The market this winter continues to outperform. Interest rates are still VERY low. My latest quote on Friday was 3.625% with no points on a conforming 30 year fixed mortgage. This, combined with much needed snow and some great skiing has brought consistent demand from both primary and second home buyers. This bodes well for a continued upward trend in prices. So far, the pace of price increases has been moderate and sustainable. We are still not yet to the highs we saw in 2006, and it will most likely be a few years yet until we see those prices again.
One of the greatest challenges that Truckee and North Tahoe faces is a lack of long term rental homes. We basically don't have apartments here. So for full time renters, we need single family homes and condos that owners want to lease long term. Most second home buyers want to use their homes, at least part time. This makes the long term lease impossible, and this is the primary cause of this lack of housing for locals.
The up side for a potential investor is extremely high renter demand, and rapidly rising long term rental rates. Let me know if an investment rental house or condo might make sense to you.
As spring comes, we will see a shift from a strong seller's market to more of a balanced market, but I will expect prices to increase throughout the year. There is still plenty of opportunity to build equity in an appreciating market. One of the greatest things about real estate in Truckee is that there is very little sprawl potential. We are bounded by the mountains and National forest on all sides, and as buildout on existing lots becomes reality over the next couple of decades, prices will have nowhere to go but up.
You may know this already, but I also have a real estate photography business. I work with over 80 fellow real estate agents in Truckee, and I photograph over 50% of new listings in Tahoe Donner. This means I get an advanced look at new listings and can provide photos of them and basic stats including listing price a few days before they hit the market. This can work to your advantage, just let me know what you are looking for and I will give you a head start before they go online.
I hope you are getting out and enjoying the snow, let me know if there is anything I can do for you!