So this is the big question. When will the bottom be here? Everyone has been asking that question, and you can go to sources that appear to have the answers, and they will give you their personal opinion. I guess- this is no more than that....my personal opinion.
I must say that my opinion is based on what we normally see here in the Palm Springs Real Estate Homes market. Summer typically causes a significant drop in traffic to open houses, to reduced volume in transactions (similar to what the NE sees in winter) - because people are not visiting the valley from around the world (typically) when the temperatures are 105 degrees. and the locals are hunkered down- either in their comfortably air conditioned houses, or in their pools. What a life! Except to realtors and those who work in Real Estate Palm Springs, it is a good time to just put up a sign that says something like "see you in the fall" and take the summer off.
Lucky for people like me, many realtors do.
But I have to say- what I described above is USUALLY what is seen this time of year. What I have seen in my open house traffic, to new customers that have signed up with me to find that perfect home (Thanks Jim and Lisa- new customers this week)- the market appears to be picking up steam. I have attended meetings at the CDAR (local Realtor association here in the desert), where they continue to talk about multiple offers (today, a lady mentioned a property that had 24 offers on it before the bank told the realtor to stop presenting offers). This is not the market we have seen over the past several years. Between my growing traffic (which should be dying down) to the appearance that investors have returned to the valley, a turn around appears to be occurring.
The big question. Is this just a bump, that will soon be followed by a continued decline, or is it truly the bottom? I have not spoken with anyone that believes that this LOCAL market is continuing to slide, in fact, the latest indications suggest that all price levels (just had a 1.8m property get multiple offers in N. Palm Springs) are beginning to pop just as temperatures begin to rise.
I was in San Diego last week for GRI class (professional designation) which was held in San Diego, and the same thing is going on there as we are beginning to see here. However, in San Diego, it's been going on for a while.
It does make sense. When you can buy a home well below even the current market construction cost, you know this condition cannot last. In fact, one gentlemen at a recent meeting I attended at CDAR suggested that the first bump up is typically pretty swift- picking up avg cost to construction cost.
Could this be the bottom? Sure could. Could we be seeing already signs of a swift SLIGHT upswing in values to correct up to construction cost? Very possible. The bottom line for any savvy investor or first time home buyer, or move up family is- are you in a position now to make a move on Real Estate in Palm Springs? If you are, you should stand up, get off the sidelines, and get in the game before you miss the big opportunity which could be evaporating just as fast as the water in my pool! The best properties are popping fast. You want that golf course home in La Quinta for 699 vs. 1.2m? Call me now- and let's get you going down the path of qualification and let's get you moving on that home deal that you will be proud to call home.
The old days of thinking of homes as being a quick source of a buck are likely behind us. From here, we only need to focus on affordability- and if you can get into the home of your dreams, act now while that home is affordable. Don't forget about the $$ that is available for purchase to some qualified buyers! The time is right. Are you ready?
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Have a home to sell, and don't know who to turn to next? Bill Morgner, Broker Associate with Keller Williams Realty and http://www.TopPalmSpringsHomes.com is YOUR SOURCE for the best in online marketing strategies, and other services geared to ensure that your property presents well, and even MORE IMPORTANTLY is SEEN by buyers around the world. How likely is it that your buyer is here in the desert? Not too likely. Get you home listed with a Realtor who understand this, and spends his marketing budget on getting your home EXPOSED where it matters most. ONLINE. Some statistics have indicated that 92% of buyers and sellers begin their home purchase/sale process online- and most begin this MONTHS before they ever reach out to a realtor. If you are reading this, you are likely part of that 92% group, and i would encourage you to call me at 760-832-4000 or check out my website: http://www.TopPalmSpringsHomes.com to understand what I can do for you to make your dreams a reality, and make the home buying/selling experience as smooth as possible.
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Bill Morgner, Broker Associate
Keller Williams Realty
760-832-4000
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