Tahoe Donner Real Estate Update

There were 4 homes that sold in Tahoe Donner during this past week (April 10-16, 2009).  1 sold for $400K, 1 for $580K, 1 for $689K, and 1 for $789K.  The average days on market was 90 days and the average original list to sales price was 93%.  3 homes went pending and there are now a total of 19 Tahoe Donner Homes under contract.  The homes that went pending ranged in price from $699K to $900K.  4 new homes came on the market in Tahoe Donner this past week and there are now a total of 142 active single family homes listed.  The absorption rate in Tahoe Donner is around 13% and there is approximately 7 1/2 months of inventory remaining. Click on these links for current listed Tahoe Donner Short Sales and Tahoe Donner REOs.

Truckee Real Estate Sales Stats

This graph shows some of the sales that took place in the Truckee area this past week.  The information was taken from our local multiple listing service and is for the dates of April 10-16, 2009.

AREA	Current homes/ condos		# Shrt Sals	# REO	Low	High	Avg.	Avg. days listed	SFR Pend-ing	Sold SFR
Tahoe Donner	142	27	15	1	$294,500	$2,250K	$837,258	133	19	4
Sierra Meadows/ Prosser	44	1	8	0	$289K	$4.5 mil.	$777,299	129	4	0
Lahanton	30	0	1	1	$1,049K	$4,695K	$2,386,300	237	0	0
Gray’s Crossing/ Old Green.	20	3	1	2	$1,095K	$3,995K	$1,868,027	222	3	0
Northstar	34	72	0	0	$699K	$3,400K	$1,349,761	272	0	0
Alpine M./ Squaw Vly.	47	99	0	0	$499K	$4,900K	$1,595,838	194	4	0
Donner Lake	28	11	2	0	$319,900	$3,950K	$1,039,271	168	5	1
Glenshire/ Devonshire	56	0	17	0	$239K	$12,000K	$923,190	144	6	0

Article on Buying a Home in This Market

This is a great article from Realtytimes.com entitled “What You Need to Know to Buy a Home Today.” The article gives information about the new stimulus package and other first time home buyer incentives. It also talks about reasons why it’s such a great time to buy – it is still a buyer’s market with tons of great opportunities out there, and it is a great time to invest.

Some tips for qualifying for a loan include:

1. Put down 20 percent on a home or don’t buy it. He says even if you can get a larger loan, don’t risk it. “Buy within your means. Look how we got [in this crisis],” says Procida. He adds, “There are still [people] out there doing no income verification loans.” Bottom line—buy what you can afford.
2. Check your credit. Procida says one of his family members found out that there was $20,000 of erroneously reported credit debt. “It’s absolutely incorrect, but it was on there,” says Procida. 
3. Clean up your credit. “If you have a delinquency clean it up, says Procida. And he advises that you check your report once it’s been cleaned up because sometimes the credit agencies neglect to update your credit report. 
4. Be prepared. Get all your financial records such as two years of tax returns in order and have them handy to make the loan process go smoothly. 
5. Liquidity is key. Don’t go buy a car before you plan to purchase a home (even if you can return it). Having cash helps to show you are qualified to buy at the price point you want.

To read the entire article click here.

Wall Street Journal Article on Jumbo Loans

This article was recently published in the Wall Street Journal.  It is entitled “The Return of the Jumbo Mortgage” and it discusses non conforming loans being brought back on the market. A jumbo loan means that the loan amount is not conforming to the amount that will allow it to be purchased by Freddie Mac and Fannie Mae. The conforming loan limit was recently changed from $417K nationwide to now be determined by county. In some counties, the conforming loan limit goes up to $729,750. The conforming loan limit in our area is $562,500 for Nevada County and $580,000 in Placer County. To read this entire article click here.

Tahoe Donner Weekly Update

For the first time in quite a few months there were no home sales in Tahoe Donner this past week.  4 homes went pending and there are now a total of 23 single family homes under contract in Tahoe Donner. Of the homes that went pending this past week, 1 was listed in the $400K range, 1 in the $500K range, 1 in the $800K range, and 1 over $1 million. 7 new homes came on the market in Tahoe Donner this past week. There are now a total of 140 active single family homes listed in Tahoe Donner. The absorption rate in Tahoe Donner is around 16% (up from 13% last week) and there is approximately 6 months of inventory (a typical healthly real estate market) remaining. Click on these links for current listed Tahoe Donner Short Sales and Tahoe Donner REOs.

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