Lake Tahoe & Truckee September 2011 Real Estate Sales Stats
October 10, 2011
Lake Tahoe Real Estate Update
The Lake Tahoe and Truckee real estate markets continue to present strong sales numbers! 126 single family homes sold during the month of September 2011. This is an improvement from last year – 85 homes sold in September 2010. There have been 683 single family homes that have sold in 2011 year to date.
The most home sales took place in Truckee (43 homes) and Tahoe Donner (28 homes). The price range with the most home sales was the $300K-$499K range (50 home sales). 34 homes sold for $299K or less and 12 homes sold for over $1 million last month. There were 15 short sales and 10 REO sales last month.
This information was taken from our local multiple listing service and is for the dates of September 1-30, 2011. Click on the image below for an enlarged version of the chart and more info.
Short Sale or Foreclosure?
May 4, 2011
Decision?
The KCM Blog recently wrote the following article about which is better: a short sale or a foreclosure. Click here to view source.
Is a Short Sale or a Foreclosure My Best Option?
We get asked this question quite often. In a rapidly changing market, it is difficult to give absolute answers. Much depends on your family’s personal situation. However, if you realize that you can no longer make the payments, you may have to decide between doing a short sale or letting the home go to foreclosure. Here are three things you may wish to consider:
1.) Impact on Your Future Ability to Get a Mortgage
There are many different lending institutions, each with their own requirements when it comes to your ability to obtain a mortgage in the future. However, a common trend is to be much more lenient with someone working through a short sale rather than letting the house go to foreclosure. As an example, the Fannie Mae site, Know Your Options explains you:
May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (at least 7 years)
You can get further information here. However, in a rapidly changing environment, make sure you get the latest information available from the actual lending institutions mentioned.
2.) Impact on Your Credit Score
There has been much dialogue on this issue. The question is whether or not a foreclosure will have a more severe impact on your credit score than a short sale. A recent FICO study sheds needed light on this question. Here is a chart from that report.
The first chart shows the impact on the score for each stage of delinquency, and the second shows how long it takes the score to fully “recover” after the fact.
We can see that there is very little difference in impact on your credit score whether you choose a short sale or a foreclosure.
3.) Impact on Your Family during the Move
Usually a family asking this question is already experiencing major financial difficulties. This may be putting immense pressure on both parents and the children. If you allow your home to go to foreclosure, you move and leave it vacant or you stay waiting for an official to knock on your door demanding you move. That added burden can cause even more stress for a family.
In the short sale process, you work with the bank and pre-determine the day you will move. The new purchasers usually move in the same day. Your family moves with a plan and you don’t leave the neighborhood with a vacant house to deal with. There is a level of dignity in this type of move that does not always take place in a foreclosure situation.
Bottom Line
For several reasons, a short sale may be the better option for your family. It is best to get professional advice if faced with this decision.
Lake Tahoe & Truckee March 2011 Real Estate Sales Stats
April 8, 2011
We are continuing to see quite a bit of activity in the Lake Tahoe and Truckee real estate market! 88 homes sold last month! This makes a total of 184 home sales in our MLS for 2011.
The price range that continues to see the most activity is the $300K-$499K range. 33 homes in this price range sold last month. 20 homes sold in the $400K-$599K range, and 17 sold for $299K or under.
7 homes sold for over $1 million in March! The most expensive home sold for $6.3 million.
This information was taken from our local multiple listing service and is for the dates of March 1-31, 2011. Click on the image below for an enlarged version of the chart and more info.
Lake Tahoe & Truckee February 2011 Real Estate Sales Stats
March 7, 2011
117 single family homes have sold in our MLS so far for 2011! 48 single family homes sold last month.
The price range that continues to see the most activity is the $300K-$499K range. 17 homes in this price range sold last month. 12 homes sold for $299K or under. 8 homes sold for $500-$699K and 8 homes sold for $700K-$899K. Just 1 home sold for over $1 million last month. The sold price was $1.2 and the home was located in Homewood. 6 of the sold homes last month were short sales and 15 were REOs.
This information was taken from our local multiple listing service and is for the dates of February 1-28, 2011. Click on the image below for an enlarged version of the chart and more info.
Tahoe Donner Market Update – January 2011
February 4, 2011
Tahoe Donner continues to be a neighborhood with lots of home sales each month. Another 9 homes sold during the month of January 2011.
The least expensive home sales last month was $329K and the most expensive was for $875K. The average home sale price was $566,888 and the median home sale price was $512K. The homes were on the market an average of 175 days. 2 of the sales were short sales and the rest were standard.
There are currently just 76 homes listed in Tahoe Donner. This is a lowest number we have seen in quite some time! 26 homes are under contract. The absorption rate is around 34% and there is just under 3 months supply of inventory remaining in Tahoe Donner. Click on the link for current homes for sale in Tahoe Donner.
