After some back and forth at the South Lake Tahoe City Council, they finally directed staff to return with a revised ordinance based on rules they agreed to. First reading is scheduled for March 10th, 2026. Second reading is on March 24th, 2026. If the new rules are adopted, implementation would follow approximately 30 days later. So if all goes smoothly, the new rules will be in place by April 24th, 2026.

So what are the new rules?

THE RULES

• Cap residential VHR permits at 900 total
• Eliminate the 150-foot buffer requirement
• Maintain a minimum renter age of 25 years old
• Allow attached condos & townhomes unless prohibited by the HOA
• Route permit appeals to an independent hearing officer
• Require room night reporting to the City
• Apply separate rules to the Tourist Core & Commercially zoned properties

WHAT DOES THIS MEAN FOR YOU?

The cap of 900 VHR permits in the Residential areas within the City Limits is a hard ceiling. There are already hundreds of active permits in circulation since the judges decision to toss out Measure T. Once applications reopen under the new framework, demand is expected to be strong.

We anticipate the 900 cap will get reached quickly. After that, a waitlist will form. With a waitlist timelines become uncertain and will depend on the speed of attrition.

If you are looking to purchase a home and apply for a VHR permit to be able to short term rent it, you need to act quickly. If you already own a home within the City Limits, and have thought of renting it out short term, don’t wait long to get an application!

Reach out to our team HERE to get more information from one of our knowledgeable local South Tahoe agents.

LINKS FOR MORE INFO

For the full City website with this information & links, click here: City of South Lake Tahoe Measure T & VHR Permit Updates

For more information on VHR’s in South Lake Tahoe and the other areas around the Lake, click here: Vacation Home Rental Rules Around Lake Tahoe

The post Vacation Home Rentals Rules Change in South Lake Tahoe, CA appeared first on Paradise Real Estate.

Heavenly Mountain Ski Resort – South Shore NV & CA

Heavenly Mountain Ski resort boasts 4,800 acres (1,942 hectares) of skiable terrain and the most breathtaking views of Lake Tahoe. With 34 miles of diverse tree lines and wide-open groomed cruisers, two canyon areas with challenging chutes and one true alpine bowl, this ski resort is so massive it spreads across California and Nevada. Heavenly isn’t just a winter destination. With the addition of a ropes course, zip line, and a very popular mountainside bobsled roller coaster, Heavenly is great to visit in the Summer as well!

(Click for Trail Map)

Ever wanted to live or have a vacation home near Heavenly? For a true “ski-in/ski-out experience, there are condos on the Nevada side near the Heavenly Stagecoach lodge in the Tahoe Summit neighborhood that is right next to the slopes or within walking distance. On the California side, there is the Heavenly Valley neighborhood which is located at the base of the Heavenly California Lodge. This neighborhood is made up primarily of homes but also has a few condo complexes. It also has a very unique area called Tahoe Tyrol that looks like a Scandinavian Village.

Sierra-at-Tahoe Ski Resort – South Shore CA

Sierra-at-Tahoe or often just shortened to “Sierra” by the locals is a ski and snowboard resort in the south of Lake Tahoe. Approximately 16 miles (26 km) south of Stateline, Nevada and 12 miles south of South Lake Tahoe on US Route 50 contained within the El Dorado National Forest. Locals know Sierra for being a family oriented medium sized resort with 809 hectares of skiable terrain and over 40 trails. Since it is situated in the mountains and surrounded by tall peaks, it is protected from the wind. This means Sierra can stay open when most of the other resorts in Tahoe go on “wind hold”.

(Click for Trail Map)

Sierra is located just outside the Tahoe Basin in an area surrounded by Forest Service Cabins that are usually only accessible in the summer months, with a few year-round homes spread throughout the area. However, it is only a 10-minute drive from the Meyers area of South Lake Tahoe.  The Meyers area also has its own grocery store and a handful of restaurants and bars that are locals favorites.

OTHER SOUTH SHORE RESORTS

Kirkwood Mountain Ski Resort

Located 34 miles south of Lake Tahoe, Kirkwood is a year-round resort. It offers skiing and snowboarding in the winter, and hiking and mountain biking in the summer. Well known for the highest average snowfalls and a broad selection of advanced skiing terrain including cliff drops and cornices.

(Click for Trail Map)

NORTH LAKE TAHOE RESORTS

Mt. Rose Ski Resort – North Shore NV

Mt. Rose Ski Resort is the closest ski resort to Reno, Nevada. Mt. Rose, located just 25 miles away from the downtown Reno and 11 miles northeast of Incline Village. Mount Rose boasts the highest base and top elevation, which in return contributes to better quality of snow although not always a lot of deep powder.

