Season of Opportunity: 2017 Truckee Real Estate Market
It's been fascinating to watch the real estate trends this year as the first quarter comes to a close. It's common for the Tahoe-Truckee market to have low inventory the first few months of the year when homes are pulled from the market for ski leases and personal use, dropping the active listings to a sliver of what we see in the booming summer months. Plus, let's be honest, it's just easier to move when you know you don't need to chain up your moving truck!
This year has taken the trend a step further, with lower inventory paired with a bottleneck of expectation for new listings in the coming months. Owners who have powered through this winter are considering warmer climates, lower elevations, or rent vs. own option. There are also many homeowners who don't necessarily want to leave the area but will move up or down in the market and enjoy the new developments in town and different buy-in options. While many owners are burned out from shoveling and taking vitamin D supplements, there are just as many who are making record days on the slopes and planning hikes and projects this summer which will no doubt be filled with everything from raging rivers to lush landscapes.
So where does that put buyers? If you happen to be in the market or are curiously watching the inventory online, you may have faced some of this frustration and/or curiosity on lack of inventory and instantaneous movement from Active to Contingent status. Worry not, as with the flowers, there will be abundance to see this spring/summer. At KJM, we anticipate an explosion of inventory starting May and continuing through July, if not later into summer. There is also a trend of people making the jump from second-home "weekend warriors" to telecommuting or a career change to accommodate a move to Tahoe-Truckee full time.
So what's the long and short? This is going to be a "Season of Opportunity". There will be homes on the market with buyers on the other end to purchase. Interest rates are still low and it's a win-win environment. If you're a seller listing in spring, you may typically be met with a ho-hum response or lack of prospects to pick up your property. We feel this spring will be different, with buyers who have played and planned all winter and are ready to take the leap to homeownership in the mountains. The pendulum has swung both ways and we feel we're entering a nice equilibrium within the market.
Regardless which end of the spectrum you are on, we will be here ready and willing to jump in with you. As for chaining those moving trucks, fingers crossed that clear skies and roads are in our future!