The Coachella Valley real estate market is seeing a record-setting sales pace in addition to historical inventory lows. And all of this is happening in the midst of our “off season” in the heat of summer. With the start of our desert season just around the corner, why would NOW still be the time to list a home for sale? We have a few excellent reasons to make the case that it is still the perfect time to put your home on the market:
1. Demand: Buyers who normally start looking around late winter/early spring had to sit on the sidelines to wait out the COVID-19 pandemic before proceeding with their plans. When we could resume semi-normal activities, the race to look at and purchase homes reached a fever pitch that is still going on in the middle of September. Now that we are just weeks away from the start of our desert season, part-time residents are also on the lookout for their desert home, creating another competitor on the hunt for a place in our desert paradise. This high demand for housing creates an opportunity for sellers to maximize the return on their investment. With season quickly approaching, now is a great time to get into and stay ahead of the market.
2. Scarcity: Comparing the year-over-year numbers, inventory in the Coachella Valley is down by almost 25%. This is tracking consistently with previous summer months and has widened since before the economic shut down. Additionally, there is a minuscule level of homes available for rent, which may push some would-be renters into the buyers pool. As the laws of economics indicate, low supply coupled with high demand will lead to an increase in price. If you have been on the fence about listing your home, NOW is absolutely the time to commit before an anticipated wave of inventory hits the market.
3. Affordability: As it stands, the cost of borrowing money is still at an all-time low, with mortgage rates hovering at or below 3%. These low rates will entice more buyers into the market and stir up demand. As more buyers are able to access and fund loans at a cheaper long-term cost, the buyer pool for your home could become larger as buyers can afford more with their monthly budget. Additionally, the Coachella Valley is still one of the few areas in Southern California where homes are affordable for first-time homebuyers, unlocking another key buyer type who could potentially be in the market for a place just like yours.
4. Conditions: As the demand for more space and less congestion rises, our local desert communities are as appealing as ever to people coming from more populated areas. Additionally, many large employers are flexible with telecommuting, granting greater freedom to workers around where they can live thanks to technology making it possible to conduct daily business activities. Many Bennion Deville Homes agents have reported surges in clients purchasing homes in the Coachella Valley from the key coastal drive markets of Los Angeles, Orange County, San Diego, and even from San Francisco and other Bay Area communities.
5. Appeal: Let’s face it, the Coachella Valley is like no other place in Southern California. The lifestyle is sublime, the natural splendor is inspiring, and the cost of living is a fraction compared to other Southern California markets. Although our area has long held appeal as a vacation destination and resort market, there has been a rise of full-time residents over the last several years as word gets out about our beautiful desert area. With world-class amenities and events, short drives to other notable destinations, and an airport that feeds to major domestic and international markets, there is always something fun to do in town, or a quick jump to other exciting places should you decide to explore beyond our desert’s borders.
If you are thinking about buying or selling a property, we would love the opportunity to be a part of your process. Please connect with your local Bennion Deville Homes agent or contact us to start exploring your options. We look forward to unlocking possibilities for you.
- Bob Bennion
- Bob Deville
- Bob Deville and Bob Bennion
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