(Click for Trail Map)

Being the closest resort to Reno, NV the slopes tend to fill up on the weekends very fast. Your best bet if you want to avoid the crowds is to go up mid-week. The closest neighborhood to Mt. Rose is Incline Village on the North Shore of Lake Tahoe. Incline Village boasts some of the best beaches at the Lake, and a mix of high-end housing along with old style Tahoe cabins and condos.

Northstar Ski Resort – North Shore CA

This former lumber site owns a 3,170 acre of land turned to be one of the best destinations resorts in the US. It is just 7 miles north of Lake Tahoe and 7 miles south of the town of Truckee. The Northstar ski resort with its sizeable 1,283 hectares of land and vertical drop of 2,280 feet is completely easy to navigate with minimal traversing compared to the other Tahoe ski resorts. It is beautifully combined with a fair amount of sunny days and an abundance of snowfall.

(Click for Trail Map)

There is a small community surrounding Northstar that includes high-end ski-in/ski-out condos and homes. The communities of Kings Beach and Tahoe Vista are just a short drive away and offer Lake Front living only a few minutes to the Resort. Tahoe Ski Resorts

Squaw Valley USA – North Shore CA

Northwest of Tahoe City along the California State Highway 89 on the banks of the Truckee River near Lake Tahoe is one of the biggest ski areas in the United States.  With an impressive 3,600  acre of land spreading over multiple peaks, the resort offers a vast terrain that seems to be endless. After hosting the entire 1960 Winter Olympics, Squaw Valley nailed its notoriety through the films of Warren Miller, wherein he conveyed the many skirmishes of daredevils jumping off cliffs in the early 80s.

One doesn’t have to be a pro-skier to enjoy the Squaw Valley Ski Resort terrain, albeit, the place is home for the extreme skiers. Those that don’t share the same rush also has the option to a more “tamed” terrain. The resort also homes for many annual summer events. The resort attracts different characters from musicians to accomplished writers. They also offer a wide array of concerts, beer and wine events including various artists.

(Click for Trail Map)

The base area of Squaw offers a few ski-in/ski-out condos. The closest town is Tahoe City, which is located on the Lake and has kept its quaint mountain town feel throughout the years. Truckee is also just a short 15 miles from Squaw Valley and is located just outside the Lake Tahoe Basin.

OTHER NORTH SHORE RESORTS

Alpine Meadows

Alpine Meadows is located on the west shore of Lake Tahoe next door to the famous Squaw Valley Resort. This resort is ideal for skiers who want it straightforward and no glitz. It doesn’t offer a lot of amenities, few dining options, a minimal ski school and rental shop.

(Click for Trail Map)

Sugar Bowl

Stationed along the Donner Pass and 10 miles west of the town of Truckee and 24 miles northeast of Lake Tahoe, Sugar Bowl is one of the oldest ski resorts on the west coast. It is the closest resort to Sacramento, CA and is very popular as a day trip destination.

(Click for Trail Map)

Homewood

Homewood is located west of the Lakeshore and possesses some of the best views of the entire Lake Tahoe region. It is almost an anti-resort compared to the extravagant resorts like Squaw and Northstar. Homewood is canon for how skiing used to be.

(Click for Trail Map)

Diamond Peak

Diamond Peak provides stunning views of the Lake and is just 2.3 miles east of Incline Village, NV. It is the ski resort that is well known for being budget and family friendly. Tahoe Ski Resorts

(Click for Trail Map)

The post Lake Tahoe Ski Resorts Information appeared first on Paradise Real Estate.

Defining the Difference

• Needs (Non-Negotiables): These are the essential, “deal-breaker” features that are either impossible or extremely costly to change later. If a home doesn’t have these, it cannot serve your basic requirements.
  
• Wants (Bonuses): These are desirable features that enhance comfort or aesthetics but are not strictly necessary. Many “wants” can be added through future renovations or upgrades.

Once you’ve reviewed this page, go to our Home Buyer Checklist form to fill out your specific criteria to get started on your journey to owning a Tahoe home.

Essential Needs Checklist

Focus your search on these structural and logistical elements that impact your daily life:

• Location & Proximity: A manageable commute to work or proximity to specific school districts, family, or healthcare. In 2025, 50% of buyers prioritize proximity to community hubs and parks.
• Minimum Bedrooms/Bathrooms: The essential space required for your household size.
• Budget Alignment: Staying within a monthly payment that you can realistically afford.
• Layout & Accessibility: Features like a ground-floor bedroom for aging-in-place or an open floor plan if you need to monitor children.
• Adequate Systems: Functional HVAC, safe electrical, and structural integrity that won’t require immediate, expensive repair.

Current Trending Wants Checklist

While these are popular in the current market, they should not compromise your ability to meet your needs:

• Aesthetic Finishes: Trendy earth-toned paint, quartz countertops, or specific flooring like reclaimed wood.
• Smart Home Tech: Integrated AI-driven home hubs, smart thermostats, or high-end security systems.
• Outdoor Amenities: Fully equipped outdoor kitchens, fire pits, or designer landscaping.
• Luxury Wellness Features: Spa-like bathrooms with soaking tubs, whole-house air filtration, or dedicated yoga studios.
• Gourmet Kitchens: High-end energy-efficient appliances and niche features like built-in coffee stations.

