Market Update

39% - Houses                  $894,314                                  169 days

16% - PUDs                    $1,275,000                               298 days

45% - Condos                 $410,000                                  140 days

*(Note: There are currently 29 pending sales waiting to close escrow)

Houses -  33% of sales over $1 million

      67% of sales under $1 million

Condos -  71% of sales under $500,000

There is some good news in the housing market.  With the increase in the amount for a conforming loan up to as much as $729,750 in higher-cost areas, better mortgage options are now available to home buyers.  This increase will allow many more properties to qualify for conforming loans instead of  “jumbo” loans which have always had a higher interest rate.  Lawrence Yun, chief economist for the National Association of Realtors, said “we’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets.  The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”  Vacation home sales accounted for 33% of all home sales in 2007 after hitting a new record high in 2006 due to pent-up demand as a result of tight supplies in previous years. According to Yun, lifestyle and strong demographics remain positive for the vacation home market.  In a summary of vacation-home buyers last month, eight of ten second home-buyers consider it a good time to invest in real estate.

If you are considering purchasing a vacation home in Incline Village in the near future, this is an excellent time to start looking.  We are seeing new listings come on the market each week in all price ranges, although we do not have an over-abundance of properties on the market at this time.  Sellers are a little more “flexible” now and there are some bargains to be had. Here are a couple of excellent properties to consider:

Best Value for Lakeview – Lakeview condo, upgraded kitchen with granite counters, stone fireplace, underground parking garage, 1 BR/2BA.  $399,000

Walk to the Lake – Great location just one block from the lake and short walk tennis & Rec Center.  2 master suites each with private bath, marble fireplace, private enclosed patio, large kitchen with granite counters, garage, new stone floors, decorator furniture included.  $659,000

Home in Mint Condition – One of the best values for a single-family house, this charming 3 bedroom home in a quiet neighborhood has a large great room, stone fireplace, vaulted ceilings, attached garage.  $670,000

Panoramic Lakeview – Townhome with fantastic views of lake and mountains.  4BR, 3.5 BA, 2 fireplaces, family room, attached garage.  $995,000

If I can email you a list of properties that meet your criteria, please don’t hesitate to ask.  And, feel free to visit my web site to search the entire Incline Village/Crystal Bay MLS.

    Peg Augustus