It’s Time to Break the RULES! The La Quinta, Indian Wells, Palm Desert, and Rancho Mirage real estate market of the last few years (which we quickly became accustomed to) was not the norm. Nowhere near it. There were practices unheard of in previous markets, like setting a sign out, and the property had an accepted offer before I got back into the car. Sellers were confident if they set an unheard price, they’d receive it or higher. Bidding wars went crazy with the extremely low housing inventory.
However, those days are gone, and the La Quinta, Indian Wells, Palm Desert, and Rancho Mirage real market is becoming more “normal”. So with that, it’s time to break the rules set over the last few years and return to reality.
Here are just a few Rules to Break
Pricing the home over market value.
If you’re looking to jump into the market and want to price your home higher than what the current market supports, you won’t attract buyers, and your house could get stale sitting on the market and sell for lower than the market.
According to a recent article in REALTOR.com, “We know that lately, 1 in 5 sellers have had to cut their list price,” says Danielle Hale, chief economist for Realtor.com. “So the most important advice is to be flexible and listen to what the market is telling you. Keep in mind that even if you don’t sell for the price you initially asked for, you’re likely walking away with a substantial amount of equity in your pocket because homeowners are sitting on a record-high level of equity.”
https://www.realtor.com/advice/sell/home-selling-rules-youve-heard-lately-that-you-might-want-to-break/
The seller doesn’t have to make repairs to sell
Last year it was uncommon to have multiple offers with no contingencies, buying the house “as is .”This was highly beneficial to sellers as they could forgo expensive repairs.
Now buyers are more selective and want to see updates and repairs before they even walk through a property. Therefore, not making the needed repairs before showings may cost the seller money and time on the market.
In fact, according to Realtor.com, buyers are also starting to ask for the home inspection contingency again, leading them to request repairs pre-sale.
In the REALTOR Sellers Survey, 67% of homeowners who sold in August (2022) negotiated with buyers who wanted repairs done (compared with 31% in the previous six to 12 months). So if you want a quicker, smoother sale, fix things before you list.
https://www.realtor.com/advice/sell/home-selling-rules-youve-heard-lately-that-you-might-want-to-break/
Desperate Buyers Wave Concessions
Not anymore. Buyers are spending more to purchase their homes, especially if they get a mortgage. So the extra money is now used to the purchase the house.
Homes Sell FAST
“Back in the Day,” it was normal for a home to stay on the market for more than a month or two. This was convenient for Sellers as they could plan on making a quick move. Now it will take more of a strategic market plan.
Don’t Stage Your Home
You didn’t need to stage your home for only a few hours when it was on the market. But now, it’s going to be a must. This is where you need to work with a professional agent who also is a professional stager and redesigner.
Even though the La Quinta, Indian Wells, Palm Desert, and Rancho Mirage market is changing, there is no reason not to buy or sell in the Desert. But it pays to work with a seasoned real estate professional who has seen and lived through several down real estate markets. I have the knowledge, skills, and strategies at your disposal to help you in your homebuying or homeselling this changing market. So, give me a call. Let’s discuss how I can help you and what we need to do to get your home ready to sell.
Let’s break the rules!