North Lake Tahoe- A Little Strip of Paradise

In the summer enjoy hiking, biking, and all other summer activities in one of the most beautiful places on earth:  Lake Tahoe.

I choose to live in North Lake Tahoe because it’s the best of Tahoe without the busy tourist feel.  Incline Village is the pinnacle of that having a quiet relaxed pace and abundant nature as part of the design of the living style and design.  Incline Village is located about 25 minutes outside of Carson City, South Lake Tahoe, and Reno and is the perfect getaway location for second home owners and vacation home owners and a little strip of paradise for us full time residents.

North Lake Tahoe is known for one of the bluest lakes surrounded by scenic forest area.  Spend a lazy day on the beach (see me above), as an owner of a property in Incline you get access to three private beaches Incline Beach, Burnt Cedar Beach, and Ski Beach where you can launch your boat or water toys for free.  Included in your owning property in Incline Village North Lake Tahoe Nevada you have access to the Incline Village Recreation Center which has a gym, heated indoor pool, fitness classes, and a tennis club.  Spring and summer are the best time for golfing and owners in Incline Village get reduced green fees at the two local golf courses Championship Golf Course, and Mountain Golf Course which offer free Tee times after 5:00pm to locals.

North Lake Tahoe- Real Estate Market Update

For the first time in two years pending home sales in July reached their highest point.  Closed sales continued on an upward path as a result, in June 3.8 million properties were for sale nationally compared with the 4.5 million properties last year.  This is another indication that the economy is becoming stronger particularly in regards to real estate.  The stock market has been rising, exports have been rising faster than imports and durable goods orders have risen for the third month straight.  The National Association of Realtors are forecasting higher home sales and stabilizing prices in the year ahead.

As good as these things sound there are a few things to be concerned with.  One is that even with inventories improving, it’s possible that many owners want to put their house on the market but are waiting for conditions to improve; banks could be sitting on the fence as well with foreclosed properties.  This could change the numbers next year flooding the market with inventory as the market recovers.

Second, there are economic factors that could hold back the economy recovering such as a large looking term budget deficit.  That could make higher mortgage rates which can hurt the real estate market making loans and property less affordable.  Also if gas and unemployment continue to rise foreclosures will rise through the remainder of the year.

I feel relatively confident looking at some of these indicators moving into the last quarter of the year with homes sales up and inventories shrinking and prices stabilizing.  These are all important conditions for the economy to grow and once that happens more jobs will be created and unemployment will drop.

North Lake Tahoe- The Homestead Exemption: Can It Help You?

Most states offer some type of “Homestead exemption” that helps home owners protect a portion of their home equity in the event of bankruptcy.  If you are a current homeowner looking at bankruptcy or foreclosure and you have some savings, you should consult with an attorney to find out whether the Homestead exemption can work in your favor.  It may be possible for you to invest your savings in a house and protect it from creditors.

North Lake Tahoe- Bankruptcy and Real Estate: Buying Your Home

In today’s economy there are many people going bankrupt and are selling their home.  This creates a good market for buyers looking to jump into real estate with a home that is being sold at a deal but is it worth the headache buying a home in bankruptcy?  Let’s start out looking at buying a home in foreclosure.

The Buyers Perspective

If the bankruptcy filing goes after you have entered into a purchase agreement, the bankruptcy by itself doesn’t automatically lead to a deal breaker.  If the seller can’t meet the closing date or other deadlines built into the contract, which is often the case in bankruptcies, the buyer can back out of the deal.  Moving forward you can still purchase the home but this type of transaction can be very complex so my advice for buyers is to consult with a bankruptcy attorney.  If you’re buying a home from a builder who is bankruptcy you face the risk of the builder being able to complete construction or fulfill it’s promises such as warranty obligations to you.  Whatever you decided when buying a home going into foreclosure you want to take the time to at least talk to an attorney.

North Lake Tahoe- Bankruptcy and Real Estate: Selling Your Home

In today’s economy there are many people going bankrupt and are selling their home.  This creates a good market for buyers looking to jump into real estate with a home that is being sold at a deal.  Would a short sale or foreclosure be the best option for you?

Foreclosure vs. Short Sale

Bankrupt sellers’ typically owe more than the home is currently worth and can either let the bank take the home as part of the foreclosure or sell their home through a short sale.  Short sales are designed to leave a lesser mark on the sellers’ credit history by agreeing with the bank to sell the home for less than the bank is owed so the bank isn’t left empty handed.  Through negative consequences of a bankruptcy tend to overwhelm any credit-preserving benefits of a short sale.

With a short sale you must leave the home earlier then you do with a foreclosure.  Foreclosures take time to process and the owner is usually able to stay in the home longer.

If You Have Equity in Your Home

If you have equity in your home, bankruptcy might actually help smooth the sale because the bankruptcy’s automatic stay gives you time to close on a well thought deal.

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