Real Estate Information

          2010 saw a total of 858 homes sold in the Truckee, Lake Tahoe region representing 8% over 2009 volume with a median price of $465,000.  However, the median price dropped 9% from 2009.  Presently there are 617 homes on the market which reflects an approximate 9 month inventory in the Truckee, Lake Tahoe market. 

          The Tahoe Donner subdivision, which comprises the largest percentage of sales in the entire Truckee, Lake Tahoe region, had a similar finding.  A total of 223 homes sold in the subdivision in 2010 reflected in the following breakdown.

          Total sales    Standard sales (non distressed)   Distressed

               223                               187                             36

         BELOW $500,000

                99                                  77                            22

         $500,000 to $1000,000

                 112                               99                           13

          $1,000,000 up  

                 12                                 11                              1                                                   

          Clearly the most homes affected by distressed properties are in the market below $500,000 and the least in the $500,000 up.  The million dollar homes seem least affected.

                                    Frank Nothaft, chief Economist for Freddie Mac, says he expects long term mortgage rates to remain below 5% through 2011.  He continues to predict a slow but continued recovery in the real estate 2011 market although he continues to see home loan weakness through the year.

Don Schaller

Broker Owner

The Schaller Team

Dickson Realty Truckee

Alltruckeehomes.com

           It’s just human nature to want to buy a commodity for the cheapest price one can find.  And it’s also human nature to rationalize that all commodities are equal.  When these philosophies are played out, it many times turns out that the cheapest choice turns out to be the most expensive.

          Real estate agents are no exception.  We’ve found that the most sought after commodities in a real estate agent are:  knowledge of the market, communication, skill in solving problems and experience with buyers or sellers and ability to get the job done for me.  

           The problem looms.  How do we find this person?  The recommendation from a satisfied customer is probably still the best.  Or,  interview 3 agents to find which one fits you the best.  Read their resume and ask for references.  “Teams” have been found to offer better service simply because they specialize in the many areas of real estate, generally getting jobs done quicker and more efficiently.  However, many single agents can be very good as well.

 Don Schaller

Broker Owner

The Schaller Team

Dickson Realty Truckee

truckeehomefinder.com

           Buy chains before the trip starts.  Chain installers are typically located a short distance before where chain control begins.  Speed limit 30 MPH with chains.    Apply brakes softly and always glide to a stop.   Keep a 4 or 5 car lengths space from car ahead of you to maneuver.  If skidding, keep foot off the brakes.  Turn counter to the skid.  Tap brake gently to regain control. It’s a good idea to practice maneuvering in a vacant parking lot if possible.  Turn at low speed in icy conditions to avoid skids.   Drive slowly when snow conditions exist.  Drive defensively.

           Some tricks:  Kitty litter on ice under tires gives traction on slope.  Rocking a car stuck in snow while synchronizing forward and reverse can get car unstuck.  Carry a tow cable to pull car from snow.  Slip on special cleats makes walking on ice possible without falling.

Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckee homes.com

          Sellers believe that if their home is kept open for Buyers to see, their home will sell quickly.  In 24 years keeping hundreds of Truckee, Lake Tahoe homes open, I have sold 3 homes that I had kept open.  But, I love open houses because they have provided me with a measurable part of my business since it allowed me to identify people interested in buying homes or selling their own homes.  A number of visitors to an open house are neighbors who are wondering what the value of their home might be.  Also some people just like to visit open houses.

          There are still agents out there that make their living by holding homes open as a way to meet new people.  One may wonder, why one didn’t sell the home they were  holding open?  The reasons are many such as, the buyer didn’t like the location, price is too high or, they didn’t like the layout or, where can I put my grand piano?  The list goes on and on.  But, in my opinion, open houses are still a valuable tool in a Realtors tool box.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

           When clients see their homes on TV, they conclude that someone will see their home, call their agent and make an offer to buy their home.  In 25 years of selling real estate in Truckee and Lake Tahoe and adverting many thousands of homes in many different publications, we can pin down 2 cases where we have received  responses on an advertised home.

           We have found it much more effective to advertise all of our listings on all of our internet sites daily.  Our responses have gone from 2 in 25 years to several a day.  This is why newspaper and magazine real estate advertising has dropped an estimated 90% in the last several years.  The internet has become the favored real estate advertising medium.

