Here’s Why!
Construction is and has been plummeting which will eventually create an undersupply of housing, once we get through the short sales and foreclosures.
Rents are rapidly climbing relative to home-ownership costs. In an increasing number of regions, the monthly cost of renting now exceeds the cost of owning.
Historically low interest rates for qualified buyers. Even if home values did fall another 10% as some say, locking in a low interest rate now will offset any drop in the purchase price of your home. If home prices do not fall any further all the better! The houseing market should rebound when the government starts to encourage rather than discourage making mortgage loans. This should happen within the next 12-18 months. With an election year coming up, the best way for the president to become reelected (whether you like it or not) is to reduce unemployement and the most effective way to do this historically is through construction.
Regionally home prices is some have begun to not only stabalize but climb in areas such as Nashville, Boise Idaho, Austin Tx. and a few others. The experts say that Southern California, Washington/D.C and Maryland are poised to show significant gains in price once the tough lending market corrects itself. This is due to greater population, tighter restrictions on development and overall demand for the area.
Sales in the Coachella Valley have been holding steady all summer for Short Sales, Foreclosures and standard sales priced competitively. We are seeing some of those prices creep up slowly as buyers have been snapping up deals. Rents for short term housing appear to be going up and getting booked up much earlier than years past.
With the Coachella Valley being a long time great winter getaway spot now is the time to get in while prices are still down and interest rates are low!!!