Happy Holidays in the Coachella Valley! We have alot to be grateful for here in our beautiful desert valley. The insanely beautiful winter weather is here and so are our seasonal residents and visitors. We did get a deluge of rain last week which completely flooded out the Eldorado Polo Club, as well as many local roads and bridges, but two days later, here comes our sun. If you are looking to buy or sell a home, land, equestrian property or investment property, give local realtor, Kim Kelly a call at 760-285-3578.
We actually are finishing the year with good news! The stock market is raging with record highs..good for everyone who has any stocks at all. Inflation has cooled..and without a recession..who knew?? And for potential buyers, Interest rates for mortgages have come down this year, and many are predicting another drop first Q of 2024.
Home buyers have received a gift to end the year in 2023! Happy Holidays in the Coachella Valley! We have seen 6 consecutive weeks of rates dropping and the Fed Meeting this last week decided to pause rate hikes for the 3rd consecutive meeting to end the year. Check out some of the recent stats below. Home buying in 2024 has just become more affordable.
6 – Consecutive weeks of interest rates dropping to end the year.
3 – Consecutive Fed meetings which they have decided to pause rate hikes. This is after seeing 11 rate hikes in the 2022-2023 cycle.
3 – Potential rate cuts in 2024 that the fed hinted at in their December meeting.
1.25 – The percent that mortgage rates have dropped on average over the last 2 months. (Courtesy of Walter Neil with Franklin Loans.)
Inventory is still low, and I suspect that it will remain low until Interest rates do come down nearer to 6%. It’s really hard for sellers to list their homes if they’re thinking of buying again, when they have really low rates in their current properties, so they are choosing to sit. But..our season is just beginning and I am already seeing more listings hit the market, so if you are thinking you might be ready to start looking in our Coachella Valley, 2024 could be the year!
This 20 acre farm just closed, but I have more land and equestrian properties, investment opportunities and residential properties for sale..give me a call!