Palm Springs Market Report

To Sell or Not to Sell?  Now That is a Very Good Question!

This column has often been cleverly filled with statistics regarding home sales, inventories, median prices, average prices and so on.  These numbers are provided by our local MLS.  By the time you’ve received this newsletter, the statistics are out of date by a month or more.  So, if you are interested in the latest statistics, go to the website of California Desert Association of REALTORS® and click on the current month’s market statistics: www.cdaronlone.org. What I would rather report to you is how the market feels—and frequently the way it feels goes counter to the statistics.  Overall, in the Coachella Valley, home sales have been weakened in part by the strength of the US Dollar, which thwarted many foreign buyers from entering the market—especially our Canadian neighbors, who constitute the majority of foreign ownership in this region.  This trend will most likely continue as long as oil prices remain relatively low.  Brexit and November’s election are not helping, either – so it appears that there will be little change until the end of the year. Inventories are still quite high, which means it’s definitely a buyer’s market.  If you must sell your home, then be prepared to price it to sell.  Buyers are prepared to wait out the market, so with that attitude they can afford to be selective. On the other hand, if you don’t really need to sell right now, it may be prudent to stand back and wait until the market firms up.  You can use the time to tidy up your property, and to be prepared when the time comes.
Posted in Market Reports.

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