Realtors in Palms Springs
Realtors in Palm Springs have enjoyed a two-month splurge in homes sales leaving many real estate professionals optimistic about the 2007 housing market. Until recently it had been a fear of people in Palm Springs, realtors in that the area would experience a much anticipated housing bubble. A housing bubble would mean plummeting home prices to sellers and realtors in Palm Springs. On the other hand, a boost in home sales has a positive impact on all areas of economy including more business for local retailers as new home buyers spend money on home renovation, new furniture and landscaping.
According to realtors in Palms Springs, the growth in the housing market could be seen at the end of 2006 as Palm Springs homes sales swelled nearly 20 percent in December as compared to November. This growth has continued into 2007 to the benefit of buyers. Realtors in Palm Springs say that this time could represent a period of opportunity for those on the market for a home, as this time could offer increased choice, value and a lack of competition from other buyers. Furthermore, realtors in Palm Springs say that with the current favorable mortgage interest rates and at a gradual rise, buyers have added time to consider all purchase options.
On the other hand, sellers must carefully contemplate a price for their home that is right for the market’s current climate. Realtors in Palm Springs caution sellers against lowering prices on a regular basis and warn them to expect to have their homes on the market longer. In 2006, homes on market spent an average of 90 days on the market. Now in 2007, the average number of days a home spends on the market has hit double-digits. In January alone, homes spent approximately 102 days on the market. Despite this, all early indicators have shown that both sellers and buyers have cause to remain confident in the New Year.
Source: The Desert Sun, “Rebounding Home Sales, Experts say 2007 Forecast’s brighter for mid-priced homes” (February 11, 2007)
Interested in buying or selling a home in the Coachella Valley area? Contact Patrick Stewart Properties.