Coachella Valley Real Estate Update:
What’s Selling? Here in the Coachella Valley, our normal cycle of real estate sales, would see us heading into the slow season. As the summer heats up, we generally see less activity. However, with the COVID virus, it seems that people are streaming into the desert! They want the heat, the space, the lower density, just less stress I guess. In general, our inventory is low. I was out showing properties for between 4 and $600,000 in Palm Desert or La Quinta. No HOA was mandatory. We looked at 6 or 7 homes over a couple weekends, and each one went into escrow! We finally wrote on one in South PD, and got it. This is not unusual. Call Kim Kelly for your FREE consultation on Value for your Home or info. on a community in the Coachella Valley. 760-285-3578.
How About the Entry Level Homes? The Entry level home in the Coachella Valley are priced between $250,000 to approx. $350,000..and they are hard to find! If you are ok with a Condo, there are options, but if you want a single family home, the choices are limited. If a home comes on the market and it’s in good condition, in this price point, it won’t sit more than a couple weeks max. Lots of people looking, and not much out there.
What’s happening with Prices? Stable is the game right now. Not increasing or decreasing. We have not seen a run up on prices, nor have we seen huge reductions. If you price your property fairly, it’s in good condition, has a view and a good floorplan, it will sell. Each community within each City is unique, but overall, things are steady as they go.
What about Loans? Wow..a great time to get a loan!! Less than 3% for a conventional 30 year fixed, and even better for a 15 year. I am finding that jumbo loans are a bit more finicky to obtain, so have your docs in order. Be pre-approved with a local Lender as product is selling fast, and there are alot of cash buyers as your competition. Local Lenders & Appraisers hold some sway with Sellers as they know the market.
Overall, it’s looking to be a very active summer season here in the Coachella Valley. Land and Farms are also moving, and residential units do NOT sit long, so if you see something you like, go after it! Take this walk tour of 81647 Andalusia at the Andalusia CC in La Quinta. Offered at $1,199,000.