                    One of my particular joys is reading the newspaper in the morning over a cup of hot coffee.  It seems to get the day off to the right start somehow.  But, seeing the number of newspapers in trouble, some being ones that I have seen all of my life, I wonder if I will have to trade my newspaper in for my laptop for my morning coffee time.

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

           When a home buyer says that they are pre approved for a loan based upon their pre approval letter, does that mean the buyer is approved for a loan?  Would that that were true.  What it really means is that a lender has looked at the qualifications of a buyer  based upon the buyer’s description of his financial information via a loan application form. The lender then writes a pre qualification  letter for the Buyer stating that he is qualified to obtain a loan with this lender. BUT, the fine print, yes, always the fine print, only if he or she goes through the whole loan application process with the lender and is found qualified.

          Approved for a loan means that the Buyer has gone through the loan process with a lender and has been found to be qualified for a loan with that lender.  At ethis time a letter is written by the lender stating that this lender  will give a loan to this Buyer.  The benefit of the loan approval, as opposed to a pre approval letter, is that it is a strong  bargaining chip in the hands of a home Buyer by assuring the Seller that he can have a solid sale of his home with the big loan concern out of the way.

Don Schaller

Schaller Family Realtors

Dickson Realty Truckee

Alltruckeehomes.com

           Words get bandied about in specialized fields which presupposes that everyone understands the meaning.  The real estate field is no exception.  Since real estate has taken a big hit in the last several year, new words have come into use that everyone is not clear of the meaning.

            One of these is short sale. A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and worse credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

          More specifc information can be obtained from the Schaller Family.

Don Schaller

Broker Owner

Schaller Family  Realtors

Dickson Realty Truckee

Alltruckeehomes

       In a cold winter such as we are experiencing now, broken pipes are a common occurrence and concern.  Many home owners reason that if they set their thermostat at 55 degrees when they leave, their home will be safe.  In many cases they would be right except when a power outage occurs and their heater doesn’t go on again and the home goes down to the ambient outside temperature which has been as low as minus 9 this year for extended periods of time.

     The safest procedure to avoid these problems is as follows:

     When leaving home, turn water off at valve in house from street.   Usually found in garage or cabinets in the home.

1. Open all faucets and leave open to let all water drain from pipes.
2. Flush all toilets.
3. Put anti freeze in all drains including showers and baths.
4. Put anti freeze in all toilets,
5. Put anti freeze in all toilet tanks.
6. Set thermostat to 55 Degrees.   Best for furniture.

           It is a good idea to have a handyman check the home once a month to make sure all is well.   One concern is snow dumping from roof or piling too high on roof and general welfare of home.  RV antifreeze can be used in the home, since it is about half the price of auto antifreeze

 Don Schaller

Broker Owner

Schaller Family Realtors

Dickson Realty Truckee

Truckeehomefinder.com

          Short sales have turned out to be a frustrating experience for the real estate professional.  Buyers can fall in love with a short sale  home and make an offer on the property.  The agent presents the offer to the bank and in most cases has to wait 5 to 7 weeks and sometimes longer to get a response.  To cloud matters, there may be a second loan on the property.

          
The second loan holders many times will not agree to any relief of the second loan resulting in the sale being cancelled.   The Buyers are disappointed in the loan failure and leaves a negative feeling with the Buyers agent, making him or her hesitant to show short sales in the future.

           Loan servicers in the Feds short sale incentive program are now being given more freedom to pay off second loans and also will be held to shorter timelines for approving or rejecting short sales.  Hopefully this will remove the backlog and accelerate the loan approval process.

 Don Schaller
Broker Owner
Schaller Family Realtors
Dickson Realty Truckee
Alltruckeehomes.com

Early season snow storms have produced a mountain snow pack of 200% of normal.   The early snows are hoping to replace several years of below average snow falls which has depleted much of the reservoir reserve water capacity.   The concern is that the storms will fall off as the year progresses, or worse, cold storms being replaced with warm rains causing  serious flooding.

In the meantime the positive affect this weather has on our Truckee Lake Tahoe economy is welcome.

As every farmer knows, trying to predict Mother Nature and what she has in mind is not a winning strategy.  It’s best is to pull on your boots and warm jackets and just be ready for the big show.

Don Schaller
Broker Owner
Schaller Family Realtors
Dickson Realty Truckee
Alltruckeehomes.com