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Coachella Real Estate; report from the desert. It has been an interesting season so far here in the Coachella Valley. Everyone says it’s “slow’. Well that’s true in that the inventory is still low, so the buyers that are looking often just don’t have a bunch of properties to view. However, there’s another thing that’s happening. If you are interested in buying or selling your property in the Coachella Valley, East Valley, central, or West Valley, give local resident and realtor, Kim Kelly a call at 760-285-3578.
I just listed a beautiful property for a long time client of mine. I was speaking to him about the hesitation of both buyers and sellers that I’m seeing this season. He suggested to me that sellers are thinking like he is on this property. “If I get full price, yes I’ll sell. But if they make me an offer that is near, but below, or if the terms aren’t clean, I may just decide to keep it!” As he says, yes, I have lots of equity and it doesn’t make sense not to take a GREAT offer. On the other hand if I sell, I’m out of the Coachella Valley market because I can’t find anything to replace it. Rates are high, prices are steady, so as he says, not like there are alot of “deals around.”
I do think this is part of it. I’ve taken offers that the seller says they’ll accept, but when they get it, they change their minds. I have buyers doing the same thing..writing a good offer, then rescinding it the next day. People are very up and down this year. Will this change any time soon? I do believe that even one reduction in I rates will drive more buyers to commit, but then they will hit the same issue as buyers have now, which is low inventory.
If you are thinking of buying, and you find a home or property you like, and the purchase price is within your range, I would really think about committing. You will be competing against more buyers when the I rate does go down. If you are a seller, and an offer comes in at or very near your ask, take it.