Is this the best time to buy or sell a house? Yes and Yes! We are in remarkable times, good for both sellers and buyers. Here’s why:
- It continues to be a sellers’ market.
- The demand for housing will continue.
- Dwindling inventory has reached an all-time low.
- Median home prices will continue to rise in the Coachella Valley, at least until mid-2022 before flattening out at their highest level in five years. Currently, Coachella Valley median home prices reached $615,000 this past year.
- New home starts are on the decline.
- Homebuilders and land developers drive this market as well. Many are impatiently waiting, ready to start construction on new homes. If they had their way, they would build them fast enough to meet the demand.
- While it is not a buyer’s market, per se, it is still a perfect time to buy a house.
- Interest rates continue to remain at a very low 3% to 3.1% for 30-year mortgages.
- Rising rents are an incentive for first-time homebuyers.
- Home prices will begin to level, multiple bids or bid wars are slowing down.
Sellers are thinking ahead and making their homes more attractive to modern-day home buyers. Living in the new normal has inspired homeowners to consider COVID and climate-change conditions when remodeling their homes.
- COVID-driven floor plans are designed to accommodate more people working and studying at home.
- Remodeling homes to appeal to multi-families either multi-generational or unrelated families living together.
- Purchasing and installing climate-change resilient home features guaranteeing a smaller carbon footprint for the homeowner.
Sellers remain in a very strong position. However, some price stabilization and the continuation of an all-time low-interest rate of 3% bring some relief and hope to home buyers in 2022.
Remember me, when you are ready to make a move, or if you have any questions. I am Stephen Burchard, The Desert Bowtie Realtor, taking the (k)nots out of real estate.