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North Lake Tahoe Real Estate Sales January Comparison

by Lakeshore Realty
  • North Lake Tahoe Real Estate Sales January Comparison

The North Lake Tahoe Real Estate Sales for the month of January are simmilar with the sales made in the previous two years.

 

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Property sales.

To access all the Incline Village and Lakeshore Realty listings please click here. Or you can contact us at 775-831-7000 or you can visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

How Much Home Can I Afford? Advice for Homebuyers

by Lakeshore Realty

Home prices skyrocketed in the early 2000's, with things really heating up between 2005 and 2007. According to the New York Times, HUD conducted a survey in 2007, finding that home values had risen 16 percent in just those two years. The housing bubble burst in the Spring of 2007 and markets tanked.

Now house values are resetting, with some areas still experiencing declines. In high boom areas, such as Florida, Arizona, and California, homes are having to correct from staggering rises of 20, 30 and even 40 percent in home values. This means values rose, and millions of homeowners bought at the top of the market, now finding themselves upside down in their loans.

Despite the crisis, there are still buyers on the market. But many are wary to make a mistake of buying a home they can't pay for. How much home can you really afford? Home affordability, in general, is dependant on a range of factors. These include:

Employment status: Do you have a stable job and income? Lenders will want to know if they can rely on you to make monthly payments for many years to come. With an unemployment rate near 10 percent, it's no wonder a record number of homes are currently in foreclosure. Another way lenders assess your risk is by examining your credit score.

Credit Score: Over your adult life you have been building up a credit score. Every card and loan you have opened has figured into a 3 digit number from 300 - 850. The higher your number, the less "risk" you are perceived to be, and thus, the more likely you'll be extended higher sums of credit for a lower rate. Car loans, student loans, home loans, credit cards, and personal loans. How faithfully you've repaid them, and how many of them you have open, dictates your score.

Number of Dependants: Do you have children or aging parents for whom you are financially responsible? If so, consider medical bills, schools tuition, and daycare when calculating a reasonable budget.

Desired Location: A 2,000 square foot home in rural Nebraska costs dramatically less than the same 2,000 square foot home in the heart of New York City. Prices even range widely by suburb and neighborhood.

Savings:You will need money for a down payment. Financial Expert Suze Orman recommends you put at least 20 percent down. That means on a $200,000 house, for example, you should have $40,000 in cash to put down. You will also need additional cash for closing costs, as well as repairs and maintenance that are inevitable with home-ownership.

Emergency Fund: Do you have a separate savings account worth 8 months of bills? You must have an emergency fund. Just ask the 15 million unemployed. Things do and will happen. If you don't have this fund, you can't afford a house. You may be able to "borrow" money for a house ... but in reality you really can't afford one.

Interest Rates: Interest rates are at historical lows. At this writing, the 30-year fixed rate mortgage is 4.74 percent. To put this in perspective, rates in the 1980's were anywhere from 13 to 18 percent. This means big savings if you are in the position to buy.

Monthly Payments:If you have ever bought a car, one of the first things a salesman will ask you is, "Where do you want your monthly payment to be?" It's all about rates and down-payments with lenders. Yes, it is important that your monthly mortgage payment is no more than 1/3 of your monthly income, but don't be coaxed into buying a home you can't really afford just because the monthly payments are appealing (hello, sub-prime mortgage crisis).

Now, all that said, this next idea may seem a bit radical for some of you. There is a movement among some Americans to not only reduce their debt, but to get completely out from under it. This translates implicitly into the home buying process.

We have become a nation increasingly driven by the bigger and better. Need we say more than "McMansions." It is a culture of debt, where even the national government owes $14 trillion. And no, not every country has national debt. The United States, though, leads the way.

So, what if you could buy a much smaller house, or a house in a much less prominent neighborhood, and avoid a mortgage payment altogether?

The idea is nearly unheard of in this country. But it could be one that will begin to gain ground as many families struggle to makes ends meet, and even more families learn the hard lesson about home affordability. The truth of the matter is this. If you are paying a mortgage, you do not own your home. It doesn't matter if you've paid on a loan for 1 year or 29, if you default, the home is property of the bank.

"But what about Joe Smith, who works in the same office and makes $150,000 a year. He just bought that $500,000 house. I should have that same standard of living." This is what is partially responsible for the bubble we saw in the last decade. Keeping up with the Jones.

Consider for a moment what it is in your life that is really important. No doubt you will quickly pull to mind your family and closest friends. You may think about a full refrigerator, a safe city, and a clean bill of health. These are things found in small homes, the same as large.

Success is not measured by the size of house you own. So, if you are in the market to become a homeowner, be sure to consider what it could mean to buy truly within your means. Does it mean saving for a few more years and then buying a fixer upper? Does it mean the smaller house in the less prestigious neighborhood is in your budget?

In recent years, "What can I afford?" has turned into "How much monthly payment can I afford?" or "How much credit am I approved for?" These do not equate with affordability. Perhaps it is time to think long and hard about what kind of home is appropriate for you and your family.

Lakeshore Realty would like to welcome our New Agents

by Lakeshore Realty

Lakeshore Realty would like to welcome Victor Lockhart and Patricia Lantz.

