House Hunting?

Couple Talking

Hunting for a house takes time.  When you find that special home you want to be prepared.  Loan pre-approval could make the difference, especially with multiple offers.

What happens after pre-approval?  Don’t open or close any accounts during that time, or take out credit for any other large purchases.  Ask how long the pre-approval will be valid.  Typically, it’s for 60 – 90 days and can be updated as needed.

Don’t forget lender fees and closing costs.  They include origination fees, the cost of writing the loan and prorated items like property taxes.

Shop around for your home loan and interview lenders. Researchers found that a borrower taking out a 30-year fixed rate conventional loan could get rates that vary by more than half a percent. That could translate into saving thousands on your mortgage.  Happy house hunting.

Summit – Tahoe Village Update

The Ridge-Summit Village

Plenty of opportunity awaits those seeking property in the Villages of Lake Tahoe.  So is now the time to buy?  Short term rentals will be revoked within the city of South Lake Tahoe in 3 years.  Tahoe and Summit Villages may be a good alternative for you.

Located at the top of the Kingsbury Grade (State Route 207) at Stateline, the Villages are affordable.  Currently condominium prices range from $205,000 to $800,000.  Units can be found with either lake or valley views.  Many have mountain views of Heavenly resort.

There are over 700 condominium units at the Villages.  In addition there are over 600 fractional timeshare units.  Tahoe Village offers owners a seasonal swimming pool and spa.  Summit Village HOA dues include trash, and road snow removal.

In addition Boulder and Stagecoach Lodges are located within the community offering direct access to Heavenly Resort.    Likewise the Tahoe Rim Trail is nearby for hikers and those who snowshoe.

The casino area at Stateline is only 3.5 miles away.  Thus entertainment is just a short drive from the Villages.  Those looking to explore new areas should check out TJ’s Corral at Minden during the summer months.  For example they offer big time entertainment for all ages.  Marshall Tucker, The Oak Ridge Boys and Michael McDonald were recent guests.

Summit Village membership in 2018 voted favorably towards the allowance of short term rentals.  This area is bordered by Kingsbury Grade to the north, Tramway Dr to the east, S. Benjamin Dr to the west and Bonnie Dr to the south.  There are 311 units within this area.

Tahoe Village is located south and includes both ski lodges and the Fox & Hound Smokehouse Grill and Bar.  Fox & Hound is a full restaurant and bar offering progressive video poker, satellite TV’s throughout, and free wi-fi.

In conclusion the Villages offer everything you will need to feel at home.  For more information or to tour area property contact Bob Stiles, Realtor at 530-314-0352.

Housing Market Reacts

Mortgage News Update

The housing market is already reacting to the effects of mortgage rate declines.  After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months.  The 30-year fixed-rate mortgage averaged 4.62 percent with an average 0.40 point fee for the week ending December 20, 2018, down from last week when it averaged 4.63 percent.  A year ago at this time, the 30-year fixed-rate mortgage averaged 3.94 percent.

Short Term Rental Occupancy Limits

South Lake Tahoe Welcome Sign

South Lake Tahoe staff will use discretion in enforcing the new maximum occupancy limits for previous short term rental reservations.  The new requirement limits occupancy to two people per bedroom with a maximum of 12 people total.  Responsible guests who do not violate other VHR regulations by causing neighborhood disturbances will get a pass for now.  City staff will continue this enforcement approach on a trial basis in the coming weeks and will adjust the enforcement strategy as needed in the future.

The Chateau at South Lake Tahoe

Chateau at Village

The South Lake Tahoe Planning Commission unanimously approved a 16-unit condominium hotel project.  The Chateau at Stateline was originally approved in 1998 but never initiated.  The Stardust Lodge railed against the project saying the city needed to revisit a parking issue before approval.  For more on the story you can read it here.

Mortgage Rates Have Fallen

Mortgage News 12-13-18

Mortgage rates have either fallen or remained flat for five consecutive weeks and those seeking mortgages are responding with an uptick in demand given these lower rates.  The 30-year fixed-rate mortgage averaged 4.63 percent with an average 0.50 point fee for the week ending December 13, 2018, down from last week when it averaged 4.94 percent. The combination of a low unemployment rate and the recent downdraft in rates should support home sales heading into the early winter months.  A year ago at this time, the 30-year fixed-rate mortgage averaged 3.93 percent.