Donna’s La Quinta and Trilogy Market Report-April 14

Current expectations are that home sales will continue to decline until such time that people have restored confidence in their personal safety and future financial well-being. No one knows for sure how long that could take, and it will be different for every individual.

Economic Impact on the City of La Quinta and Local Residential Home Market

One of the biggest challenges that our real estate market faces today, is that we live in what’s considered, a high risk business economy. La Quinta and the Coachella Valley’s dominant industries are, leisure, hospitality, and tourism, typically, the last industries to return to profitability after a major economic meltdown.

People recovering from lost income and revenue, tend to be more concerned about restoring their bank accounts and paying off new debt accumulated during the crisis, rather than investing in travel, retirement and vacation homes.

The city of La Quinta has been living with the effects of the last economic downturn until recently, when major projects like the SilverRock Resort, finally got back on track.

And, evidence of the impact of the 2007-2012 housing and financial crises is that many of Trilogy homes sold since then, have not recovered the full cost of their original Shea purchase prices.

More than just a financial hit, this particular crises is also a health threat of a magnitude never seen before. How people, especially those 55+, will react when this is over could be vastly different than anyone at this time can predict.

Trilogy La Quinta, City of La Quinta Report

Year-Over-Year Comparison, March 2020 vs. March 2019, April 1 – April 11, 2020 vs. Same Period 2019

It’s only been since March 19, that Governor Newsom’s ‘Stay at Home Order’ was issued, so it’s important to note that Closed/Sold Homes in escrow typically take anywhere from 30-days to 60-days to close. The exception being cash sales which could close homes in 2-3 weeks. Therefore, homes noted as sold in March were for the most part, contracted in late January or early February.

Advantages, Opportunities in a Slow Market

In finance, it can be more profitable going against the herd, than with it.

For those able to, now may be the best time to buy a home. Trilogy’s recent red-hot market has cooled, but there are still some great homes on the market like the spectacular golf course, pool home on 81578 Ulrich Dr, as shown below.

Although there are fewer sellers, the ones in today’s market are generally ready to sell. With interest rates at all-time lows, and multiple offers off the table, this might be the lull in the action you need to get the home you want!

When you are ready to jump back in, let me know. I’m here for you!

If you want to keep up on what’s happening in your local market, subscribe to my ‘Trilogy and Coachella Valley Monthly Market Report’. It’s easy, click here and ask to be put on the list, or call me direct, at 206-755-9823.

Rancho Relaxo! Exceptional Golf Course, Pool and Mountain View Home

• XL premium golf lot;
• Bose sound system inside and outside;
• Distinctive interiors offer comfort and luxury. 10 ft. ceilings;
• 6” custom baseboard, and walls of windows capture spectacular views;
• Electric window sun shades in living room, master BR; imported flooring;
• Built-in custom wine refrigerator.