As seasoned professionals, the Lockhart/Lantz team has successfully represented buyers and sellers in the Lakefront and Unique Property market of Incline Village and Crystal Bay, Nevada. Victor Lockhart and Patricia Lantz provide high ethical  standards, sound counseling, and powerful negotiation skills.

"Knowledge is powerful" and this is what the Lockhart/Lantz team passes on to their valued clients.

                                              

             VICTOR LOCKHART                        PATRICIA LANTZ 
        victor@victorlockhart.com                               patricia@patricialantz.com
           Office: 775-831-7000                                         Office: 775-831-7000
                 Fax: 775-831-6777                                             Fax: 775-831-6777
                 Cell: 775-742-6971                                             Cell: 775-721-3321
                954 Lakeshore Blvd.
                                   954 Lakeshore Blvd.
            Incline Village, NV 89451                              Incline Village, NV 89451

 

 

  • New Lakeshore Realty Homes for Sale in Lake Tahoe, Incline Village Nevada

These are some of the newest listings at Lakeshore Realty on the North Lake Tahoe Real Estate Market.

1079 Mill Creek Rd.

Bed: 3
Bath: 2
Year: 1976
Sq. Ft.: 2952

Price: $1,150,000

Listing Agent:
Pam Fernandez

Dramatic remodel in Mill Creek sub. In floor radiant heat, lg loft + huge bedroom above 2 car garage (now used as office). Add'l boat or 3rd car garage. Pick your own carpets & small amount of finish trim. Lg fenced yard. Room to expand & add fab MBR

To access all the Incline Village and Lakeshore Realty listings please click here. Or you can contact us at 775-831-7000 or you can visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Sold Properties by Lakeshore Realty Agents

by Lakeshore Realty
  • Sold Properties by Lakeshore Realty Agents

Below we have a list of properties that were sold or listed by Lakeshore Realty Real Estate Agents in the past 30 days.

845 Southwood Blvd.

Bed: 3
Bath: 2
Year Built: 1969
Sq. Ft.: 1332

Days on Market: 97
Sold Date: 12/16/2010
Sold Price: $227,000

Listing Agent:
Peg Augustus

929 Northwood Blvd.

Bed: 2
Bath: 2
Year Built: 1992
Sq. Ft.: 1512

Days on Market: 91
Sold Date: 12/23/2010
Sold Price: $530,000

Listing Agent:
Peg Augustus

333 Ski Way

Bed: 1
Bath: 2
Year Built: 1980
Sq. Ft.: 1062

Days on Market: 75
Sold Date: 01/05/2011
Sold Price: $185,000

 

To access all the Incline Village and Lakeshore Realty listings please click here. Or you can contact us at 775-831-7000 or you can visit us at 954 Lakeshore Blvd. Incline Village, NV 89451. 

  • New Lakeshore Realty Homes for Sale in Lake Tahoe, Incline Village Nevada

These are some of the newest listings at Lakeshore Realty on the North Lake Tahoe Real Estate Market.

929 Northwood Blvd.

Bed: 3
Bath: 2.5
Year: 1991
Sq. Ft.: 1801

Price: $576,000

Listing Agent:
Chris and Patti Plastiras

Beautifully furnished unit located in the gated Third Creek Complex. Stainless steel appliances, hardwood floors, open living, dining & kitchen. Deck offers private setting.  Complex has swimming pool, tennis courts, clubhouse, spa & gym. A Must See!

160 Pine Cone Rd.

Bed: 3
Bath: 2.5
Year: 1965
Sq. Ft.: 2512

Price: $1,195,000

Listing Agent:
Michelle Ward

Beautifully landscaped home in the Mill Creek subdivision.  Great family home close to Lakeshore Drive, the Hyatt, beaches, and shopping.  Newly fenced yard with gate to creek.  Large accomodating great room with high ceilings. Single level!

To access all the Incline Village and Lakeshore Realty listings please click here. Or you can contact us at 775-831-7000 or you can visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Incline Village, Lake Tahoe Real Estate Market Update

by Lakeshore Realty
  • New Listings In North Lake Tahoe
  • Properties under contract
  • Sold Properties

Bellow you will find a full MLXchange report for the North Lake Tahoe Real Estate Market.

New Homes for Sale
New Townhomes for Sale
New Condominiums for Sale

Homes Under Contract
Townhomes Under Contract
Condominiums Under Contract

Sold Homes
Sold Townhomes
Sold Condominiums

To access all the Incline Village and Lakeshore Realty listings please click here. Or you can contact us at 775-831-7000, or if you are in North Lake Tahoe's Incline Village you can visit us at 954 Lakeshore Blvd.

North Lake Tahoe Real Estate Sales December Comparison

by Lakeshore Realty
  • North Lake Tahoe Real Estate Sales December Comparison

The North Lake Tahoe Real Estate Sales for the month of December topped the sales made in the previous two years, though there is a tendency for homes to stay for a longer period of time on the market, the price differential shows that sellers got their homes sold with a price very close to the asking price.

 

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Property sales.

To access all the Incline Village and Lakeshore Realty listings please click here. Or you can contact us at 775-831-7000 or you can visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

Displaying blog entries 1-8 of 8

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LakeshoreRealty.com
Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

LAKESHORE REALTY

Lake Tahoe's Incline Village Real Estate Market Experts & Home Sales Professionals

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