Helping You Make the Right Move
2020 was a record-breaking year for real estate all over the world, but in the cozy corner of Lake Tahoe, we have more unique factors leading to 2021 being an unprecedented “seller’s market”. As a homeowner in this region, here are things you must know when evaluating if now is a good time to sell:
Tahoe Homeowner Insight #1
Stop Trusting The Internet
Every homeowner does it – you watch your neighbor sell their home for way more than you thought it was worth and so you head on over to Zillow to see what your home might be worth only to walk away wondering how accurate the estimate on the screen really is and how you can know for sure.
Zillow Estimates have an average 20% error margin. 20%!?! Zillow even caveats all estimates with, “Within 20% of Sale Price”. So for a $1,000,000 home, Zillow’s Zestimate could be up to $200,000 off, which could be the difference between you making an educated or misinformed decision about your home.
Chris Fajkos Guidance
Even Zillow’s original CEO and Founder admitted it – you’ll need an actual human being with local real estate knowledge to help you calculate an accurate price for your home. Entering your home’s address into an online tool will never give you an accurate home value. But, getting your hands on a curated report customized to your home is just as easy – reach out today for a complimentary home valuation report.
Tahoe Homeowner Insight #2
1031 Exchanges Are Very Common in Truckee-Tahoe
Many second-homeowners leverage 1031 Exchange agreements to defer capital gains when selling their home. Most homeowners think that these exchanges have to be the same type of property, but in reality, the exchange can involve transferring property ownership to a “like-kind” property such as land, commercial property, or investment property.
Chris Fajkos Guidance
I always tell Truckee-Tahoe homeowners thinking about a 1031 exchange to take these initial steps:
- Contact me to get connected to a local 1031 Exchange Specialist for a free consultation to review your specific situation
- Ensure you have adequate time to dedicate to the research and process a 1031 exchange will add to your home sale timeline
- Know ahead of time what kind of property you will want to use within the exchange process to narrow in on the most strategic plan for your needs
Tahoe Homeowner Insight #3
A Move to Nevada Isn’t Necessary for Tax Savings Any Longer
For Californian’s Prop 19 can help with significant tax savings and keep you in California, whether you want to downsize or upgrade your home. This initiative allows current California homeowners to transfer their current home’s tax base over to a new home, regardless of what the new home’s standard tax base is.
Chris Fajkos Guidance
If you think Prop 19 might benefit you, I can connect you with a local expert who can help you determine exactly what tax savings you can expect, right down to the penny. From there we can price your home according to your personalized numbers and seamlessly work to make your move as easy and efficient as possible. Reach out for more info.
Tahoe Homeowner Insight #4
Your Tahoe Home Appreciated Dramatically in 2020 (& continues to in 2021…)
I’ll say it again – Zillow home value estimates, or “Zestimates” are wrong. Zillow is scraping data from a national database and is unable to take into account the microeconomics going on in Truckee-Tahoe right now. Your home is worth more than you think and as a responsible homeowner you deserve to know exactly how much equity you’ve gained.
Chris Fajkos Guidance
You can make all of the assumptions you want, but you will not know the true value of your home in today’s market without partnering with a local real estate agent to perform a customized valuation.
