The housing market is balancing out after pandemic highs.
Is the housing market crashing? Here’s what you need to know right now. If you’ve been wondering, “How’s the housing market doing?”—you’re not alone. This is the time of year when many people start planning their big moves for 2025. But without a clear picture of the market, planning feels impossible.
Here’s the bottom line: the market isn’t crashing. It’s normalizing. The wild ups and downs of the pandemic are over. But we’re not heading for a collapse, either. Instead, the market is finding its balance. Let me explain what that means and why it matters to you.
Right now, there are more homes for sale than we’ve seen in years. In the greater Palm Springs area, 2,898 homes are on the market. That’s back to pre-pandemic levels.
If you’re a buyer, this is great news. You have more choices. If you’ve been frustrated by limited options, it’s time to take another look.
“The market isn’t crashing, it’s normalizing.”
Sellers, on the other hand, need to adjust. Homes aren’t flying off the market like they used to. You can still get a great price, but it may take longer to sell. Be patient and realistic about timing.
In our area, the median price of a single-family home has climbed slightly to $665,000. That’s good news if you’re selling, but don’t overprice your home. Buyers are smart and won’t pay more than a home is worth.
Buyers, waiting too long could cost you. Prices are rising steadily. The longer you delay, the more you may have to pay.
Here’s a big one: buyers care about condition. Homes in great shape still sell fast and sometimes spark bidding wars, but homes needing repairs might sit on the market for a while before receiving an offer.
If you’re selling, invest in small repairs now. Fresh paint, fixed faucets, or new lighting could make all the difference. Buyers don’t want to spend extra cash fixing things after closing.
What’s happening in the Palm Springs area may not apply to your specific neighborhood. Real estate is local. That’s why I’m here to help.
Want to know what’s happening on your street? Call me at 760-774-3066 or email me at Will@WillCookRealEstate.com. I’d love to chat and give you a clear picture of your market. Now’s the time to plan your move. Let’s make it happen today!
