Surprised at how Tahoe’s housing market weathered the storm, but…

by Joe Salcedo on 10:39 pm

Looking at the last five years, when Northern NV housing market started slipping, and as we’ve been seeing signs of recovery this year, I’m pleasantly surprised to see Tahoe’s housing market as strong as it is today.  Honestly, I though it was going to be a lot worse for us. I’m glad it seems to have settled down for the most part. But there’s a big “but”, though…

As lower end prices around Northern NV seem to be stabilizing, there’s not a lot of solid evidence that it has affected the higher end.

I think it’s a mistake to pronounce a market bottom for ALL price ranges in Lake Tahoe.  I want to make this clear because a lot of real estate experts and pundits have a tendency to “politicize” data. They take a grain of truth, mix with a dash of incomplete facts and mix it with subjective interpretations and report it to their constituents as facts. This is not a good way of looking at the market whether it’s in a bull or bear stage.

My guess is the $800,000 and above homes in Tahoe have a little more way to go before it hits a price bottom.  The exception is our place being Tahoe where location really plays the biggest part. So if you’re selling a $2 million dollar home that has expansive lake views and there are few homes in the area like it, then chances are you will still get a lot of interest with buyers and possibly get full asking price.

So it really depends. Every situation is a bit different but as a rule of thumb don’t expect higher end home prices to hit bottom this year, do further research if you are in the fence thinking of selling (possibly short sale) or riding it out until the market starts moving up.  That’s not an easy place to be (mortgage payments piling up VS emotional connection to the house), but with due diligence and intuition, the market will give you valuable clues as to what to do.

One last thing, as with the stock market, housing trends follow where the general market is headed.  And the market is getting healthier by the day, as the recent San Francisco Chronicle front page headline puts it,”Finally–the signs the worst is behind us.”

 

 

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