The State of Real Estate, by Deb Howard

We recently held our annual DH&Co team retreat, an exercise we hold  near and dear as it gives us a sense of “where we have been”, “where we are” and  what are the prospects for where “we’re headed”, particularly given the economic  climate we travel in.

For the first time in many years both the NAR and CAR (our nat’l and state  realtor associations) are cautiously forecasting  an upturn in both home sales  and even some slight turn around in home prices. NAR is predicting 5% increase  in all home/units sold (which includes a 16% increase in new home sales) and a  2-5% increase in sales price while CAR forecasts 1% and 1.8% respectively.
CAR’s  prediction is no doubt biased towards the enormous amount of overbuilding that  ensued in the “go go” builders market in the mid 2000’s. However both  organizations are basing their numbers on the now low and limited inventory for  sale and the fact that new home starts dwindled in the past few year due to the  economy.
The dramatic up turn in pricing started in 2002 and continued through 2006  at which time we experienced a flat market for a brief for a very brief period  and then we started the down turn and here we are back to 2002  pricing.
Enivision a pyramid with the starting block at the right base as the year  2002 the peak is 2006 and bottom block is today!
Many homes and properties have been bought and sold along the way, many  were used as ATMs, many have now been sold as Short Sales or taken back through  foreclosure. For those of you who have waited to buy or sell the good news is  that the market is predicted to recover… however slowly and surely as the  economy continues to right itself.
Where are we headed locally? They say all real estate is local…
We’re optimistically forecasting a 10% increase in units sold year over  year and tracking somewhere between NAR and CAR’s predictions of price  upturn.
In the South Lake Tahoe market the single family inventory is at a 7 month  absorption rate (active inventory divided by the averg monthly closed sales),  which technically puts us in a slight buyer market but tending towards an even  buyer /sellers market. Quite frankly I’d love to see an even playing field for a  change. It’s so hard on all parties to deal with the tumultuous ups and  downs.
Let us know how we can help you navigate the these unchartered waters known  as the real estate market, knowing that we will always have your best interest  at heart.
The President of NAR makes the case very well:

Things are looking up. Still, our vigilance on behalf of the real estate industry must continue.
BY MOE VEISSI, President of the National Association of Realtors
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1410 Ski Run #20 Open Saturday 11am-1pm

1410 Ski Run #20 $159,900

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2060 Eloise
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