Here are the biggest constraints on our real estate market these days.
What’s the biggest constraint in our current real estate market? Calculated Risk founder Bill McBride recently said, “It is possible that the rising mortgage rates will slow the housing market, … or the Fed might raise rates sooner than expected due to the recent pickup in inflation, … but I believe one thing is certain: Inventory will tell the tale!” There’s quite a bit of speculation in the market right now. So today I’m discussing the constraints and numbers that tell us what’s going on in our market.
Feel free to watch the full message above, or use these timestamps that will direct you to various points in the video:
0:00 — Introduction to today’s topic
1:00 — Inventory will be our main market indicator this year
2:00 — December 2020 housing inventory compared to December 2021
2:45 — The average Desert home prices in December 2021
3:55 — Median days on market in the Coachella Valley from December 2016 through December 2021
4:40 — Affordability in our present market
5:30 — Wrapping up today’s topic
If you have any questions about the value of your home or are interested in purchasing a home in our area, we’d love to help you. Please reach out to us via phone, text, or email; we’d be glad to speak with you about your unique situation. Also, if you have any real estate topic ideas or questions you’d like me to answer in a future blog, please send those to us, and I’d be happy to make a video about it.