Its Spring 2008 Are You Ready To Buy Your Home?

Depending On Your Buying Location, Now May Be the Best Time to Purchase

Localized Markets ~ Understanding What This Means to You!

Bonnie Jessee, Realtor

530 412 3984

The spring/summer home-buying season is here for many of the US population. In cities and towns across the country, "Open House" and "For Sale" signs are popping up. It just might take more than pleasant weather to melt the cold real estate market in some parts of the Country.

Some Buyers – especially those not educating themselves to the local area in which they are contemplating a purchase; are reluctant to take a chance on real estate due to potential price declines, foreclosures, record gas prices, job losses, and general economic uncertainty in many areas.

Spring is traditionally the busiest time for real estate, largely because parents, readying for a summer purchase, don’t want to move during the school season. In our area, it’s all about being able to ‘see’ the house out from under the snow!

Realtors in our local markets are predicting an increase in buyers ~ fewer listings, stabilizing prices (some areas actually are seeing increases) and most are on target with their opinions.

Our local Sellers, who were once clinging to boom-time expectations, are trimming asking prices to become market ready. Keep in mind the news is not bad for buyers. In fact, for some the timing couldn’t be better.   Some properties in the area are going for very reasonable prices ~ some below market value due to various reasons:  families need to move, downsizing, getting out of the second home situation; and families ‘scattering’ as college approaches.

In our area a smattering of foreclosures has added to the facts for pushing down prices, even in many of the nation’s most affluent cities and suburbs ~ and areas such as Truckee~North Tahoe.

Any Good Deals in Truckee~North Tahoe?

Oh, yes ~ there are deals to be had.  How long will the deal making go on is anyone’s guess.  However, factor in the weather ad the beauty of this region; the wealth of activities and varied pleasures to enjoy coupled with the planned new developments here and we just might see the ‘deal making season’ pass by rather abruptly!

Markets with declines of 20% or more include Phoenix, Los Angeles, Las Vegas, Atlanta, and San Diego.  So what we as Realtors see is an influx of potential buyers seeking that fabulous deal that they might get at their primary residential area and are typically quick to learn that buying in Truckeee~North Tahoe just might provide them with Recession~Proof Property!  Therefore pushing that potential budget a little higher the savvy buyers understand they are getting a great deal ~ although different due to the localization of the markets.

While there is great opportunity for buyers and investors to find a super deal, financing can get a little more difficult.  Those buyers in strong positions and investors are rapidly eating up local inventory.

Not the Best Time to Sell?

If you’re a seller, it’s a good time to get that For Sale sign on the front lawn.  Those who purchased in the great Truckee~North Tahoe area, and paid a fair price at the time, know that when they list with a Realtor to sell, they have previously purchased in a rather Recession Proof area and know the pricing they are asking may be possible to achieve.

 

 

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