Strategy for Home Search Success

1. The “Three-Need” Limit: To speed up your hunt in a competitive market, aim for no more than three absolute “needs” per family member.
2. The 5-Year Test: Consider how your needs might change. For example, a home office that is a “want” now might become a “need” if your job transitions to fully remote.
3. Renovation Reality Check: If a home meets all your needs but lacks a want (like modern cabinetry), determine if your budget has room to add that feature later.
4. Prioritize “Big Wants”: Categorize your desires into “Big Wants” (costly to add, like a pool) and “Small Wants” (easy DIY, like new paint) to help with final decision-making between two similar homes.

Our team can guide you in navigating between your wants and needs and get you on track to purchase your new Tahoe home. To that end, we created a handy Home Buyer Checklist form where you can fill in your desired criteria. Our team will then take your answers and assist you in narrowing down the criteria into wants & needs to find the right Tahoe home for you.

The post Wants vs Needs appeared first on Paradise Real Estate.

California home sales and median price are projected to inch up as housing affordability improves slightly.

• Existing, single-family home sales are forecast to total 274,400 units in 2026, an increase of 2 percent from 2025’s projected sales pace of 269,000.
  
• California’s median home price is forecast to rise 3.6 percent to $905,000 in 2026, following a projected 1.0 percent increase to $873,900 in 2025 from 2024’s $865,400.
  
• Housing affordability* is expected to inch up to 18 percent next year after edging up to a projected 17 percent in 2025 from 16 percent in 2024.

LOS ANGELES (Sept. 17) – Following an essentially flat housing market in 2025, California home sales are forecast to inch up in 2026, with the median home price expected to reach a new projected record of $905,000, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.). 

The baseline scenario of C.A.R.’s “2026 California Housing Market Forecast” sees an increase in existing single-family home sales of 2 percent next year to reach 274,400 units, up from the projected 2025 annual sales figure of 269,000. The projected 2025 figure is 0.1 percent lower compared with the pace of 269,200 homes sold in 2024.

The California median home price is forecast to rise 3.6 percent to $905,000 in 2026, following a projected 1 percent increase to $873,900 in 2025 from $865,400 in 2024. Despite softening home prices in recent months, lower interest rates and a slightly improved housing affordability environment will give room for prices to move up in the coming year.

“Home prices in California are expected to rise in 2026, but the growth pace will remain mild when compared to rates we’ve seen in past years,” said C.A.R. President Heather Ozur, a Palm Springs REALTOR^®. “For would-be buyers who sat out the competitive market during the past couple of years, that means more opportunities as inventory increases moderately and lending conditions become more favorable. Seller confidence will also improve as home prices stabilize and demand begins to rise again next year after a slow 2025.”

C.A.R.’s 2026 forecast predicts U.S. gross domestic product (GDP) growth rate to slow 1 percent in 2026, after a projected increase of 1.3 percent in 2025. With California’s 2026 nonfarm job growth rising by 0.3 percent after climbing a projected 0.4 percent in 2025, the state’s unemployment rate will increase to 5.8 percent in 2026 from 2025’s projected rate of 5.6 percent and 5.3 percent in 2024.

Inflation will likely pick up in the next 12 months, but the annual average Consumer Price Index (CPI) for 2025 will dip slightly to 2.8 percent, before bouncing back up to an average of 3.0 percent next year. The average 30-year, fixed mortgage interest rate will moderate slightly to 6.6 percent in 2025 but will decline more solidly to 6.0 percent in 2026. While next year’s projected average for the 30-year fixed mortgage interest rate will still be higher than the levels observed in the few years prior to the pandemic, it will be lower than the long-run average of nearly 8% in the past 50 years.

Housing supply in 2026 will continue to improve and will remain near pre-pandemic levels, with active listings up nearly 10% as market conditions and the lending environment continue to improve.

“As economic uncertainty begins to clear up in the next 12 months and mortgage rates start declining more consistently in the upcoming quarters, housing sentiment will see some improvement in 2026,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “However, mounting headwinds such as the ongoing trade tensions between the U.S. and its trading partners, the home insurance crisis, and a potential stock market bubble will remain challenges for the housing market in upcoming year,” Levine continued.

2026 CALIFORNIA HOUSING FORECAST

p = projected
f = forecast

* = % of households who can afford to purchase a median-priced home

Leading the way …^® in California real estate for 120 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States, with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Sacramento.

You can review the past years California Housing Market Forecast’s here:
2025 California Housing Market Forecast
2024 California Housing Market Forecast

The post 2026 California Housing Market Forecast appeared first on Paradise Real Estate.

