, only 7% were short sales and 16% bank owned REOs—equaling about 1 out of every 4 homes sold that were involved a bank related situation. Around the Lake, the statistics are higher with 31% of the sales involving a bank. Competition for REO properties continues. Quick decisions, cash and “as is” are key to securing a bank owned property. Learn more and view a snapshot of Q4 2009.

To Buy or Not To Buy?

Blending REO and short sale properties, there’s a common consumer theme from our clients, “I want to buy a short sale bank or bank owned property!” While we can accomplish this, be aware that dealing with short sales requiring bank approval can be very disappointing for motivated Buyers. If you are in a 1031 exchange situation, it can be even dicer due to identification and closing timelines involved. Learn more about REOs and what you need to know.
 

Mortgages Pick Up As Rates Increase in 2010

Mortgage rates continue to run into a floor at sub 5.0%. This has held true for the month of January and just into February. The big picture outlook, barring a major shift in market sentiment that drives benchmark Treasury yields lower, is that mortgage rates should move higher in months to come. While in any given day can result in small reductions in borrowing costs, the risk of rates rising is almost a guarantee. Read more and learn about the long term projections.

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