Frequently Asked Questions…
January 14, 2010
What is the best way to view properties I am interested in…?
A good starting point is to come up with a list of things that matter to you in a home or lot. Based on what you tell us, we can help you dtermine which area(s) of Truckee would best suit your wishes. Once the area and criteria are known we can then narrow the search to homes that meet your needs. Call us or send an email at Karen@HuntoonRealEstate.com and we’ll get started.
Why do I need a Real Estate Agent?
As your Realtors, we will do far more for you than show you property. We will work with you to establish an offer strategy and negotiate the best price and terms. After an acceptance, we will ensure the escrow process goes smoothly. Even for years after your purchase, we are here for you as your local resource and connection with local vendors and people who will assist you with your property.
What Real Estate office does the most volume in Tahoe Donner…?
Keller Williams Realty does almost half of the sales in Tahoe Donner. All other offices in Truckee do the remainder of the business. Our office is the most widely recognized real estate office in Tahoe Donner – more buyers and sellers come to our office than any other office in Tahoe Donner.
When is the best time to buy property in Truckee …?
The largest inventory of homes for sale in occurs in the summer months, typically from mid July to the end of September. For choices in available homes this may be the time to buy. However, don’t rule out the winter months, the market dynamics change and it could be a great time to buy.
What is escrow?
Buying or selling a home (or other piece of property) usually involves the transfer of large sums of money. For the protection of the buyer, seller and lender, the escrow process was developed. As a buyer or seller, you want to be certain that all conditions of the sale have been met before the property and money changes hands. It is imperative that the transfer of these funds, and related documents, from one party to another be handled by a neutral third party, in a secure and knowledgeable manner. This third party (Escrow Company) holds the money or items until the happening of a specific event or the performance of a specific condition.
What is title insurance?
Title insurance is a written guarantee as to an interest in a particular parcel of land, along with a detailed list of the rights or interest that others have in the parcel. Some examples would be: taxes, liens, loans on the property, easements, the rights others to use the land, etc. Unlike many forms of insurance which protect against events that may take place in the future, title insurance protects against events that may or may not have happened in the past – at any time prior to the date that the written guarantee (policy) is issued. Title insurance may insure a variety of interest in the land. The proper amount of title insurance (liability) is determined by such things as the value of the property, the loan under negotiation, and other factors. Unlike many other forms of insurance, once the title policy is paid for, no additional title insurance premium will be due in the future for that particular policy. Therefore, if you bought a piece of land and received a policy of title insurance, the protection afforded under the policy would continue, with no additional premiums, for as long as you own the property. Some of the things a title search uncovers are: any unpaid taxes or mortgages, judgments against previous owners, easements and many other court actions or recorded documents which can affect title to real estate.
Take your next step in real estate with us…
The listings provided to you here can only get you so far in the process of purchasing real estate. Sure, you need to know the market, what is available and the prices. Now is the time to work with a professional Real Estate Agent. Robbie and Karen can provide the local knowledge to help you make intelligent choices in the purchase process.
Wouldn’t it be nice to have your selections “pre-screened” or just talk to a knowledgeable person about the property?
Could market data, such as recent sales prices and time on market be beneficial in your analysis?
In addition to providing local knowledge, Robbie and Karen will guide you in making an appropriate offer on the property you have decided on. Beyond purchase price, there are a myriad of things to consider when presenting an offer. A good agent works on your behalf, helping you to get the best price possible as well as keeping the whole transaction as smooth as possible. We work with lenders, appraisers, builders, home inspectors, movers, and a variety of local service providers. We are really your link to completing the real estate transaction.
Isn’t it time for some personal communication?
Take the next step with us!
Annual 2009 Tahoe Donner® Market Summary
January 8, 2010
We all grabbed the edges of our seats and watched, with bated breath, as the 2009 real estate market unraveled. Some people prospered with new investments while others had to sadly let go of family legacies. In the last 6 years we have transitioned from a buyer’s market to a seller’s market to what we now call an “unpredictable ” market. This is a new ball game! The coming year will require sensitive monitoring of the market and the ability to make calculated moves at just the right time. Let’s take a closer look at what happened in 2009.
SINGLE FAMILY HOMES – Tahoe Donner
WHERE were the majority of homes sold?
56% of all single family home sales in Truckee were homes sold in Tahoe Donner. Tahoe Donner is unrivaled with the number of single family home sales in the year 2009! Tahoe Donner is a great place to invest.
Median ”NUMBER” of Single Family Homes Sold in 2009…
This chart illustrates the number of single family homes sold annually, in Tahoe Donner, from 2004 through 2009. Historically, we have experienced a 40% decrease in the number of homes sold since 2004 but on a brighter note we have experienced a 17.62% increase in the number of homes sold since last year. Let’s hope this is the new trend!
