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.
WINTER STORM WATCH IN EFFECT FROM WEDNESDAY EVENING THROUGH LATE THURSDAY NIGHT…
* Heavy snow possible. Total snow accumulations 6 to 12 inches, except 1 to 3 feet above 7000 feet possible. Winds could gust as high as 65 mph over the higher terrain of the Sierra.