Tahoe Foreclosure Market Presents Opportunity

Tahoe Foreclosure Market Presents Opportunity.

I often get asked to forward the foreclosed and short sale listings in the Tahoe area. We have many, just like other areas of the country. However, whether they are a deal or not is dependent on the individual properties and who the current seller happens to be. Additionally, most properties in this category are falling in the $250,000 to $500,000 range. Upper end properties generally had buyers who did not fall prey to the questionable lending practices which have created this environment. So, call me to help you sort it out.

Currently I have 2 listings that are foreclosed properties. Pricing on one has obviously hit the right price point after 7 low offers and 3 price reductions, because this weekend I received 5 offers for that house. On the other hand, I have the 2nd one listed based on realistic comps in our market, and it is getting some, to little activity, but not nearly like the 1st one I mentioned.

If you are a buyer in this market and are looking for the deal now, let me give you some insight and I welcome comments.

Real estate has in the past, although cyclical, appreciated overtime and sometimes as much as 100% of its value every 10 years. If you want a long term investment, Tahoe is better than some for holding its value over time. In not too many years in the future, the Tahoe Basin will be built out and properties will be hard to find. If you think the market is still falling, just offer 10% less, because if we follow the historic trends in 1 to 2 years we will be seeing the prices going up again.