Wow! What a wild ride the Coachella Valley housing market has been on for the last 8 months! Who knew that a pandemic would make the desert such a desirable place to live?? There’s no congestion, lots of open space, many outdoor activities and of course, blue skies and sunshine. I was glad the desert was my home during these unprecedented, crazy times. But what is the Coachella Valley 2021 Housing Market Outlook?
Currently, the desert is extremely low on inventory. According to the California Desert Association of Realtors, Coachella Valley listings were down 50% on January 1, 2021 compared to the same time in 2020. That seems implausible as we are in the height of the season. This is usually the time with the highest number of homes on the market as sellers want to take advantage of the largest buyer pool. Regardless of the fact that many Canadians cancelled their visit this season, there are still many snowbirds here enjoying the weather and amenities.
Despite the extra precautions for viewing homes, as well as risks, sellers sold homes over the summer and fall, buyers quickly purchased them, and the trend is continuing. Demand for desert homes remains high and multiple offers are the norm for many areas. With COVID-19, realtors are under strict guidelines when listing and showing homes. Realtors cannot have traditional open houses where anyone can walk in nor can they take buyers around in their cars. All visitors must sign a Property Entry Advisory and Declaration, wear masks, sanitize and not touch anything when inside the home.
Industry experts predict that mortgage interest rates will stay low for most of the year, which is great news for buyers creating high demand, as well as for sellers. With mortgage interest rates remaining low, a robust stock market and stimulus packages provided, the Coachella Valley 2021 Housing Market Outlook should remain hot for most of this year. If you are thinking of selling your home or purchasing one, please contact me. I can walk you through the new market realities and we can have some fun too! Stay safe and healthy!