Lake Tahoe & Truckee Monthly Real Estate Stats

The April 2009 sales stats for the Lake Tahoe and Truckee area are out. 36 homes and 11 condos sold during the month of April. The most activity was in the $300K-$499K range with 17 total homes selling in this price range. 5 homes sold for $299K or less which has been quite unusual for our area in the past. 2 homes sold for over $1 million and 1 of these homes sold for over $5 million on the West Shore of Lake Tahoe.

This information was taken from our local multiple listing service and is for the dates of April 1 – 30, 2009. Click on the image below for an enlarged version of the chart.

Challenges of Selling an Older Home in this Marketplace

This is definitely a challenge and one very close to my heart today having two listing in an area of a large inventory of new or newer homes, “How can I sell my two listings that are both 20+ years old against all this competition? “ Yes, they are in Tahoe Donner, which is one of the most popular areas in the North Lake Tahoe region. It is the first exit off of I-80 to Truckee, has all the amenities that anyone could desire including a downhill and cross country skiing for the winter and a private beach with boat launch and picnic area at Donner Lake in the summer.  This plus equestrian facilities, fine food dining, a sports center, eleven tennis courts, golf, trails for hiking, biking  and many a fun party, Tahoe Donner offers it all.

                         

 In Tahoe Donner there are over 140 homes on the market each month with 7%-10% selling.  So how do you promote your older home listing that is on 1.5 lots, 4000+ sq. feet or has a special view when it is 20+ years old? Most buyers feel it would take $200,000 to upgrade to today’s standards against the new comparable homes where a buyer can move right in and have beautiful wood floors, granite and flagstone for their kitchen counter tops and floors and no additional work needed.  They may have less square footage but have all the necessary rooms which are new.  Most people don’t mind smaller bedrooms when they are active outside people.

 

The answer is simple but difficult for sellers to accept.  The house has to be priced right for the situation.  In today’s market when only 7% – 10% of the properties are being sold, you need to be in that 10%.  In other words, you need to price your house to sell. How? – By being the very best bargain in your price range at that time.

 

Someone will buy the 1 ½ lots or a special private view of an older home if the price makes up for the improvements needed.  Otherwise, the buyers will move on to a smaller house that doesn’t need all the extra TLC.   This is a time when it is even more important to have the right real estate agent. Talk to your professional real estate agent.  Let them do the work for you to get the best price, but to get it “sold”.