Incline Village Real Estate
News Letter – May 2017
Don Kanare – Broker – 775-745-5820
Sabrina Belleci – Managing Broker – 775-354-9745
Cole Mizak – Agent / Salesperson – 775-225-2549
Your Incline Village Real Estate Agents
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This Month’s Articles:
May Real Estate Update
Agents Need to Know the Inventory
Incline Village Real Estate Sales Statistics
Are you or anyone you know looking for property anywhere in the U.S? Let us help you find the best agent in the market where you are seeking to purchase real estate. We have spent many years building relationships with the most knowledgeable and productive real estate agents all across the country so you can be assured of getting the best possible representation.
May Real Estate Update
We would like to start this month’s column by debunking some rumors that have been swirling around our community. Don is not retiring from the real estate business. The only change at our firm is that Sabrina is now the majority owner and managing broker at RE/MAX North Lake. If anyone tells you that Don is retiring they are sadly misinformed or engaging in rumor mongering.
Now, on with the news! In the first 4 months of 2017 we have seen real estate sales in Incline Village and Crystal Bay move along at a fairly solid pace. It appears that we will likely have 350+ transactions this year, which represents a slightly above average year by historical standards. However, there is a certain randomness when it comes to the weekly numbers primarily because the vast majority of purchases in our community are discretionary and not driven by a job relocation, desire to change school districts or other factors that are typical of an average residential real estate market.
During the recession many buyers who would normally have purchased properties at Lake Tahoe sat on the sidelines waiting for a market bottom or at least for some type of definitive uptrend that would give them confidence they were not catching a falling knife. When this uptrend was established during the first half of 2012, buyers who had been waiting around for 3 years or longer came back in droves. This not only resulted in a dramatic increase in the number of units sold it also pushed up prices significantly during a relatively short period of time.
So, as the Incline Village/Crystal Bay real estate market returned to sales levels more in line with historical norms and prices trended in an upward direction, a level of confidence returned to the market in a way that made it easier for buyers and sellers to conduct business. The one thing that remains constant is the randomness of the mix of properties going under contract in any given week.
In our current market sellers do not need to wait until June or July to list their property since there is a steady stream of buyers continually searching for just the right place during the current uptrend. While we are seeing anywhere from 10 to 15 or more new listings each week this time of year, confidence among buyers is such that inventory levels are rising slowly due to the continued relative strength of weekly sales activity.
When historians in the future look back at Incline Village and Crystal Bay real estate sales during the first part of the 21st-century they will see a boom, bust and then a fairly strong recovery (which is what we are going through now). It is unlikely that we will see 500+ sales of properties on an annual basis in our community any time soon. But in some respects returning to the historical norm of 350 sales per year, plus or minus 10% is good for the long-term health and stability of our real estate market and the local economy overall.
Featured Property in May
609 Woodridge Circle – 4BR, 2.5BA, 2330+ Sq. Ft – $1,150,000
Enjoy nice lake and mountain views from this remodeled home that is set well back from Hwy 28. Large gentle downslope lot great for kids to play in or go sledding in the winter. Remodeled from top to bottom including kitchen with slab granite counters and stainless steel appliances. Enormous great room with cathedral ceiling and wrap around deck is excellent for entertaining family and friends. Oversized 2 car garage with extra storage. Unique “Snowflake” architecture, not a Geodesic Dome.
Click Here to See the Virtual Tour
Agents Need to Know the Inventory
As we move toward the busy summer season, a lot of new listings will be coming on the market each week. In order for agents to do a good job helping their buyers they have to familiarize themselves with every property that is listed for sale. Since the Incline Village / Crystal Bay real estate market is characterized by custom homes, it is imperative for agents to visit each property and learn as much as they can about the particular features and attributes. This can be done by making the rounds on the MLS tour on Tuesdays or previewing properties in advance of showing them to prospective buyers.
One of the biggest problems we experience with agents who do not work full-time in our community is their lack of specific knowledge about the properties for sale. It’s impossible to do a good job representing a buyer if you are not educated as to the particular nuances that you will find at each place. Attributes such as the floor plan, interior quality, lot lines, sun exposure during each of the seasons, ease of driveway access, proportionality of the rooms and many other features can only be ascertained by visiting a property and spending enough time there to absorb everything.
Buyers routinely do searches on the Internet where they see lots of pictures and virtual tours. But these images only tell part of the story. Whether a property suffers from a lot of street noise, unruly neighbors, long flights of stairs or other possible negative situations can only be learned while at the property. Even condos with identical floor plans in the same complex can have radically different locations and views resulting in a significant difference in desirability and market value.
Just last week we got a phone call from an out of area agent who was trying to show a property and they claimed the key did not work. It turns out the agent was on Apollo Court when the house for sale was located around the corner on Apollo Way. Now, anyone can make a mistake or get a bit confused by the streets in our community. But, if the agent knew the inventory, they would have realized immediately when they arrived at the wrong house that it was not the correct property.
Most buyers have very specific criteria that are important to them. The only way that agents can show the most appropriate properties to each of their buyers is to be intimately familiar with each place before they show it. Buyers can get discouraged quickly if they are shown one property after another that holds no interest for them. Realistically, most buyers can only absorb looking at between 6 and 8 properties in one day. Trying to show too many properties can lead to confusion and an inability to differentiate between all of the different places they have seen. Yet agents unfamiliar with the inventory will often take a shotgun approach hoping something hits.
So, it behooves agents to not only learn the inventory but only show properties in the areas where they have detailed knowledge of the houses and condos for sale. With the average price in Incline Village and Crystal Bay being significantly higher than most other Northern Nevada communities, out of area agents are attracted to doing business here. However, their lack of familiarity with the individual properties and subdivisions makes them a liability, not an asset to their clients. We have learned that it is better to refer our buyers to agents in other communities who have detailed knowledge of the inventory in their local market and to concentrate our efforts on the areas we know best.
Incline Village Real Estate Update
Statistics gathered from the Incline Village MLS on 5/7/17
Houses Condos PUDs
For Sale 104 54 25
Under $1 million 17 41 7
Median Price For Sale $1,850,000 $559,000 $1,300,000
YTD Sales 2017 39 52 9
YTD Sales 2016 45 48 13
These statistics are based on information from the Incline Village Board of REALTORS® or its Multiple Listing Service as of May 7, 2017
Zillow and The Lake Tahoe Real Estate Market
The Incline Village real estate business is highly competitive and dependent on our online content and agent reviews. We hope that you are willing to share your experience working with us on Zillow so that others can also have a pleasant experience when buying and selling properties here at the Lake.
Zillow has become the number one place where buyers and sellers are searching for agents on the Internet and a great tool to build our reputation. Even if you just like reading our blog and newsletters and have never used our services to buy or sell real estate, writing a review will be helpful to us.
Thank you for your support and vote of confidence. Don’t forget to follow our facebook pages for Incline Village Real Estate updates and our lifestyle page for local news and community happenings in Incline and North Lake Tahoe!
On A Personal Note:
Don will be taking a vacation in Europe starting in mid-May. In his absence Sabrina and Cole will be available to assist you. We would like to welcome our new administrative and marketing assistant Sierra to RE/MAX North Lake. Please stop by and introduce yourself to her when you’re in the area.
Copyright 2008 – 2017 – Don Kanare and Sabrina Belleci – All rights reserved.
Inside Incline is entirely written and published each month by Don Kanare and Sabrina Belleci of RE/MAX North Lake for property owners and others who have an interest in Incline Village and Crystal Bay.