Tahoe/Truckee real estate frenzy continues

Tahoe Truckee still in a Frenzy First I wanted to recognize the challenges and uncertainties that we’ve been navigating through in these last few months. I want to thank the people on the front lines for their hard work, the tenacity of all these people. My heart goes out to everyone suffering from effects of covid, whether it be your health or effects from loss of business or earnings. Also for everyone suffering from uncertainty about racial and political injustices. There’s so much turmoil but economically we can try to keep business moving forward and try to normalize, what ever that means, our lives. To fill you in on what’s happening in real estate in the Tahoe/Truckee area, These last 7 days were even a little more of a frenzy than last week. There were a little over 12 properties a day going into escrow in our MLS in all price points This is about double of what it was last year. I the last 7 days there were 87 properties that went into escrow. Granted a few will likely fall out of escrow but about a quarter of them went into escrow as Pending That means the buyer is making an offer on a property without any inspection or loan contingencies. If you make an offer on a property without any contingencies, that’s a much stronger offer should you be competing with someone. Prices have remained stable because right now there is enough inventory, but barely. There’s currently a little more coming onto the market than being absorbed but we have no idea what the future will bring. As of this morning there were 318 properties in escrow. That’s getting close to the max amount in escrow and that doesn’t usually happen until late summer. The buyers are mostly are from the Bay Area that have figured out they can telecommute or someone that want’s a little mountain safe heaven within driving distance so they don’t have to get on a plane to take a little trip. Of the recent sales, about a third are bought with cash. We can’t make predictions on what the future will bring Interest rates are really low but loans are a little harder to get. I don’t know how long the market will stay this way but at the moment, people are on the move to the mountains Restrictions are starting to ease in our area so if you want to come up to your place and enjoy the trails, get out into the fresh air, come on up. We are doing safe property showings following strict Cover guidelines so if you have any questions about property or better yet, mountain biking, some property, or have any questions about mountain biking in the Tahoe/Truckee area, give me a call. I welcome the opportunity to help you or someone you love. With much gratitude, I look forward to hearing from you. Chris Hinkel Sierra Sotheby’s International Realty 530.412.2644 BRE#01876474