What’s Stopping You from Selling Your Home? In the Palm Springs area, as with many of the United States, current homeowners are not listing their homes for sale for several reasons. Perhaps they fear the unknown market, and potential higher interest rates, or they just love their home and will own it forever. However, if and when someone lists a home, it usually has many showings and multiple offers within hours and days after listing.
However, as quickly as the local Coachella Valley housing prices increased over the last two years, home prices are declining slightly due to higher interest rates. The higher interest rates crimp buyers’ buying power and purchase “less of a house” than in the pre-pandemic real estate market.
The good news is that neither of these indicators shows a housing crash anywhere soon. The housing crash of 2008 “was artificially propped up by issuing mortgages to people who weren’t in a good financial place to buy and maintain a home. The economic downturn also meant buyer demand plummeted. Home values declined significantly as a result.” (US News) The main difference between then and now is that the delinquency rate of foreclosures is much lower.
This is Not 2008
“With today’s homeowners, laws and regulations have been in place to prevent predatory lending since the Great Recession. Even as high home prices and rising interest rates have increased the total cost to buy a home, making homeownership unaffordable for otherwise would-be homebuyers, there are still more qualified buyers searching for homes than there are properties for sale.” (US News)
The good news is that buyers are still looking for homes in the Coachella Valley. I have been working with several buyers lately but running out of homes to show them.
And Good News! Below are some great reasons to sell your home in the coming months:
- Higher home prices – Homes listed this week are priced 2.1% higher than the average week and 12.% higher than the start of the year.
- Strong buyer demand – Homes listed this week had 16.4% more views than the average week and 32.5% more views than average in 2022.
- Less seller competition – Active inventory at the start of 2023 was 65.5% higher YoY but 43.2% lower than pre-pandemic levels, which means less seller competition.
- Faster sales times – Homes have historically sold 18% faster this week than average, and experts also expect faster sales times this year despite lower buyer demand. (REALTOR.com)
If you’re considering selling your home now or within the next few months, I would love to show them yours. I make sure my buyers are financially rock solid to move forward with a purchase – and it could be your home.Call me today, and let’s talk about your options for selling your home and the next steps you can take once it has an accepted offer because it could go very fast