Our daily lives have been forever affected by the outbreak of the coronavirus. How we go about our routines, from grocery shopping to our professional lives, will look different. So how will these changes shape where we want to live, and how will those shifts impact the Coachella Valley?
In the Greater Palm Springs Area we are already seeing an uptick in buyers coming from more densely populated markets who are interested in the sunshine, relaxed atmosphere, and high quality of life, all available with far fewer people per capita than most major metropolitan areas in Southern California and resort markets around the U.S. Here are some predictions for how life after coronavirus will shape things in the Coachella Valley real estate market:
Keep an eye on interest rates: Interest rates continue to hover around historically low levels, with rumors of even further cuts coming to stoke the economy. Although many real estate deals in the Coachella Valley are cash-driven, low interest rates usually spark more demand for homes which translates into activity. In a market where first-time homebuyers are still able to afford property, this is especially important and contributes to more market activity.
The market will recover quickly: Reasonable home prices, an availability of properties, and the highly desirable lifestyle of the Coachella Valley will buoy the desert real estate market and help it recover faster than other Southern California markets. In fact, it’s already happening, even in the midst of the coronavirus outbreak. Buyers from metropolitan and more densely populated areas are flocking to the desert in droves because of the lifestyle, open space, yard sizes, and amazing prices compared to where they are coming from. Wealthier buyers who like to spend significant time traveling are deferring travel plans and buying homes in the desert as well.
Technology rules all: As we have profiled before, day-to-day life in the real estate industry has been forever changed. Technology is now the driving factor in all facets of the home buying and selling process, from marketing tools and techniques, to client communication and writing, reviewing, and accepting offers. Those real estate professionals and brokerages who can effectively communicate to their audience across multiple channels and deliver a comprehensive package of services using cutting-edge technology will win out.
A summer to remember: Over the past several years, summer real estate activity has increased in the desert, and for a variety of reasons. With stay-at-home restrictions loosening and more people returning to work, those buyers who were sitting on the sidelines are going to resume their home search, and with vigor. This pent-up demand will manifest itself in a level of summer sales activity the Greater Palm Springs Area has yet to experience, stoked by high demand for homes, low interest rates, and the appeal of living in a region that offers a sublime lifestyle with a low population density.