Tight Supply Pushes Home Prices Up 20%
Demand for homes and condos in the Coachella Valley (Palm Springs and surrounding cities) is growing faster than the inventory of homes for sale. Buyers are now competing for that shrinking inventory, which is forcing home prices up. A lot of my smart buyers understood what was happening last year and purchased phenomenal deals that in many cases are now worth 20-40% more than they paid for them just months ago. Foreclosures are few and far between and several short sale listings have been cancelled because the homes are no longer under water and can be sold to pay off the mortgage. Having said that, there still are some good deals available, but buyers have to be prepared to act quickly. The days of looking and thinking about a particular property, and revisiting the properties several times before writing an offer are over. Most well priced properties are receiving multiple offers within the first few days on the market. Many home sellers are just beginning to get the message that this is a fantastic time to sell their properties at a higher price in a shorter amount of time than they thought possible.
Have you had thoughts of selling, but not sure if this is the right time for you? Call me today to see if this is the right time for you to sell. Prices are not back to what they were at the peak in 2005-2007, but they are much better than most homeowners realize.
Desert Sun Article: Tight Supply Pushes Home Prices Up 20%
Home prices in the Coachella Valley rose for the sixth straight month in July as inventories of lower-priced and distressed properties continued to dwindle and buyers sought options such as read more