Truckee Lake Tahoe Real Estate News
Home Sales Up Almost 6% Across the County
Does This Signal the Bottom of Pricing?

Sales of previously owned homes were up almost 6% percent for September, the largest increase since July 2003, and the supply of unsold homes fell, a positive sign for a housing market stalled for some time.

The National Association of Realtors reported on Friday that sales of existing homes rose to a 5.18 million units at an annual rate from the 4.91 million components pace set in August. Economists had anticipated sales to rise much less to only a 4.93 million unit rate.

This increase in sales is the first time in three years that the pace has risen above the prior years sales – a most suggestive sign the market is stabilizing.

This might have been a surprise to many that this large jump in sales pushed the inventory of unsold homes down by 1.6 percent to 4.27 million, or 9.9 months’ nationwide; while in our Truckee Tahoe greater MLS we see approximately the same or 10 months’ inventory.

Though the supply is still high in some areas, the turn down is excellent news for a housing market that has been hindered in a slump or worse in some parts of the country.

Increased sales occurred mainly in three regions, by way of the West showing a solid a 16.8 percent jump. The Midwest saw an increase of 4.4 percent and the South saw a 2.2 percent rise; while the Northeast showed a decrease in the number of units sold.

The median national home price declined 9 percent from a year ago to $191,600, the lowest level since April 2004 nationwide. Truckee and the greater Tahoe area show a median sales price for September thru October of $553,500, while the median asking price was $588,500.

Timing your purchase? Now could be the time! Bonnie Jessee, Realtor 530 412 3984

www.welcomehometruckee.com

Truckee California Real Estate News Today

THE TRUCKEE~TAHOE LIFESTYLE

WE HAVE IT ALL

Bonnie Jessee

530 412 3984

If you are one who hasn’t been to Truckee lately you might be in for a in for a big surprise.  Our formerly ‘small’ mountain town is on the ‘map’ thanks to the beauty of the area and an incredible abundance of activities.  While Truckee’s population hasn’t changed all that much and we still love our small town feel; we have new golf courses, improved ski hills, new town parks and recreation areas being built and the soon to be open, Ritz Carlton, in addition to numerous other new resorts, all for the pleasure of locals and guests alike.

In actuality Truckee survived after the railroad and lumber industries only because of the brainstorming of locals who loved it here and wanted to see the area grow and prosper.  Hence, the ice palace was born; along with a skating rink, toboggan run, ski jump and music festivals.  The idea of economic gain gleaned from winter sports was at the time, unheard of.  And now ~ there are so many more incredible activities to choose from ~ including boating, rock climbing, hiking, and on and on!

Come and join us ~ let me assist you in finding that perfect ‘lifestyle’ home from which to enjoy the clean blue skies and never-ending vistas of beauty.  Who knows?  You might be one of the ones that just never leave again (like me)!

Bonnie Jessee 530 412 3984

CALIFORNIA REAL ESTATE NEWS

Will The Home I Buy Will Appreciate In Value?

Bonnie Jessee, Realtor

Truckee, California 530 412 3984

As a buyer’s representative my buyer’s best option is to connect with me, your Realtor and together study the area you desire to live in and do the homework to learn as much about that particular area as possible.  As your local Realtor I can provide you with an overwhelming amount of information – because I know the territory!

In some areas, homes closer to town centers and recreation areas are valued higher and appraise at a more rapid rate because of the desire of the public to shorten their commute to and from work and play (I can run a report showing the sales, listing times, properties on the market for the past several months ~ or however rapidly the local market might be changing).  It is also possible you may get a nicer and larger home for the same price, if willing to consider a longer drive to work or play and the chosen home may grow over time to become a great property buy.  Studying the town future land use map, which can be obtained at the Town of Truckee website www.TownofTruckee.com will provide useful information on Nevada and Placer County plans for the future.

The most often quoted rule is that location, location, location. Typically, you will want to make sure the house does not back to busy streets or front them for that matter.  Avoid corners and intersections.  Choose mid block or a cul-de-sac.  My suggestions are always to stay away from homes which are considered "unique” (or really means ‘strange’) unless of course they appeal to a wide range of people.

You’ll want to be sure the home has at least two bathrooms, unless you plan to remodel.  Obviously if you are buying as a second/vacation home this will be necessary for privacy!  Also, buying a smaller home in a fabulous neighborhood might provide for appreciation. You probably already know about the schools and shopping convenience, as well as potentials which might detract from the property value.  Having me as your professional Realtor to advise you is the best bet for you the buyer.  Remember, that I really want your repeat business (it’s a small town)! And as a true professional I would ever tell an untruth to you, my client and future friend.

Sometimes it is just timing that works out to provide you appreciation gains; for instance buying that home before a major surge in local market prices.  This would be related to the need to be informed about the area before purchasing the home: Your Realtor, Bonnie Jessee 530 412 3984~CALL ME.

