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Coachella Valley Housing Inventory Hits A New Low In May
According to recently released data from the California Desert Association of REALTORS® (CDAR), Months of Inventory in Coachella Valley hit a new low in May, down 21 percent. That amounts to 3 months supply, the lowest number since the spring of 2008.
Why are there so few homes?
People are staying put longer between sales — 11 years, twice the 2009 average, according to CAR. Homeowners also are reluctant to sell because they are feeling locked out of their markets by severe inventory shortages and rising prices that are occurring in many parts of the country. The median price was up 12.3% compared to this same month last year in Coachella Valley.
Homeowners also stay put to avoid capital gains taxes or higher property taxes on a new home. Those who got mortgages when 30-year rates averaged 3.5 percent also are “locked in” because they don’t want to give up their lower house payments. Experts predict that mortgage rates will be closer to 5% by this time next year. Should you wait?
Because of the newly passed tax legislation, homeowners with home loans greater than $750,000 will stay put to keep their mortgage interest tax deductions.
Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.
With inventory down and prices rising, it’s an outstanding time to sell your home in Coachella Valley with less competition on the market. But the “where-will-we-go?” factor is significant. To solve this dilemma, Sellers can put a clause in their listing stating “Sale subject to seller finding suitable housing". Another option to consider is to ask buyers “rent-back” arrangements where sellers can stay in the house a while after closing, or to move into rental property or family member's home for short period time.
Buying and selling a home at the same time can be very complex. We have worked with dozens of happy homeowners who successfully transitioned from one home to another simultaneously without being displaced. If you have additional questions about the process or would like our assistance, please contact your local expert - Coachella Valley Real Estate agent, Team Michael Keller Williams Realty.
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