COVID-19 Whoa! What happened in the Lake Tahoe real estate market? Since March just about all sellers decided to remove their properties from the market. You can’t blame them, who would want Covid-19, the Corona Virus in their homes brought in by prospective buyers. Then, of course, the lockdowns started. Stay at home, shelter in place, keep your distance and search for toilet paper!
Interestingly many second homeowners came to Tahoe to do their mandatory lockdowns. Since everyone who could was working from home and kids were distance learning it was the perfect location. I think none thought of the impact they would place on the local infrastructure but we got by because Tahoe had few infections requiring hospitalization. (With 3 ICU beds we could have been in tough shape!)
Now with the lifting of more restrictions in the accelerated Stage II guidelines imposed by the Governor the Tahoe real estate market has taken off! More inventory now on the market with lots of buyers chasing every listing. Multiple offers not uncommon. Why? From what I hear buyers saying, loan rates are lower than in the last 75 years, they want out of populated areas where infections are more concentrated, shelter in place is much easier and preferable in Tahoe than the city, and working from home is now encouraged by employers–you can live in Tahoe and work from home with the blessing of your company!
Look for the Tahoe market to do very well during the Covid outbreak and the resulting recovery!