CURRENT MARKET SNAPSHOT

What really is driving the current market?

A quick recap… In 2020 and 2021 there were multiple factors driving the market, but the main ones were the fact a lot of people are able to work from home now and can live anywhere, and a lot of folks want to get out of the big cities. Of course, historically low interest rates didn’t hurt either.

But then we saw that high demand lessen as 2022 headed into summer and fall. The prices fell a little, and the number of sales dropped dramatically. This coincided with the Fed raising interest rates. We saw the same market thru 2023 and into 2024 as interest rates continued to stay at high levels. Also, a lot of would-be-sellers decided to hold off on selling their current home with a 3% interest rate loan due to the fact their new home would have a 7% interest rate.

Lets take a quick look into the current numbers to show what’s really going on right now. We will focus on Residential listings on the South Shore, since it is the largest market in Tahoe. This includes single family homes & condos. The written information in this blog is as of 12/1/2025. But the graphs shown are live and will update as each month passes. For current up-to-date info we always recommend giving Our Team a call or sending us a message.

114 ACTIVE LISTINGS

That’s right, 114 active listings. After the normal summer peak in July 2025 of 200 active listings, we are seeing a normal Winter slowdown in new listings which usually bottoms out around February or March each year. The numbers are a little lower than the past 2 Novembers.

In the “normal” market, we would see listing numbers start rising in April and May, and then peaking in July or August before dropping again for the winter.

31 PENDING LISTINGS

Out of the 145 total listings, 31 already have accepted offers and are pending sale (aka “in escrow”). That means 21% of the listed Tahoe homes are already in escrow. This is a similar percentage that we have seen over the past few months, which shows inventory is staying about the same right now.

A good sign for the market is that we have seen a steady amount of pending listings for a while now, with a normal dip in winter months.

Based on calls Our Team have received from potential buyers there is still a lot of interest out there. Most of them are waiting to see if prices or interest rates will drop. But we have seen an uptick in investors looking to buy due to prices softening a little with long term rental income still very high. We have an entire page dedicated to investor purchases/sales in Lake Tahoe with links to multiple articles, for more information click on the link below:

PURCHASING INVESTMENT PROPERTY IN LAKE TAHOE

39 CLOSED SALES

One stat we keep close eye on is comparing the new listing numbers with the pending and closed sales. This gives us the best view on how healthy the market is and lets us know how many pending sales are actually closing vs how many cancel. If the total active listing numbers are up, but pending and closed sales are down, that shows a potential declining market. If pending sales are much higher than closed sales, then we know quite a few are dropping out of escrow and not closing.

Remember, closed sales lag behind pending sales data by 30 to 45 days. The number of closed sales has stayed pretty close to the trend line of new and pending listings. This shows a healthy market.

WHAT ABOUT PRICES?

Ok, now we know how many listings there are, how many are pending sale, and how many have sold already. But what everyone really wants to know is “Are Tahoe homes prices going up?”. Short answer… kind of.

Some history:
Beginning in July 2020, when Tahoe reopened after the COVID shut down, prices shot up dramatically. We reached the “COVID Peak” in May 2022 at the historical all time high of $719,900. Soon after that prices started to settle over the rest of 2022, before starting a slow downtrend and a low point of $660,000 reached July 2023.

But then something odd and unexpected happened. Prices started going up a little in fall 2023 and in 2024 we saw a steady trend line with minor ups and downs. As of the end of November 2025 the average sales price is at $690,000. That is down Year over Year by 2.1% compared to November 2024.

CLICK HERE to view our new blog about the 2026 California Real Estate Market Forecast including data from professional economists.

WHAT DOES ALL THIS MEAN FOR YOU?

Now you have all the data, the history, and a picture of what’s happening in the real estate market right now. But what does this really mean for you? Well, that depends on if you are a buyer or seller and what your specific situation is.

LOOKING TO BUY RIGHT NOW

For buyers who are looking to by as soon as possible, you will need to make sure you are ready to go before looking at homes. This means you will need a pre-approval letter from a lender and have written proof that you have the purchase funds. Our Team can assist you in finding a local lender who can get you a pre-approval letter within just a few hours. The proof of funds needs to show you have the cash on hand for the down payment and closing costs. If you are purchasing with all cash (no loan) then all that is needed is the proof of funds.

Interest rates have started to soften over the past year, enticing sellers and buyers who were on the fence to finally move forward and the sale or purchase. Locking in at a good rate with a trusted mortgage lender is more important than ever. If you don’t have one yet we can refer you to a few trusted local lenders. Once you have your pre-approval and proof of funds, it’s time to start looking at homes. We can register you up to receive automatic email notifications for properties that fit your exact criteria, just give us a call or send us a message to get started.