Median ”SALE PRICES” for Single Family Homes in 2009…
This charts shows the median sale prices of single family homes sold in Tahoe Donner from 2004 through 2009. In this analysis, single family home median sales prices were highest in 2005 (“the top of the market”) at $765,000 and have dropped 26% to a low of $565,000 at the end of 2009. Today’s median sale prices are actually 4% less than they were in 2004, the “old” low benchmark. This means that NOW is a great time to make investments in Tahoe Donner real estate. Even though inventory is low, there are still many good opportunities. BUY NOW while the market still supports these favorable conditions!
Which price range was hottest in Tahoe Donner for 2009 for single family homes?
This chart gives us an idea of which price ranges of homes are selling in Tahoe Donner. 77% of the single family homes that sold in 2009 sold for under $745,000. Only 7% of Tahoe Donner’s inventory sold for over $1 million dollars with the highest priced home selling at $1,350,000.
WHEN should you list your property if you are thinking about selling?
The purpose of this chart is to illustrate the seasonal trend in house selling. If we simply draw a line at the 6 month mark, 36% of the homes in 2009 sold in the first half of the year and 64% of the homes sold in the second half of the year. This means that if you want to sell your house this coming summer, assuming an average D.O.M. (Days on Market) of about 100 days, you’ll want to have your house ready to list early Spring! In order to maximize your selling price and shorten your selling time there are a couple of things you will need to do. 1) Give us enough time to thoroughly assess your house and advise you of the things you will want to do to make your house more “market ready”, 2) Let us develop a marketing strategy specific for your home and determine the best listing price.
Standard Sales? Short Sales? REO Sales?
Yes, like everywhere else in the country, Tahoe Donner witnessed Short Sales and REO’s this past year. 83% of the sales in Tahoe Donner were “standard” sales while 9% were Short Sales* and the remaining 8% were REO’s*. Truckee as a whole faired pretty well with 74% of the single family home sales being “standard” sales, 14% REO’s and the remaining 12% were Short Sales.
*Short Sale: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the current debtor.
*REO: Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.
As a side note…. I have not included a comparison of list price to sale price as many homes were listed by several agents before finally selling. For example, Agent #1 may have listed the property at $899K. After a few months the unsatisfied seller cancelled the listing with Agent #1 and listed with Agent #2 at a reduced price of $750. When Agent #2 failed to sell the house, the Seller cancelled the listing again and listed with Agent #3 who took the listing at fair market value, let’s say $685K and sold the house in a reasonable amount of time. In this market, this is a very typical scenario. The first Agent “bought” the listing and the last Agent “sold” the property!
What does all this mean for buyers and sellers?
For Buyers, we don’t expect to see home prices fall in 2010. The general trend shows that the downward spiral of prices has settled and the increase in the number of Tahoe Donner sales shows us that people are buying! Take advantage of this opportunity to buy.
For Sellers, it looks like home prices have settled. Prices probably aren’t going to fall much more in 2010 and on the flip side, prices won’t rise too quickly in the near future. If you have been thinking about or needing to sell, the most sound advice is to price correctly, get your house on the market and entice the buyers NOW while there are fewer houses on the market and less inventory for buyers to choose from.
CONDOS and TOWNHOMES – Tahoe Donner
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2009 Lot sales in Tahoe Donner were down 29% (17 to 12) from 2008 and the median sold price was down 26% for non-amenity / share-ownership lots when compared to 2008. As of 1/7/10 there were 31 active lots on the market for sale.
The data for our Annual 2009 Tahoe Donner Real Estate Market Summary is retrieved from the Tahoe Sierra Board of Realtors and we use “median data” to make our comparisons and draw conclusions on trends or general tendencies. Information derived from “median data” is often used as an indicator of the strength and the direction of the real estate market.
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Truckee Real Estate Sales: December 2009
January 7, 2010
This chart represents the number of single family homes sold in the last three months in the Truckee real estate market. The chart also shows the median sale prices for these homes. While real estate sales have picked up significantly in several Truckee neighborhoods, Tahoe Donner single family home sales continue to be the strongest segment of the Truckee real estate market with 49% of the total single family home sales in the past three months (October, November and December combined). Further, Tahoe Donner single family home sales in December were more than double what they were in November!
Tahoe Donner® Real Estate Sales: December 2009
January 7, 2010
Tahoe Donner® Real Estate
Single Family Homes Sold - December 2009
Single Family Homes SOLD = 35
Median List Price = $649,000
Median Sale Price = $638,000
Average Days on Market = 99
YTD TD SF Homes Sold = 227
Active Listings = 70 (as of 1-7-10)
Tahoe Donner® Condos Sold - December 2009
Condos SOLD = 2
Median List Price = $135,450
Median Sale Price = $134,500
Average Days on Market = 103
YTD TD Condos Sold = 34
Active Listings = 26 (as of 1-7-10)
Tahoe Donner® Lots Sold - December 2009
Lots SOLD = 0
Median List Price = N/A
Median Sale Price = N/A
Average Days on Market = N/A
YTD TD Lots Sold = 12
Active Listings = 31 (as of 1-7-10)
(YTD = Year-To-Date)
This is provided as a quick snapshot of the monthly market activity in Tahoe Donner®. Keep in mind, numbers only tell part of the story. We would be happy to share our day-to-day insight
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