What about this coachella valley market? Here in the Coachella Valley, the bidding wars of 2 years ago have pretty much quieted down. A year ago, you could count on a full price offer if your property was priced right. Now, it’s pretty up and down. The market isn’t bad, but buyers are more cautious. Because interest rates are high right now (6-7% for a conventional loan), compared to I rates of a couple years ago, which were at an all time low of 2-3%, some buyers are finding they can no longer afford that home’s price point, and they are dropping down into a lower tier sales price. If you are considering buying or selling your property here in the Coachella Valley, give Kim Kelly, local realtor, a call at 760-285-3578.
There are several things to remember as a seller in this market. High competition and low inventory can turn into a sellers’ gain. Pricing is important, but also keeping your agents’ on top of the market is imperative. No matter what the comps say, buyers actually set the market. Here in the Coachella Valley, buyers, especially if they are patient, can afford to wait. Sellers on the other hand should be willing to negotiate..even if their neighbors house right next door, which wasn’t as nice, sold for MORE than you are listed at! Believe the market. If you really want to sell your property, respond to all offers; do NOT get insulted.
Especially for sellers of higher priced homes, we are seeing year over year price declines, though not huge. There is less competition, so your house may not sell as fast. Be patient, and be realistic.
Take a tour of this new listing at Victoria Falls in Rancho Mirage, CA. Offered at $1,249,000.