Our first quarter ended with decent home and condo sales. Although the number of buyers in this market has been less than anticipated. We are think the remainder of the year should better. The signs are there and historically we always do better the last half of the year. Home values seem to have settled in however there are still short sales and bank owned coming to the market. This will probably continue for the next 2-3 years. Affordability in Lake Tahoe may not have been this good since 2001.
Although there is not alot of foreigners buying Lake Tahoe homes the few that are, get excellent value homes when considering the exhange rates, taxing and other factors. Speaking of short sales, we do not have as many as say 6 months to 12 months ago and prices even in this area of the market has stablized.
The region is full of summer tourist even with the economy and gas prices. It is clear that consumer confidence is stopping most buyers. Washington is so busy being idiots and not taking care of us and our country that it appears to continue to drag down everything. I have said before, mortgages are available and at very good rates. If the buyer has the credentials, patience and desire, a loan can be obtained for just about any amount needed. Low down payments again are not an issue here. Loans are available even with less than 20% down.
We hope for the remainder of the year an improving market will happen and we can overcome the negative impact and wet blanket that Congress and Washington policymakers are putting on us.
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