With the limited number of listings currently available, it may take a few trips to Tahoe before you find the right place. Instead of having to drive up every week, we can go to the property for you and do a Preview/Review, a detailed walkthrough video of the property. Our videos make is seem like you are there walking through the home with us. We point out any visible flaws, damage, positive aspects, interesting features, neighborhood characteristics, and so on.

When you find the right place, it’s time to put in an offer. The strategy for an offer will depend on many things. If the house has only been on the market for a week or two, we recommend being aggressive on the offer price. If it’s been available for over 2 weeks then you may be able to submit a less aggressive offer. Average time on the market are currently around 70 days, so don’t expect to get any home for a lot lower than the asking price unless it’s been sitting on the market for around 2 months.

We also have a few special secret “tricks” up our sleeves to help our clients position their offers to have the best possible chance to get accepted. One “trick” is asking the seller to buy down your loan to get a better rate. This is explained in our article “Loan Buy-Downs in Purchase Negotiations” and is a very handy tool for buyers to get much more favorable terms on their loan. Give us a call today to get more info.

LOOKING TO BUY IN THE NEAR FUTURE

What if you aren’t really sure if you are ready to buy in Tahoe right now? What will the market be like in a few months? While we don’t have an actual crystal ball, we can let you know what usually happens in the market throughout the year.

In a normal year, we historically see the number of buyers slow down toward the end of September and sales slow by the end of October. Then the market stays flat during the winter and picks up again around May. What the past year has shown is we are holding strong, with prices staying level, inventory slowly shrinking, and a good percentage going into escrow every month. While not technically a buyers or sellers market currently, we view this more of a “balanced market”.

If you are thinking of holding off to play the gamble that interest rates will drop a little more, be careful. If prices shift upward again that might wipe out any lower interest rate you might get in the future. Plan accordingly and speak to professional mortgage brokers for expert guidance.

LOOKING TO SELL

Since prices have been going down a bit, the benefit of selling now vs waiting is pretty obvious. You will sell for more money now vs a few months from now (based on current market trends). Right now, if a property is listed right and the property is in good condition, properties are selling within a few weeks of being listed. But the average time on market before receiving an offer is getting longer, currently close to 55 days. So sellers must be patient and listing agents are setting longer listing terms to accommodate this added marketing time.

During winter we see fewer homes on the market which means sellers have less competition. You have to deal with people walking thru the snow into your home, and need to keep the driveway and walkways clear of snow for showings. We have some local snow removal companies that we have worked with and highly recommend that cost around $100 to $200 per snow clearing (depending on size of driveway and if there are any stairs to clear).

You do need to be very reasonable with pricing. We can give you an estimated value for your property, tell you if your desired sales price is attainable, and let you know what to expect for your specific situation. Usually we recommend listing just under market value to make your home stand out from the rest which may be a little higher priced. List lower to start so you aren’t chasing the market after getting no offers and few showings for a month.

WHAT PROPERTIES ARE IN HIGH DEMAND RIGHT NOW?

Now that the COVID shut down boom has ended, we are back to a “normal” market. That means we are seeing a mix of second or vacation home purchases, as well as full time residence buyers. As always we see a solid percentage of investor purchases as well. This market gives more options to locals looking to buy their first home, but sadly pricing is still high enough to make home ownership unreachable for most locals.

Modern updates are continuing to be popular with buyers. Homes that have modern kitchens and bathrooms are selling for top dollar compared with older interiors. As always location is still key. If the home backs the forest or has a view of mountains or the lake it will be in high demand.

If you would like a member of our Team to come out to your home and give you a report on what updates or staging would be recommended to sell at top dollar, as well as a FREE customized Home Evaluation, contact us HERE.

But don’t fret if your property doesn’t fit any of the styles or features mentioned above. You might not have multiple offers on your home, but if priced right it will sell.

The post Tahoe Real Estate Market appeared first on Paradise Real Estate.

That was a bit of a surprise to the City and others. This caused them to scramble a bit to get something in place quickly to fill the gap and give guidance to City staff as well as home owners. On June 17, 2025 the City Council adopted an ordinance amending the VHR regulations and provided for an initial application period to be open only to prior VHR and Qualified VHR permittees.

So what are the new rules?

CURRENT ORDINANCE

To read the entire ordinance that was put into place June 17th, 2025 you can review it in the document below.

WHAT ARE THE BASICS?

Here is a short and sweet overview of the current rules stated in the above ordinance document.

• VHR permits are non-transferable.
• You cannot get a new VHR permit on a multifamily dwelling unit. Definition of multifamily dwelling unit is a unit that shares at least one wall, floor, or ceiling with at least one other dwelling unit (except Condos within the Tourist Core Area).
• In areas outside the Tourist Core Area, owners are required to have a property manager at all times
• There is a 150 foot buffer zone around all VHR properties located outside the Tourist Core Area, meaning no other VHR permit will be issued to a property within a current permitted properties 150 foot buffer zone which starts at the property line.
• Condos within the Tourist Core Area are exempt from the buffer zone requirements.
• Maximum of 150 VHR permits issued by the City per month.
• Properties must be inspected by the City, including new and renewal applications.
• Inspections are not required for properties located in the Tourist Core Area.
• Permits expire after 1 year, and must be renewed on an annual basis prior to the expiration.
• Commercial activity is prohibited. No weddings, receptions and large parties.

