Greater Palm Springs - where is the inventory?

Lucio Bernal | April 12, 2021

Well into the start of Q2, we are seeing the same activity as most of 2020. As inventory shrinks, buyer activity has spiked yet again. Last year we recognized that COVID was a big contributing factor, but not the whole part of the story. This year in more of the same with the added activity from primary home buyers.  Historically, the greater Palm Springs area known as the Coachella Valley, a desert area in Southern California was a resort and second home community.  An escape and fun in the sun time for many from all over the country. It has now become a world class destination for several reasons, the one most notable would be weekenders and remote workers.  We have our fair share of snowbirds who escape the cold for several months at a time, to the younger generation seeing the desert as a way off life now. So the questions is, why low inventory if there is light at the end of the tunnel form COVID, basically "COVID COMPOUNDS" being less necessary?  There are many reasons why inventory is historically low and we need a response to that question.  The response needs to come from 'sellers", or owners of homes that they are not using or have no use for anymore. Yes, remote owners from many parts of the country and Canada. Let's face it, a vacant home is a home that is missing out on the market right now. Where are these remote owners? Why are they not capitalizing on the market conditions and thriving sales over asking? In simple terms, they may not realize they are sitting on a gold mine. It would be simple to say that they are not selling because what would they replace it with. That would be a true statement considering the nature of the consistent 'multiple offer situations" we are experiencing.  However, second home owners are savvy and typically a well established business person who understand how to capitalize on an investment. Help me find those homeowners that own property in the greater Palm Springs area, and help create more inventory.

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