Desert Real Estate Inventory is UP; Local Market Update. Standing Inventory in our Coachella Valley Real Estate market has zoomed up since December, 2015 states Kim Kelly, Coachella Valley Real Estate Agent. According to HK Lane Brokerage Market Updates, Standing Inventory in February 2016 was approximately 6,800 units! This number includes both Single Family Residences and Condos. That’s approx. 2,000 MORE HOMES than 1 year ago. What does this mean for Local Sellers? How about Foreign Sellers? Are Buyers’ capitalizing on these numbers? Give Kim Kelly a call at 760-285-3578 for your personal consultation.
WHAT DOES THIS MEAN FOR LOCAL SELLERS? It means that it is imperative that you hear your Real Estate expert when she tells you that your price/sf. needs to be lower. Remember that ANYONE can List your property, but to SELL it..price it correctly for your micro-local real estate market. Marketing is critical for Sellers, but no amount of marketing will get a property SOLD if the Seller is stuck on a number that is just too high.
HOW ABOUT OUR NON-LOCAL SELLERS? I have sellers from all over California, Canada, Australia, and other countries. Because they are not here experiencing the market every day, you must pay attention to what your Agent is telling you. Canadian Sellers ALL had the same idea this season..capitalize on the money exchange rates, and sell now, then put the extra 30% or so away. Unfortunately, if all the Canadians put their properties for sale at the same time, and our Canadian buyer market shrinks..it means that if you want to SELL, not just list, adjust your numbers!!
IS IT A BUYERS’ MARKET IN COACHELLA VALLEY REAL ESTATE? I believe we are in a buyers’ market to a degree, and over the summer, up to the Elections, buyers’ should have a strong leverage position here in our local real estate market. Keep in mind that many Sellers do not HAVE to sell. Not distressed, and in fact, may be socking away plenty of Rental Income which will allow them to hold their properties for years, so don’t lowball! Don’t forget to use a LOCAL lender if you’re thinking about obtaining a Loan!