PALM SPRINGS, CA / ACCESSWIRE / September 21, 2020 / There is an unexpected silver lining to the chaos of 2020. According to expert Real Estate agent, John Houston, there has never been a better time to sell a home in Palm Springs.
Endless sunshine, lush, expansive golf courses, crystal clear pools, and gorgeous mid-century homes. It's no secret that Palm Springs and the Coachella Valley have been a southern California hot spot for years. Many Los Angeles residents keep a second home as a nearby getaway, while people from all over the country flock to the sun-kissed hills to escape harsh winter weather. The chaos that has plagued 2020 has caused upheaval in nearly every industry. While many expressed fears that the real estate market would follow in the footsteps of the 2008 market crash, just the opposite has happened. According to John Houston, California Native and Real Estate expert, 2020 is the hottest seller's market he's ever witnessed.
With 31 years of Real Estate experience in San Francisco, Los Angeles, and Palm Springs, John Houston has just about seen it all. His 3 decades of industry exposure only further his amazement at the current trends he's witnessing in the Coachella Valley. When the pandemic rocked the nation in early 2020, many expected to see rentals dry up along with the rest of the market. However, it would seem renters are more eager than ever to take advantage of longer-term rental opportunities. The LA Times declares Airbnb's surge in demand as more vacationers explore close-to-home domestic travel options and staycations. The interest in both renting or buying a second home has never been greater. The only problem?
According to John Houston, "There is a major shortage of homes available for sale in the Palm Springs area. Presently, there are only a handful of homes in the entire county on the market."
For sellers, this shortage, combined with the incredible demand, means there has never been a better time to consider selling a home. John Houston shares three major factors that sellers should take into account.
- Sellers are the driving force. Now, more than ever before, the seller can dictate the price and the terms. Even if the asking price may be considered a bit high by industry stands, it will still attract attention. In some neighborhoods, John Houston has seen homes increase in value of up to 100k in just 3 months. Furthermore, sellers have more authority to dictate the terms of sale than ever, for example, they may request no appraisal contingency or have the option to rent back the home for 30 days.
- The market is hot and technology only fans the fire. In the face of such great demand, houses are selling quickly. John has seen homes sell in as little as 8 hours. The advancements in technology have also made finding a dream home online easy and efficient. Rumors swirl in Palm Springs that some buyers are relying solely on photos, videos, and 3D renderings of the homes, and buying sight unseen.
- Interest rates are at record lows. With interest rates as low as 2.2-2.5%, buyers are more motivated than ever to take advantage and pull the trigger on purchasing a home.
If contemplating selling a home in the next 6-9 months, John urges uncertain sellers to consider speeding up their timeline and taking advantage of this unprecedented market. A true expert in his field, Houston is prepared to come alongside any seller, and offer hands-on support in staging the home properly and representing the home well to ensure the absolute best return for the seller. In a year marked by uncertainty and disappointment, this booming market serves as a beacon of hope for brighter days ahead.
SOURCE: John Houston
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