When it comes to buying South Lake Tahoe real estate, your buying power and budget is everything. After all, if you don’t know how much you can spend, you don’t know where to look, where to start and who is best suited to help you along with your real estate journey. Additionally, you don’t want to purchase outside of what you can afford at the risk of being house poor or going into foreclosure because the monthly payments are beyond what they need to be. In fact, generally a South Lake Tahoe Realtor will not show you properties outside of your budget. However, there are times when looking above your price range can be beneficial.
Not finding anything? There is a lot of competition among buyers and the South Lake Tahoe real estate market is no exception. With a month supply of 4.7, market control is still leaning in favor of the seller which means inventory isn’t high enough to satisfy buyer needs. While most Realtors are hesitant to suggest a higher price, sometimes if you increase your budget just a little bit, you can find a property that meets all of your needs and won’t increase your mortgage payment *too* much.
Some sellers are extra motivated, so while low balling is not recommended in most scenarios, there are some situations where your South Lake Tahoe Realtor can find out if something you originally thought was out of the picture is actually in striking range and a realistic offer can be negotiated.
You could actually end up getting more bang for your buck. While sticking to your budget is important when looking at homes for sale in South Lake Tahoe, some of those properties may need upgrades & renovations. A higher priced property could actually save you money in the long run if it saves you from spending money on repairs and costly upgrades.
Keep in mind that pricing isn’t the only factor when touring homes for sale in South Lake Tahoe. For example, if you need to be close to certain amenities, like school or work, paying a little more towards your buying budget could save you time and energy, as well as money on travel expenses like gas.
If nothing else, you can learn a lot. When you work closely with a South Lake Tahoe Realtor, you can learn a lot about the local market and get an idea of what amenities, housing conditions, finishes, etc. determine what makes a property worth more than another. For more information on buying South Lake Tahoe real estate or market information in general, feel free to reach out. I would be happy to help!
