Palm Springs Area Real Estate News November 2020

 

How is everyone!? We hope all is well as we round out the last couple of months of 2020 :) Palm Springs and the surrounding Coachella Valley have not slowed down in terms of Real Estate Activity.

 

Home Sales by city are still up in almost every area of the Valley showing a steady 5% increase over last year's total sales. Loan rates are holding at all-time lows keeping buyers searching for their perfect Palm Springs vacation home. Wondering how home sellers are fairing? How does a record low of 43 days on the market with only a 1% average decrease in sale price sound!!?

The Valley is teeming with energy as everyone is trying to escape the cold and snow. We have outdoor dining open all around the cities and the misters are changing over to heaters on the patios. Now is the perfect time to visit Palm Springs - Take a holiday before the Holidays. We hope everyone has a great Thanksgiving and can connect with family in person or through a virtual feast. Thanks for reading!

Coachella Valley Scavenger Hunt 2020

 

 

Check out the Great Articles Below! As we get closer to the end of the year, we all are wondering what's next for real estate and the economy. 

With the ever-changing market home sales prices continue to rise in this seller's market. Will mortgage rates continue to stay low bringing high buyer demand? The article below breaks down the economic impact of home buying. 

As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling sooner rather than later. Housing, therefore, has thrived in an otherwise down year.

 

Today’s high buyer demand combined with low housing inventory means we’re seeing home prices appreciate at an above-average pace. This demand is being driven by those who want to take advantage of historically low mortgage rates. According to Freddie Mac: “The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth.”

These factors are driving a positive impact on the economy as a whole. According to the National Association of REALTORS® (NAR), the real estate industry provided $3.7 billion dollars of economic impact to the country last year. To break it down, in 2019, the average newly constructed home contributed just over $88,000 per build to local economies. Across the country, real estate clearly makes a significant impact (See map below): In addition, last week, the Bureau of Economic Analysis announced the U.S. Gross Domestic Product increased at an annual rate of 33.1% in the 3rd quarter of this year, after decreasing by 31.4% in the second quarter. There’s no doubt the growing economy is being fueled in part by the soaring housing market. Experts forecast this housing growth to carry into 2021, continuing to make a big impact on the economy next year as well.

The American Dream of homeownership has continued to thrive in the midst of this year’s economic downturn, and “home” has taken on a new meaning for many of us during this time. Best of all, the housing market is making a significant impact as the economy recovers.

Colder weather ahead doesn’t mean you have to forfeit your precious outdoor space. This year especially, you’ll want to enjoy your backyard or balcony as long as possible. Here are some tips to make the most of your space this fall and winter.

Spruce up your yard to create an outdoor environment you’ll be motivated to enjoy. Take time to clean up and dispose of leaves and fallen branches. For your flower beds, pull out the dead annuals, add compost, then plant cover crops or add mulch.

Electric or propane outdoor heaters can help extend the outdoor mingling season. With free-standing, tabletop, and umbrella-style versions available in a variety of sizes, there are options available to fit your needs. (If you live in a condo, check the regulations first.)

Instead of putting it all in storage, leave your patio furniture outside. Add some machine-washable covers to give your cushions a fresh look. Circle your furniture around a fire pit and you’ll be roasting (and burning) s’mores in no time.

Garden lighting at ground level will illuminate your landscape, and string lights with clear white LED bulbs can create an inviting ambiance. Solar-powered, weather-resistant lights are more affordable than ever and make for hassle-free installation and upkeep.

 

Keep the barbecue in working order and your propane tank filled. Grill up some goodies, then enjoy them outside. It’ll be just like a winter tailgate, only cheaper and without a line for the bathroom.

 

Last Minute Tips for Winterization

It’s not too late to address a few home maintenance musts before winter fully sets in. Here’s a list of last-minute tasks to knock out before you go into hibernation mode.

 

1. Check and clean the gutters one last time. As the last leaves have fallen, take time now to make sure your gutters are completely cleared out. Blockages can create ice dams, which will damage your gutters and prevent proper drainage of water away from your foundation.

 

2. Check your furnace. If you have a furnace, replace your filter if you haven’t already, and commit to changing it once a month. A dirty filter will increase your heating costs and reduce the life of your equipment. Home heating systems that aren't properly maintained may be less than 50 percent efficient. If you can spring for it this year, an inspection done by a licensed professional is always recommended.

 

3. Maintain your home's exterior. Trim back trees and branches that are hanging too close to your home. Seal driveways, brick patios, and wood decks. Look for cracks and gaps around doors, windows, and eaves, and seal them.

 

4. Test smoke/carbon monoxide detectors This one is easy to overlook but takes only a couple of seconds: hit the "test" button on your smoke/carbon monoxide detector. If the alarm sounds you're good to go. If not, replace the batteries and test again. Replace your smoke detector if fresh batteries don’t result in a proper test.

 

5. Consider an energy audit An energy audit can show you how and where your home is using energy, so you can make simple updates to increase your home’s efficiency – saving you money. Home energy audits typically range in cost from $200-$400, and many energy companies offer rebates that make them even more affordable (or sometimes free).

 

Perform your own quick energy audit by following some of these tips from Energy.gov. Taking these steps will not only lower your utility costs, but they will protect your largest investment, your home, from the unexpected weather conditions ahead. If you have questions about professional services for home energy audits, contact me.