At this point in the year, we are getting a good sense for how the Greater Palm Springs Real Estate market is likely to perform for the foreseeable future. And although it is not a
Palm Springs Area Real Estate Market Trends June 2018
July is hot, but so is the Palm Springs real estate market! . There are still generally more buyers than sellers in most price and housing style categories, so prices will continue to rise until that situation changes. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability.
The overall Median Sales Price was up 4.9 percent to $341,000. Market-wide, inventory levels were down 5.7 percent.
We're in a very favorable seller's market. We're seeing bidding wars for our seller's properties —which push up prices—and buyers are submitting offers with very pro-seller terms, like forgoing the repair request.
If you are serious about buying your home in Palm Springs, the longer you wait the more it will cost you. Interest rates are forecast to be well of 5% by this time next year. So even if housing prices remained the same (which they won’t because of the historically low supply of houses), you would pay more for the same house because of rising interest rates.
If you are interested in forming a lifelong relationship with someone who wants to help you find your dream home, or sell your current one, it’s time to pick up the phone and contact Team Michael. We can help you with all of your Palm Springs Area real estate needs. Call us 760-770-1555 or Contact your Palm Springs real estate experts for a free, no-obligation, no-pressure consultation here, http://www.servingpalmsprings.com/agents.php.
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