WHAT IS REQUIRED ON THE APPLICATION

The vacation home rental application form includes the following required fields:

• Owner(s) name(s)
• Property manager contact information, including local contact number with 24/7 availability for reporting violations
• Square footage of home
• Owner mailing address
• Proposed VHR address and APN
• VHR permit number (if it is already an existing VHR)
• Number of bedrooms
• Number of paved parking spaces on property
• Identification of outdoor hot tub, if any
• Permit number and expiration date of prior VHR permit, if any
• Outdoor hot tub/spa used is not allowed between 10 PM and 8 AM

OCCUPANCY ALLOWANCE

The allowed occupancy for a vacation home rental property is tied to the number of parking spaces and number of bedrooms, whichever is lesser.

Parking spaces must be no less than 9 feet wide and 19 feet long. For homes with one or more bedrooms (not studios) up to five children ages 13 and under do not count toward the maximum occupancy. For studios, up to 2 children aged 13 and under do not count toward the maximum occupancy.

LINKS FOR MORE INFO

For the full City website with this information & links, click here: City of South Lake Tahoe Measure T & VHR Permit Updates

For more information on VHR’s in South Lake Tahoe and the other areas around the Lake, click here: Vacation Home Rental Rules Around Lake Tahoe

The post Vacation Home Rentals Ordinance in South Lake Tahoe, CA appeared first on Paradise Real Estate.

LONG ROAD TO RECOVERY

Inflation is fading, and it looks like we will see a soft landing soon. Housing supply is still tight but we are seeing some rays of hope. There was an unseasonably strong winter in the housing market in California. Prices are going up, rates have trended downward, but affordability is also down.

Inflation is easing, but prices aren’t falling for most folks. Commercial spaces are still showing high vacancy rates, growing continually since COVID.

Sales seem to still be waiting for rates to lower more. The Bay Area & Central Valley areas are outperforming in the state. It does look like prices are normalizing.

Housing affordability is at the lowest level since 2007. Getting insurance on a property has become one of the biggest hurdles to home buyers.

And most importantly, forecast shows prices will continue to rise thru 2025.

You can review the 2024 California Housing Market Forecast here: 2024 California Housing Market Forecast

The post 2025 California Housing Market Forecast appeared first on Paradise Real Estate.

Up until August 17th, 2024, buyers in that situation would normally just go around to different open houses speaking with the listing agents there, or speak with other real estate agents in town to find one they want to work with. Nothing needing to be signed usually cementing the agency between the agent and buyer until they find the house they want to write an offer on.

BUT OH, HOW THINGS HAVE CHANGED

Due to the lawsuit brought against the National Association of REALTORS and other real estate groups, buyers are now required by law to sign a BUYER BROKER AGREEMENT with an agent prior to them showing you ANY properties.

While the buyer agreements do benefit you as a consumer, clearly and transparently outlining the services the agent will provide and how they will be compensated… some of the text on the document may be confusing. So let’s break it down in simple terms.

KEY POINTS ON THE BUYER BROKER AGREEMENT

Before you sign a buyer broker agreement, you should have at least a basic understanding of what the contract means for you and how the terms could have an effect on the purchase of your new home. In the end, you should be comfortable with ALL of the terms BEFORE committing to working with a particular real estate agent.

Here are the key points to consider:

• Exclusivity – Check if the agreement is:
  • Exclusive, meaning you can only work with this agent to find a home during the contract period.
  • Non-Exclusive, allowing you to work with other agents during the contract period as well as this agent.
• Term Length – Understand how long the agreement will last. They can range from a few weeks to several months.
• Services Included – Review what specific services the agent will provide. These can include:
  • Property Searches
  • Showing Properties
  • Negotiating Offers
  • Handling Paperwork
  • Assisting with Inspections & Appraisers
  • Recommending Contractors & Others
• Termination Clause – Read carefully about the conditions under which you can terminate the agreement early. Their may be potential penalties if you break the contract prematurely.
• Geographic Area – Verify that the agent has experience in the specific geographic area (City, County, Neighborhood, Subdivision) you are looking at, and that the area is listed on the document. It is not recommended to leave it broad to include the entire state.
• Communication Expectations – Discuss how often you expect to be updated on property listings and potential issues that may arise during the search process. Tell your agent if you prefer calls, texts, emails, or any combination of those.
• Buyer Agency Fees – Understand how the agent will be compensated, whether through commission from the seller or directly from you as a buyer. Even though the commission rules have changed and agents are no longer guaranteed a commission paid from the seller if the property is listed in the Multiple Listing Service (MLS), many sellers are still offering to cover all or partial commissions to the buyers agent. You still need to discuss this and put in writing the agreed fee that will be paid to your agent.