Truckee, California Real Estate Market Snapshot

Bonnie Jessee, Realtor 530 412 3984

www.welcomehometruckee.com

What’s Happening Truckee/Tahoe?   As of June, 2008, a slight increase in pricing in Truckee from the previous month.  While some markets across the country are seeing the opposite of these numbers, here in Truckee~North Tahoe we are witnessing stabilization with moderate increase in pricing.

Currently there are approximately 220 single family homes in the greater Truckee area listed for sale. While some of these properties are in ‘escrow’ we see the median asking price is currently $759,000.00 while the median DOM (days on market) is currently 74 days (a reduction of 14 days since the previous month) as well as many days less than the previous several months and many days less than many other market areas.  It is taking less time for (SFR) single family residences to sell as of June and July of 2008.

Being that the median asking price is $729,000.00 ~ the lowest priced property (SFR) is currently $299,000.00 while the highest is $8,000,000.00 ~ The median asking price is actually a little lower than the prior month due mainly to price of current inventory.

As a potential buyer in the greater Truckee~North Tahoe area I would encourage you to make your move ~ head up the hill and check out what is for sale!  While we are aware that other parts of the state and country are in flux markets, it is extremely important that you as a consumer/buyer, understand that there are ‘pocket’ areas within markets even in our greater Truckee area.  Get with a professional, full time Realtor that has the depth of knowledge of understanding of this current marketplace for the service you deserve!

Happy Home Hunting!  Bonnie Jessee, 530 412 3984

Truckee Thursdays Downtown Weekly Unique Street Festival

Join Us!  Bonnie Jessee 530 412 3984

Summer heats up with activities and events for the whole family every Thursday Evening here in Truckee!

The streets of Truckee come alive every Thursday evening during the summer season. Kicking off in June, and running through August 28, from 4-8pm, Downtown Truckee is the epicenter of music, art, children’s entertainment, outdoor activities, shopping, and restaurant sampling.

All of Truckee downtown districts will be participating, including Brickelltown, Jibboom Street, Commercial Row, West River and Church Street. Parking is FREE and locals and visitors are encouraged to meander the Downtown District, checking out shops, sampling food and wine, and visiting with friends and neighbors. 

The focus of Truckee Thursdays is to bring the community and visitors together; to interact, to shop, to socialize, to ease on into an early weekend. Weekly kid-friendly activities will include things like an outdoor climbing wall or the entertainment of a puppeteer. “Think Local. Be Local. Buy Local. Give Local,” the community is encouraging residents and businesses to get out and support and celebrate what is local, unique, and wonderful about Downtown Truckee.  And very importantly Truckee Thursdays is to assist our visitors to understand our small town ‘feel’ and become one of us!

Truckee Thursdays will feature a variety of activities and events. Changing weekly, local musicians will rock the Train Depot parking lot next to local artisans and craftsmen. The Farmer’s market will feature regional and organic products. Outdoor activities will ignite the adventurous spirit, and fabulous food from local restaurants will soothe the palate. For those supporting “Pedal There Thursdays”, a bike valet will be located in Brickelltown, where riders can lock up their bikes and peruse downtown on foot. To encourage participation, there will be a raffle with a chance to win after logging six out of ten rides throughout the summer.  

Look for local merchants to offer Thursday discounts and special promotions. With FREE parking, it’s the perfect time to shop local. Peruse local artist’s works in Brickelltown, stock up on cookware, or buy the perfect anniversary or graduate gift – all downtown.

Oh, and call me when you can join us and at we can enjoy one of the many wine and food tasting available in delightful Downtown Truckee!  Thank you, Bonnie Jessee

530 412 3984.

www.welcomehometruckee.com

THE TRUCKEE~TAHOE LIFESTYLE

WE HAVE IT ALL

Bonnie Jessee

530 412 3984

http://www.welcomehometruckee.com

Folks who haven’t been to Truckee lately are probably in for a big surprise.  Our formerly ‘small’ mountain town is on the ‘map’ thanks to the beauty of the area and an incredible abundance of activities.  While Truckee’s population hasn’t changed all that much and we still love our small town feel; we have new golf courses, improved ski hills, new town parks and recreation areas being built and the soon to be open, Ritz Carlton, in addition to numerous other new resorts, all for the pleasure of locals and guests alike.

In actuality Truckee survived after the railroad and lumber industries only because of the brainstorming of locals who loved it here and wanted to see the area grow and prosper.  Hence, the ice palace was born; along with a skating rink, toboggan run, ski jump and music festivals.  The idea of economic gain gleaned from winter sports was at the time, unheard of.  And now ~ there are so many more incredible activities to choose from ~ including boating, rock climbing, hiking, and on and on!

Come and join us ~ let me assist you in finding that perfect ‘lifestyle’ home from which to enjoy the clean blue skies and never-ending vistas of beauty!  Who knows?  You might be one of the ones that just never leave again.

Bonnie Jessee 530 412 3984

www.welcomehometruckee.com

Buy Recession Proof inTruckee~North Tahoe

WHY BUY IN TRUCKEE/NORTH TAHOE?

Bonnie Jessee, Realtor 530 412 3984

There are of course, several great reasons for buying a home ~ either your full-time residence or that fabulous ‘vacation cabin’ in beautiful Truckee~North Tahoe!

