“I think I’ve missed the bottom, haven’t I?”

Last week was the first week that I received this comment from potential La Quinta home buyers..not once, but twice.  Is that ubiquitous bottom, behind us?

I have no way to know for sure if we are at the bottom..in any price point.  If you run into a Realtor that swears they DO know..I would suggest running.  We Realtors are out in the streets daily, looking at homes, studying the inventory of available homes, looking at numbers of foreclosures that may be coming down the pike.  We do have a better feel for the “bottom” than the average bear, but we do NOT have a crystal ball that predicts the future.  So..are we at the bottom?

In many developments in La Quinta, Indian Wells, Rancho Mirage and Palm Desert..as well as Palm Springs proper, it appears we may be.  Why?  There are more Buyers looking for the same properties than there are those properties.  What is everyone looking for in the desert?

  • Sun orientation.  South means more hours of sun.  West is setting sun.
  • Views.  We have a unique situation in that we are a desert with mountain ranges and Buyers want to see them!
  • Lot size.  Large or small, Buyers want something in particular
  • Water?  Many Buyers demand water views or proximity
  • Fairway location:  HUGE here in the desert.

So..as you can surmise.  If you are a buyer looking for a home with 3 of the 5 criteria above, your Inventory is very limited..no matter the price point.  However, there are plenty of homes WITH the above mentioned criteria.  They just are no longer only selling if they are short sales or foreclosures.  Equity homes (standard sales) are now becoming more and more normal.

Buyers are still demanding a good value, just not a “steal.”  The Steals are now much fewer and further in between.  But, hey, look at it this way.  Now you KNOW you are buying into a desirable area, right?  There is nothing more comforting when you buy ANYTHING than knowing that lots of other Buyers desire exactly the same thing.  Value is rising.

la quinta homes for sale

Views, location, sun..Buyers are paying for these!

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Date last updated: 8/21/14 1:00 AM PDT

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