Like most Realtors here in the La Quinta CA area and elsewhere, I am often asked "How's the real estate market?", and "Is this a good time to buy?". The typical answer is, "Yes! This is a GREAT time to buy! The market has bottomed out and interest rates are at an all time low!" However.... that is the "short answer" and does not tell the whole story. The reality is that while sales were slow but steady during the winter "snow bird season", sales here in La Quinta CA and surrounding areas have slowed way down right during this summer off season period. Buyers have more time to look until they find just the right home that meets their needs and desires. And there is a LOT of inventory to look at. In prior years, my typical buyer would come to town and spend two or three days viewing properties, and then make an offer. Now, buyers are often returning to the desert area two or three times to view homes, before making a decision. And for the most part, they are all looking for the same thing.... a nice home in one of our many gated and golf communities that best fits their lifestyle, in excellent condition, designer furnished, pool and spa, great view, and of course, well priced.
With some much inventory for sale, why settle for anything less? My advice to buyers is that if your don't walk in the door and say "Wow! This is it!", then we keep looking. Usually, I will have a list of homes to show them based on their search criteria, however there are usually a lot of homes that meet their criteria "on paper" (or Internet searches). But, when they see the home in real life, they are often disappointed due to looking at photos that show the good features but leave out the bad. While we do pre-view homes ahead of time whenever we can, to weed out the really bad ones, there are still a lot left to view so buyers really do have the luxury of time right now to make sure they see quite a few homes before making a decision.
The only caveat I would add, is when you do see that "Wow!" home that has all the things your are looking for and is well priced to boot, don't wait too long to make up your mind. These are the homes that buyers are looking for and that are selling right now (the challenge is to find them among all the huge inventory of listings which we pride ourselves on being able to do). If you wait too long.... that home will be sold. Chances are you will find another home you like equally well, however it is always disappointing to let one you REALLY LIKE that is well price, get sold to someone else. So... have your financing approvals done ahead of time, and be prepared to act quickly when you finally do come across that "Wow!" home.
Larry Hansen, Broker Owner
Calif Desert Realty