LAKE TAHOE, Calif. (KTXL) — The coronavirus pandemic has impacted so many areas of life, including where people want to live.
Real estate experts say it’s a trend already happening in Lake Tahoe as people leave the big city in search of more space and privacy.
“We’re seeing about 70% of our buyers come in with cash because they’re trying to win the house,” Re/Max broker Sabrina Belleci told FOX40.
Homes once sat on the market for three to four months, but they are now selling in 72 hours — largely with cash offers above asking price.
Belleci says she has seen that shift in realtime.
“It’s a constant battle of supply and demand,” Belleci said.
Since May of this year, interest in Lake Tahoe real estate has skyrocketed, with people from the Bay Area and other cities seeking more spacious homes.
“People can now work remotely, so they’re kind of like, ‘Why not live where we want to live?” Belleci explained.
But the growing appetite for a mountain move has its downsides.
Belleci notes the cost of living could rise and locals who sell their homes when the market is hot may not be able to afford to go back.
“A lot of people are choosing to sell right now, but the scariest part is they’re not sure if they’re gonna be able to come,” Belleci said.
And with the end of the pandemic still out of sight, it’s still too soon to tell if the wave of home buyers will take their lives to Tahoe permanently.
But until then, brokers, like Belleci, are staying busy.
“We’re trying to capitalize on this frenzy as best that we can,” Belleci said.
Brokers advise if you’re looking to buy a home in Lake Tahoe soon to do research about which area you’d like to live and act quickly.