Reporting live from the field. Our team has had lots of conversations with friends, clients and realtor colleagues while on tour recently, during open houses, and at our weekly meetings with our managing broker at Bennion Deville Homes. The common thread of conversation is highlighted below:
Buyers – it is a great time to buy! Lots of inventory (homes) on the market to select from; up 94.8% over last year in December in the popular community of La Quinta, located in the Coachella Valley and Empire Polo Club!
Start by consulting with a lender, before you go home shopping, so you know what you can afford, with funds on hand for your deposit.
Be prepared to attach your pre-approval credentials to your offer. If your existing home is a contingency, it is a good idea to have evidence that it is ready for market, or even better, that it is in escrow. We can help you every step of the way.
Sellers - competition has heated up. Your home should be “model home ready” when you go to market with your listing. If you are not sure what that means or looks like, we can take you on a tour so you can see firsthand. It may take time to get your home ready, but it is worth it. A fresh layer of paint may be a good place to start. It is also important that you know your competition, and work with a realtor to understand CMAs (Competitive Market Analysis).
Sellers - homes ready for the market with great staging, and a competitively priced listing, are still getting multiple offers, some above list price. In La Quinta Dec 2022 vs 2021, for example, 45.5% sales were above list price. Our team does a great job supporting your staging efforts, and providing detailed data so you know the value of your home in today`s market.
RESOURCE - REVIEW THE OBERFELDER TEAM STAGING GUIDE HERE: The Oberfelder Team | Bennion Deville Homes
THE BIG PICTURE What the Fourth Quarter 2022 Coachella Valley Real Estate Market Tells Us About 2023 (bdhomes.com)
First, we know if you are here, you are curious about things, and there are so many things to be curious about. That is why we have created our Inbox Concierge, a private media place where you can send secure and confidential questions and messages.
INBOX CONCIERGE - WE LOOK FORWARD TO HEARING FROM YOU!
The comment “what goes up, must come down”, generated a popular response from the team today. It is important to look at the data, while considering current movement driving the trends. By all accounts, the market is adjusting, triggered by the pandemic real estate eclipse we reported in June. The trend is positive, as you will see in the report below.
Seller, buyer, and real estate professional behaviors are big influencers for current trends. Some are adjusting more quickly, facing the facts, defining a new competitive edge. We place a strong focus on getting back to the basics, especially when it comes to listing your home for market, setting prices with current CMA reports, and "model home" staging. Knowledge is power, and supporting feelings and ideas should be backed by reporting analysis.
The desert continues to offer a desirable resort living lifestyle for retirees and second home enthusiasts, looking for a healthy, active, simple lifestyle 365 days a year, filled with sunshine and beautiful skies, starting and ending most every day. Many buyers are looking for a vacation home for now, that can be a retirement home for later, which is what the Oberfelders did.
When considering the investment one makes for luxury resort living, in California, the Palm Springs / Coachella Valley offers a great value. A bonus to enjoying desert lifestyles is access to the surfy coast in one direction, and treed mountains with a four season experience, in another. You really can have it all, and all the best, living the Southern California dream.
Buyers have more homes to select from as inventory continues to increase month over month, which means Sellers have more competition, and need to adjust their expectations accordingly. STAGING TIPS
Suzee, a second-generation realtor and Southern California native, has the experience as team director, to deliver a seamless transaction process. SUZEE`S RESUME
August median price for detached homes was $682,000 vs $710,000 last month, and up 17.4% year over year.
August median price for attached homes was $467,500, also down from last month, and up 25.1% year over year.
Note the red line below moving in the up direction, showing a positive upward trend.