Most people purchase to have control over where they reside. All investment related features are very important, as well as the psychological reasons for buying. The real satisfaction of owning and freedom from rent payments can give you great pleasure! Owning property in a resort area allows you to make an investment in your future (buying in a recession proof area is of paramount importance) while you are able to take advantage of the lifestyle that Truckee~North Tahoe and the fabulous Reno area has to offer.

Property taxes and home interest payments are deductible as a vacation home with minor restrictions, according to new IRS rulings.

Long term appreciation is a major consideration as Truckee~North Tahoe has proven to essentially be a recession proof area in which to buy~for both vacation ownership and investment purposes.

Home ownership has always comprised the single largest source of savings for the average American. Another great reason to buy that second home as pleasure and as an investment~my goal is to consistently be certain my buyers are buying at a price that will insure an increase in values!  Buying and placing in a rental program during your absence is also a good idea to contemplate.

Come see Truckee/North Tahoe and all the wonder and beauty we have to offer!

Bonnie Jessee, Realtor and Loving Truckee~North Tahoe
530 412 3984

“Price Improvement” Not the Red Flag It Used to Be

www.welcomehometruckee.com

Bonnie Jessee, Realtor

530 412 3984

In different ‘markets’ (by market we mean, timing, and regions), a home listed for sale sometimes developed a reputation for problems if it did not sell within a month or so. Regionally, many sellers have homes listed that have been on the market for six months or longer. It is relatively common for it to take a significant time to sell a house and the property is no longer stigmatized if it stays on the market for a while.

Many buyers are sitting on the fence at this point, watching the market and waiting for a better time to buy. It’s impossible to time the housing market (unless you have that crystal ball), so you may not know precisely when the market will next correct until that correction has already occurred. A market correction can be verified only through tracking the trends that have occurred. 

It is interesting to note that most buyers feel more comfortable buying in a hot market, even though it may mean paying more, while there are some buyers who see a slow market as a good opportunity to purchase. If you are contemplating buying now, Congratulations!  This is a great time to buy.  Inventory is good, pricing is great and money is inexpensive!

HIRE A PROFESSIONAL   Your professional Realtor knows inventory of homes available in the target area. Some of these listings will never work for you, either because they aren’t large enough or because they have defects you might not be able to live with.  Knowing this, your Realtor can save you days of time by previewing homes for you.

Find a Realtor who specializes locally and who will keep you consistently informed on local market conditions. Ask you’re a Realtor to sign you up for the automated information system that will send you information directly from the multiple listing service (or your Realtors’ website) when new properties are listed on the market or when the status of a listing changes.

Pay special interest to those listings that are back on the market, and ones that have had a price reduction or improvement. If a house back on the market is one you were previously interested in, ask your Realtor to discover the details of the last situation. We are seeing more transactions fall apart because the buyers were unable to secure financing. A seller who has lost a sale because the buyer couldn’t perform could be receptive to a reasonable offer from a well-qualified buyer.  That could be you if you have positioned yourself properly, have loan approvals in place and have that special Realtor paving the way to smooth negotiations.

Pricing Improvement might be due to the fact the sellers have to transfer to a new city or town right away, or because of health reasons.  Your Realtor may help you in making these discoveries thereby putting you as the buyer at the forefront – even if your price is not listing or asking price!

Hire that professional Realtor to work exclusively for you.  Give me a call today!  Have fun!

Bonnie Jessee, Realtor 530 412 3984

WHAT ARE THE TAX DEDUCTIONS FOR SECOND HOME OWNERS?

Bonnie Jessee, Realtor

530 412 3984

I like to believe that my buyers understand the best tax moves when it comes to structuring their real estate investments, so when writing this article I will assume that my friends and clients have some knowledge; however, not all. It’s not unknown that one can itemize expenses associated with owning a second home such as interest, taxes, upkeep, management fees, etc.

There are a few cloudy areas, however, that the Internal Revenue Service wants to be sure you are aware of before your tax person files that return. Do you completely understand the different between a second home and investment property?  This is typically the area where folks can get confused.  If you have tenants renting this property for a year at a time, it is NOT considered a second home. To qualify, you must spend time at this property for at least two weeks a year or at least 10% of the amount of time the property is rented out.   Also, before you itemize in this way, you might want to make sure that the standard deduction isn’t the most financially equitable way to go. In some cases being involved fractional ownership, it is more advantageous to take the standard deduction.

Just last week, a friend/client of mine and I were talking and I mentioned the second home deduction also applying to their new RV! That’s correct. Since they purchased a RV that has a kitchen, bathroom and bed, it can be designated as their second home and the interest, taxes and storage charges can be itemized deductions used for their benefit. If you have more than one second home, remember that you can only select ONE property to use for scheduling deductions each year.

Always utilize the professional services of your CPA or tax preparer each year to make sure you are in compliance with the current allowable deductions to avoid conflict with the IRS.

Happy Deductions!  Call me to check out some absolutely beautiful properties!

Bonnie Jessee, 530 412 3984