The 30-year fixed-rate mortgage (FRM) averaged 4.75 percent with an average 0.50 point fee for the week ending December 6, 2018, down from last week when it averaged 4.81 percent. A year ago at this time, the 30-year FRM averaged 3.94 percent.
Regarding short term vacation rentals at South Lake Tahoe, 3459 voters voted against the measure, 3517 voted for it, a difference of 58. Out of those who voted on the whole ballot, 148 voters didn’t vote either way (or voted both yes and no) on Measure T. Those with permits outside of the Tourist Core (Stateline area/Lakeland Village) will have their permits expire in 3 years or when their property sales – whichever is sooner.
The biggest mistake that first-time home buyers make is they forget that they need closing costs—not just the down payment of, say, 10 or 20 percent. Closing costs can add up—typically an extra 2 percent to 5 percent of the total cost of the home. On a median-priced home, that could be more than $13,000.
758 residential sales occurred in South Lake Tahoe over the past 12 months. The median sales price for a 1677 SF residence was $530,000 ($322/SF).
Last year at this time the median figure for a 1674 SF residence was $503,000 ($304/SF) based on 789 sales.
A ballot Measure banning all vacation home rentals in South Lake Tahoe residential areas appears on its way to passing. The tally on Measure T stands at 3,517 “yes” votes (50.42 percent) and 3,458 “no” votes (49.58 percent).
Seniors are being targeted in a new real estate scam that tries to get them to sign over their home for far below market value. One senior received a letter in her mailbox that offered to buy her Sunnyvale, Calif., home for $750,000. The letter included paperwork for her to sign and consent to sell. She had not put the house up for rent or for sale. The two-bedroom home is within walking distance of Apple, Google, and LinkedIn, and is valued at more than $1.5 million.