Tahoe Donner Real Estate Sales Information – November

Today, November 2, 2010, there are 126 homes available or for sale in Tahoe Donner. Furthermore, 109 of the homes offered for sale are standard sales, 14 of the available homes are offered as short sales and 3 REO’s, (Bank owned properties). Also, 29 single family homes are currently in escrow or pending sale. There are another 5 short sales pending bank approval. Moreover, pending sales range in price from $265,000 to $1,895,000.

Some perspective to Tahoe Donner market conditions: Tahoe Donner had a total of 225 homes close escrow in 2009 compared to 2008 in which 193 sales were consummated. Year to date 178 homes have closed escrow in Tahoe Donner compared to last year during the same period were 179 homes had closed escrow, basically a parity to 2009.

Home site sales continue to disappoint with 51 home sites available, currently 3 home sites are in escrow or pending sale. Also, 17 home sites have closed escrow in 2010. Currently, the pricing for available home sites run from a low of $72,000 to a high of $525,000.

As you can see, pricing pressure continues to mirror last year. Moreover, Chris Thronberg, with Beacon Economics is predicting 200,000 foreclosures a month, nationwide, hitting the market next year.

Sales Statistics
for NEVADA County CA
Realist’s most recent recording date for this county is 10/26/2010
Single Family Residence
Time Period        Number of Sales        Median Sale Price
Sep 2010             127                                $310,500
Sep 2009             110                                $352,500
Aug 2010             115                                $320,000
Aug 2009             127                                $328,000
2010 YTD         1,028                                $295,000
2009                  1,294                                $329,250
Condominium
Time Period        Number of Sales        Median Sale Price
Sep 2010             4                                    $338,500
Sep 2009             10                                  $337,000
Aug 2010             9                                    $365,000
Aug 2009             9                                    $359,000
2010 YTD            82                                  $323,750
2009                    107

On a personal note; our good friends and neighbors here in Tahoe Donner have friends from Holland planning a Tahoe Donner vacation December 24 through January 2nd, if anyone has a house they are interested in renting during this period please advise. Also, anyone interested in renting one bay of their Tahoe Donner garage?

It may not be the best time to sell, but it might not be the worst either. Recent economic forecasts suggest that the housing recovery could take years. As a seller who has a strong motivation to sell, do you try to sell now or hold on for a better market?

First consider where you want to be in 10 years. How do you envision your lifestyle? Is your current home too big, too small, or in the wrong location?

Homeowners intent on moving from one house to another can take advantage of low interest rates, if they are able to sell their current home. You’ll probably sell for less than you would have several years ago, but you may get a deal on the home you buy.

However, if you don’t plan on living in your next home for the next eight to 10 years, this might not be a good time to make a move.

For sellers who purchased in recent years, selling requires a huge readjustment in their expectations. Many probably will sell for less than they paid; in some cases, a lot less. If they highly leveraged the purchase, or refinanced and pulled out equity, they may need to contribute cash to close the deal.

Sellers who have no cash reserves and need to sell for less than the amount of the loans secured against the property will need lender approval to complete a sale. This is called a short sale. In this case, or with a foreclosure, sellers don’t have the option of buying another home until their credit is restored, which takes about two to three years for a short sale and five years for a foreclosure.

Some listings in prime, high-demand markets come on the market and sell quickly, leaving other sellers in the area perplexed. Why isn’t their home selling? Why aren’t they receiving bids from multiple buyers?

Listings that sell quickly are priced right for the market. They are homes that will work long term for the buyers, which means 10 or more years; they don’t need updating; they’re in move-in condition; and, they are usually located in high-demand, low-inventory neighborhoods. Buyers are waiting for these prime listings and will move quickly when they come along.

HOUSE HUNTING TIP: It’s frustrating for sellers whose listings don’t receive an overwhelmingly positive response, especially if they put time and money into fixing them up for sale, and they thought they priced right for the market. Motivated sellers will need to accept the probability of a longer marketing period and a lower price.

Expect low offers if your home has been on the market awhile. It’s natural for buyers to try to buy a home as inexpensively as possible to cover for the possibility of a further downturn in the market. Don’t take it personally; counter any offer from financially qualified buyers who make a clean offer that’s not encumbered with complicated contingencies.

It may take several offers and failed attempts to find the right buyer. It isn’t easy for most sellers to reach a successful closing in this market. But those who stick it out can reach their goal.
Waiting to sell could net you more for your home, but it’s impossible to know when that better time will arrive. The market will be volatile. Good economic news will trigger a pickup in the market. Bad news will cause buyers to pull back.