Happy Labor Day Week and Weekend!
I hope you have something fun planned with family or friends for the holiday.
In terms of real estate, the Labor Day Weekend traditionally marks the transition from the shopping season to the buying season. With the start of school, Tahoe visitors often begin planning their winter ski vacations and are reminded that renting is costly, limited, and uncertain. This recognition often leads to a greater sense of urgency and heightened interest in property ownership.
At the moment, the market remains unpredictable, with buyers hesitant to commit. However, some buyers are beginning to accept the possibility that real estate prices in Tahoe are not dropping significantly enough to justify the risk that accompanies their instinct to wait and see.
I am optimistic that once the momentum in sales picks up in our region, it will create some fear of loss, resulting in a noticeable increase in real estate transactions.
If your labor day plans do include exploring real estate in Tahoe, our team is here to help. And, as always, I will keep you updated and informed on the market. Please don’t hesitate to reach out anytime to discuss your specific property and real estate goals.
As your trusted global real estate advisor, I want to keep you informed about industry changes resulting from the recent National Association of REALTORS® (NAR) settlement. Moving forward, the way commissions are disclosed has changed, promoting greater transparency and clarity in our industry.
Whether you’re buying or selling, these changes highlight the importance of having a knowledgeable and experienced global real estate advisor by your side. Partnering with a reputable brokerage ensures you’re guided through one of the most significant transactions of your life.
WHAT YOU NEED TO KNOW
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Compensation offers to buyer agents will be negotiated directly between the buyer and their agent instead of being listed on the MLS.
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Buyer agents must have a formal written agreement with their clients before touring homes.
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These practice changes ensure customers are fully aware that broker commissions are not legally set and are fully negotiable.
SELLERS
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Broker's agents’ compensation will no longer be published in the MLS.
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You still have the option to offer compensation to buyer brokers, a practice that has always been negotiable and beneficial for both parties.
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Offering compensation can make your property more attractive to a wider pool of buyers, keeping it competitive, and facilitating a faster sale.
BUYERS
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You’ll now need to sign a Buyer Representation Agreement before viewing properties with your agent, whether in-person or via virtual tours.
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Navigating the real estate market without professional representation can lead to missed opportunities and unnecessary challenges.
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The buyers can pay their agent directly at close of escrow - it would be assumed that buyers may make an offer on a property that reflects this payment.
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The buyer can ask the seller to cover all or a portion of this fee. This may also change the offered price on a property.
To summarize, while some significant changes have been made to the process and paperwork, the fundamentals of what we do have not changed. As your team of trusted Real Estate professionals, Overall & Hamilton Group is here to bring clarity and understanding to all your questions and concerns. Thank you for your trust; our team will continue to ensure you receive the highest level of expertise and support throughout your real estate journey.
There is growing optimism in the market with hopes that the Fed will lower interest rates in September. While predictions vary—some experts anticipate a half-point cut, while others foresee a quarter-point adjustment—the potential impact on the housing market is a key topic of discussion.
“As the economy has shown signs of cooling over the past few months, mortgage rates have declined, reaching their lowest level in 15 months,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “This reduction in borrowing costs could encourage sidelined homebuyers to reenter the market, especially as home prices have started to soften towards the end of the homebuying season.”
Should there be another rate cut, and considering Tahoe's current inventory shortage, it is believed this adjustment could prompt many buyers to act, potentially increasing real estate sales and driving prices up in the long term.
If you’re considering financing a Tahoe purchase, we have excellent lending partners we can connect you with. Whether you need a second opinion or are looking for a new lender, our trusted partners are here to help.
Fire insurance challenges are a significant concern for Tahoe and Truckee homeowners and prospective buyers. On the California side of Tahoe, nearly all properties cannot obtain standard fire insurance. Many owners turn to the California Fair Plan or self-insure.
The lack of adequate insurance can impact property values, as homes perceived as higher risk may see decreased values. Additionally, lenders often require comprehensive insurance for mortgage approval, making it difficult for buyers to secure financing and limiting the market to cash buyers.
In Nevada, homeowners face similar issues, particularly with larger commercial properties and condominium associations. For example, in Incline Village, some associations struggle with insurance availability and rising costs.
The good news is we have resources to help explore insurance solutions. Key steps to improve insurability include creating defensible space and being part of a Firewise community.
If you’re considering a Tahoe home purchase, start the insurance process early. We can assist you with this and provide valuable contacts.
Feel free to reach out for more details or assistance.
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