After almost 2 years of one of the hottest markets the Desert has ever seen, we in the midst of a real estate slowdown here in the Coachella Valley.
Prices are being reduced, inventory has doubled, and homes are actually taking more than just a day to sell. This may be alarming to anyone relatively new to the real estate market, but the reality is that we have been on an upwards trend since the 2008 crash which was already an unusual event, then adding fuel to the fire with low interest rates that gradual appreciation sped up to an uncontrollable pace in 2020. Why does this matter? Well, because we have become accustomed to real estate being only an appreciating asset, and not something that can potentially go down in value with a fluctuating market. This does not signal a crash however, but a return to a more "healthy" market where homes are going to sit on the market for a month or two before receiving an offer, marketing and presentation of the home matters, and sellers wont be able to be so stern on their price and terms.
Now more than ever choosing an experienced real estate professional matters as houses are no longer going to sell themselves and negotiation skills matter.