Snow Can Mean Phones AND Sleigh Bells Ringing
Some folks see snow and hear sleigh bells ringing… We see snow and hear phones ringing.
Every year as the Fall season winds down, business owners throughout Lake Tahoe anxiously await news of a “WINTER STORM WARNING.” The snow is on its way. Accompanying these warnings is the promise of a bustling winter season. For Lake Tahoe real estate investors, the bustling winter season can be a boon as well.
Ever since Bing Crosby crooned his way through “I’m Dreaming of a White Christmas” folks have been longing to experience that fantasy for themselves. Visions of huddling around a crackling fire, sipping hot chocolate, singing corny carols and lying exhausted amidst piles of demolished wrapping paper lifts those fantasies to heightened levels. Once their breaths are caught – its time to slap on the new skis, gloves and hats and hit the slopes.
And so it goes. The snow falls and the phones ring. It’s a familiar refrain for those of us who service the Lake Tahoe real estate market. “We’ve been thinking about purchasing a vacation home in Lake Tahoe.” “Do you have any Lake Tahoe rentals available over the holiday – with a hot tub?” “What kind of income can we make if we purchase a Lake Tahoe income property?” “What’s the story behind these fractional home ownerships?”
Traditionally, the Lake Tahoe real estate market has followed a seasonal climate. Within the industry, the seasons are the “Listing Season,” The Buying Season” and the “Time-Off” Season. The Listing Season generally starts mid-May and runs through July. During this time, potential buyers start their search. They look and they watch and they tour and they wait for that perfect home to come along. The Buying season typically starts in late July and runs through October. These are the folks that have been looking, see the inventory begin to dwindle and sense the upcoming winter season around the corner. They want to be in and settled prior to the first snowfall. The Time-Off Season is granted to those within the Lake Tahoe real estate industry allowing them to take continuing education courses, prepare for the upcoming seasons and perhaps a bit of R&R. This season lasts until THE WINTER STORM WARNING!
Aside from 2004 – 2006, Buyers have typically found the best bargains during the winter. By this time, many of the sellers have been on the market for a while and they are ready to move on. And with the prices currently down 8% over the same period last year, the current interest rates having been lowered and the longer times on the market, this may be the best opportunity in a long time for those wishing to acquire a home in Lake Tahoe. Another advantage of purchasing a home in the winter is that one can see how a property fares during the most severe weather. Is it easy to get in and out? Is there enough sunlight? Is there a greater tendency for ice accumulation?
The snow is here, more on the immediate forecast and spirits are high. It’s snowing and the phones are ringing. We hope to speak with you soon.