As a Realtor in La Quinta, CA during this downturn market, the most commonly asked question I get is, "How's the market?" Well, it depends if you are a buyer or a seller.
Buyers - Get Discounts
Despite the high inventory of homes on the market in La Quinta and the Palm Springs area, sales of deeply discounted, distressed properties are increasing, often receiving multiple offers and the Unsold Inventory Index (UII)-which indicates the number of months needed to deplete the supply of homes on the market at the current sales rate-- is declining.
Sellers Compete With Banks
It's no secret La Quinta sellers aren't sitting pretty these days. Because sellers are finding themselves in competition with banks when selling their home, it is important for sellers to be aware of the best practices to help sell their home. With guidance from their REALTOR®, sellers need to carefully consider the importance of realistically pricing a home; properly staging their house prior to putting it on the market; and playing up the home's strengths.
Unsold Inventory Declining
Although home prices are decreasing in La Quinta and the surrounding area, existing home sales are increasing nationwide and in California. In California, single-family, existing home sales increased 43.4 percent in July compared with the same period a year ago. Sales in July remained above the 400,000 level for the third consecutive month, with deeply-discounted, distressed sales continuing to drive volume in many regions of the state.
The state's UII for existing, single-family detached homes decreased to 6.7 months in July 2008, compared with 10 months (revised) for the same period a year ago.
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
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