IMPORTANT QUESTIONS TO ASK THE AGENT

It is highly recommended that you interview at least 3 real estate agents prior to selecting one to represent you in a purchase. This can be done by walking or calling into local real estate offices, calling agents who send you mailers, or getting recommendations from friends and family. Which every way you use to find agents, here are some questions to ask them during the interview to really see if they will be a good fit for you.

• What is your experience in the local market?
• How many properties do you typically show clients during their search?
• What is your strategy for negotiating offers?
• What is included in your services?
• Are their any additional fees associated with your services beyond the commission?
• Can I provide feedback on properties I view without affecting our agreement?
• Can you provide references or client testimonials?
• What is your current number of clients?
• Do you work with a team or are you independent?

BENEFIT OF SIGNING A BUYER BROKER AGREEMENT

Don’t let the buyer broker agreement scare you. It actually has some major benefits. It protects YOUR interests!

Once your agent signs a buyer’s broker agreement, the agent has a legal obligation to prioritize YOUR interests, not the seller’s. This gives you peace of mind knowing they are only looking out for what’s best for you. You also get to know up front the level of commitment your agent is willing to make to you.

Hopefully this information helps you along the path to finding a good agent to assist you in purchasing a new home. Our Team would love to assist you in any purchase or sale within the Tahoe and Carson Valley areas. Just shoot us a text/call at 530-541-2465 or email amanda@paradise-realestate.com and one of our experienced team members will respond.

The post What to know about Buyer Broker Agreements appeared first on Paradise Real Estate.

What will happen with the real estate market in 2024?

– Everyone

One way we can get pretty close (usually) to knowing what will happen with the market is to listen to the experts. While we consider ourselves experts regarding the Tahoe Real Estate and market, we have to lean on economic experts to get more in depth details and analysis. By combining this expert knowledge for both the local market as well as the state & national markets and the economy as a whole, we can extrapolate with a moderate confidence of accuracy what will happen.

The information provided here includes historical and current data, with educated estimations on the future. In other words, the forecasts are guesses. No one can really know exactly what will happen. Please use your own judgement when making financial decisions.

CALIFORNIA ASSOCIATION OF REALTORS Housing Market Forecast

California housing market will rebound in 2024 as mortgage rates ebb.

• Existing, single-family home sales are forecast to total 327,100 units in 2024, an increase of 22.9 percent from 2023’s projected pace of 266,200.
  
• California’s median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022’s $822,300.
  
• Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023.

MORE FAVORABLE MARKET?

Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.). 

The baseline scenario of C.A.R.’s “2024 California Housing Market Forecast” sees an increase in existing single-family home sales of 22.9 percent next year to reach 327,100 units, up from the projected 2023 sales figure of 266,200. The 2023 figure is 22.2 percent lower compared with the pace of 342,000 homes sold in 2022.

The California median home price is forecast to rise 6.2 percent to $860,300 in 2024, following a projected 1.5 percent dip to $810,000 in 2023 from $822,300 in 2022. A persistent housing shortage and a competitive housing market will continue to put upward pressure on home prices next year.

“2024 will be a better year for the California housing market for both buyers and sellers as mortgage interest rates are expected to decline next year,” said C.A.R. President Jennifer Branchini, a Bay Area REALTOR^®. “A more favorable market environment with lower borrowing costs, coupled with an increase in available homes for sale, will motivate buyers and sellers to reenter the market next year. First-time buyers who were squeezed out by the highly competitive market in the last couple of years will try to attain their American dream next year. Repeat buyers who have overcome the “lock-in effect” will also return to the market as mortgage rates begin to trend down.”

OTHER ECONOMIC FACTORS

C.A.R.’s 2024 forecast predicts the U.S. gross domestic product to edge up 0.7 percent in 2024, after a projected uptick of 1.7 percent in 2023. With California’s 2024 nonfarm job growth rate at 0.5 percent, up from a projected increase of 1.4 percent in 2023, the state’s unemployment rate will increase to 5.0 percent in 2024 from 2023’s projected rate of 4.6 percent.

Inflation will continue its gradual decline over the next 18 months, with the CPI registering 2.6% in 2024, down from 3.9% in 2023. As such, the average 30-year, fixed mortgage interest rate will decline from 6.7 percent in 2023 but remain elevated at 6.0 percent in 2024. While next year’s projected average for the 30-year fixed mortgage interest rate will still be higher than the levels observed in the few years prior to the pandemic, it will be lower than the long-run average of nearly 8% in the past 50 years.

