Welcome to the nitty gritty of real estate. To introduce you to us, Nancy started her real estate career in 1999 as a buyer specialist for the very first real estate team in Truckee. At that time, the area was flush with Bay Area dot-com money. There was little inventory, similar to this spring, when inventory levels were the lowest she had seen in 20 years. Vacant land was still readily available, so prices and construction were on the rise. Later that year, we qualified for our first home loan using only Bill’s stated income from his job as a bartender at Bar of America. Stated income meant you told the mortgage company what your income was without necessarily having the paper trail to back it up.
So much has changed since then. Last year, Bill retired from Bar of America, and joined Nancy in real estate at Tahoe Truckee Brokers, the company she started six years ago. Real estate teams are the norm in the industry now. Loan standards have tightened considerably, so the process of obtaining financing is a much bigger task than most remember. Construction of new homes, which pretty much came to a halt during the recession, has rebounded somewhat. Affordability has also been an issue in recent years, to the point where locals, who want to live and work, and buy homes here, simply cannot afford to do so. We are solidly a second home community that caters to resort market clientele.