RubyWith the media forecasting a further decline in housing prices and large numbers of listings saturating some markets, Incline Village stands apart. In the past 30 days, fewer new listings have entered the market and prices are holding firm. With these two elements in place, sales may slow, but the Incline market will not be subject to an oversupply scenario. Many homeowners in Incline Village and around Lake Tahoe are not in the position that they have to sell. In turn, their reaction to adverse news about the housing market is to take their home off the market, rather than taking a lower price. This firm stance helps stabilize the market, and as we are witnessing, average and median home sales figures are increasing.This has been the historical case for many years in this area due to the high net worth of homeowners and a very limited supply of homes for sale.
The amount of remodeling at Incline Village is further proof that the affluent vote with their pocketbooks on real estate in these times of mixed economic news. With the fed actively involved in the interest rate and tax structuring of real estate, I believe that Incline Village property owners actions portend a turnaround in the broader market. Excess inventories will be absorbed and increase in demand will follow. Interest rates for a fixed 30 year mortgage are hovering around 6.5%, which is a very attractive, which will add further incentive to buyers currently waiting on the sidelines. Incline Village real estate market is unlike that of Reno or Sacramento, as even in harsh market conditions, prices have continued to rise.
