NORTH LAKE TAHOE REAL ESTATE AFFECTED BY OIL PRICES. We are watching history unfold in the Middle East at a mind-boggling pace. Are we going to see $4.00 a gallon gasoline soon? Probably more through other geopolitical reasons than political tensions in Egypt and the other countries in that region. More because the world is growing fast and the demand for oil grows daily.
It is impossible to ignore the potentially powerful effects of that regions political problems and how it will affect us in the USA. The overall effect on the world economy also will feel the pressures for many reasons. In turn so will we. While Egyptians struggle to put together a new government, so fragile and unpredictable is their path, we on the other hand have something in the air.
It is interesting to note that the stock market climbed briskly based on unexpected high earnings report. Almost all of us have noticed. It seems busier, restaurants are crowded, and apparently retail sales are up. The same is said about real estate. New home sales are up 17% nationwide according to the Department of Housing and Urban Development.
Lawrence Yun, Chief Economist for the National Association of Realtors credited this to upswing in affordability, favorable mortgage rates and the improving economy. He feels this trend will continue through 2011. It could suggest a healthy volume in the 5-million area for total home sales this year.
The California Association of Realtors reported that sales in December posted a 7-month high. Closed escrows totaled a seasonally adjusted annualized rate of 520,680 and the median price increased by just over 10% for the year.
The local market reflected this upswing too. Some are buying because they feel the market settling down and the inflation is catching them. Come spring, March-April, more homes will come to our market. Most will be the usual filling in of summer inventory and others will be the continuing foreclosure cycling. The deals are there to be ferreted out. Having said this, the entry level properties are becoming less and less. If you have been considering, watching and waiting, you should contact me now. Don't wait to evaluate your options and capitalize on the spring market. If you have questions, just ask.
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Ken Cash, CRS
California & Nevada
Coldwell Banker Select Real Estate of Lake Tahoe - Nevada
Century 21 Tahoe Resort Properties-California
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