(Information provided by the California Association of REALTORS)

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That’s the main question I’m getting right now from buyers. It’s understandable, with all the national headlines that make it sound like prices will drop dramatically once the settlement is finalized. Well, I previously wrote a whole blog on the fact it doesn’t look like prices will drop just because of the settlement. This is due to many reasons, but mainly because sellers aren’t really gonna drop the price just because they are saving a couple thousand dollars.

The value of a house is the price someone is willing to pay for it… period. That has not changed.

But if prices are probably not going to drop, what other things in the settlement affect buyers and how can buyers position themselves to take advantage of the new rules?

SHOULD BUYERS HIRE AN AGENT?

First off, with the seller no longer being required to pay the buyers agent commission, buyers will most likely have to pay their agent themselves.

Remember that the settlement just removes the requirement of the seller to pay the buyers agent commission and removes that offer of compensation from the Multiple Listing Service (MLS). But it doesn’t say that the sellers CAN’T pay the buyers agent commission. So sellers can, and should in some situations, still offer to pay some or all of the buyers agent commission.

Why? Because that may encourage buyers to put in offers on their property. Or it could protect the seller legally by making sure the buyers are represented by a knowledgeable local agent who looks out for their interests.

But no matter if a seller offers to pay the agents commission or not, buyers will need to hire an agent before looking at properties. So how do they do that? Pretty much the same way they do it now.

1. Represent yourself (no agent). Definitely not recommended! But if you have a lot of experience purchasing properties, know the paperwork and how to fill it out to make sure you protect your needs and interests, and understand all the local laws related to real estate and the ability or restriction for building and adding onto the property… then this option might work for you. You need to weigh the risk against the money you may save. As an example, if the commission you would pay an agent equals to be around $15,000 then is that amount of savings worth risking the $600,000 purchase or potential future legal fees?
2. Reach out to the listing agent directly. Just be aware that the listing agent represents the sellers and may have a conflict of interest if they represent both seller and buyer.
3. Interview local agents. While there are agents who specialize in buyer representation, any licensed agent can represent a buyer. What you want to do is do some leg work… search online for customer reviews and their bio. Reviews can be found on Zillow and other websites. Then meet with them in person so you can ask questions.

ASK QUESTIONS

However you decide to pick an agent, please don’t just settle with the first one you meet. This is an important choice, and you should find out if the agent has the experience, knowledge and temperament to represent you. So when you meet with them, ask them some questions to get to know them a little better.

Here are some examples of questions to ask:
– How long have you been an agent?
– How long have you lived in the area?
– Do you work alone or do you have a team?
– What is the #1 thing you think a buyer in this local area should know before purchasing?
– What references do you have and can I contact a past client of yours?
– How do you help buyers compete in this market?
– What is your preferred communication method?

Of course with the changes proposed in the settlement, the last question will need to be: “How much do you charge for buyer representation?”

BUYER BROKER AGREEMENT

Yup, you’re gonna need to sign a form to agree to hire the buyers agent. But this isn’t anything new. The buyers broker agreement forms have been around for decades. It’s just most agents didn’t make their clients sign one since the sellers paid the commission.

Wait a minute! Haven’t I been calling it a “buyers agent”? Why am I now saying “buyer broker”? This is because legally the buyer is signing an agreement to have the broker represent them. The agent is a representative of the broker and serves under them. The broker is the one who in the end will be responsible in any legal issues. But the public commonly just feels the agent is who they are hiring, so thus why I mainly use the term “buyers agent” instead of the broker.

Back to the topic… There are multiple forms that the agent and buyers can use for different situations. The forms go over more than just the payment of the commission from the buyer to the agent. It also explains the duties the agent has to the client.

As it stands now, here are the main items on the form that will need to be agreed to:

• Timeframe. When is the agreement in affect? This could be short, like maybe just 3 months. Or longer, like a year. No matter how long, there has to be a set timeframe for the agreement.
• Payment. It has to clearly state what the buyer will pay the agent (broker). This can be an upfront retainer fee, kind of like some attorneys charge. Or it could be that the agent only gets paid at closing (like it is currently).
• Location. You can also state if the agreement to pay the agent is just for 1 specific property and list the address. Or you could say the agent gets paid only if you purchase a property within a specific city, county, or state. If you leave it open ended, it could mean you have to pay the agent even if you end up purchasing way far away. So pay attention to this part to make sure it’s limited to the area you are hiring the agent to represent you in.

We anticipate changes to the buyer broker agreement forms once the settlement is finalized. This will allow text changes to align the forms with the new laws.

MORE TO COME

Since the settlement isn’t finalized yet, there are still some unknowns. Like will buyer agent commissions have to be a firm number, or can they be a percentage of the purchase price (like is common now). Our team will keep an eye on the settlement and once it’s finalized we will update our blogs to reflect the new laws and processes.

The post NAR Settlement: Should you wait to buy? appeared first on Paradise Real Estate.