Indian Wells in Riverside County holds the highest property value averages in its area. With a value average north of $695,000, it dwarfs the highest surrounding values in Rancho Mirage. This might feel promising to a lot of homeowners looking to make a sale – but it won’t always equate to the payday they’re expecting. The unique factors of the real estate market in Indian Wells may make it difficult for homeowners to sell their properties for their full values.
Despite the housing market in Indian Wells being relatively healthy, it’s also cold. Cold markets favor buyers, and in the case of Indian Wells, this lean is very strong. Over 9% of listings that eventually sell will do so at a price cut. Others have been sitting on the market for a long time, waiting for a buyer to come along. When that buyer finally gets there, the deal is almost guaranteed to work out to their advantage.
Foreclosures in Indian Wells sit at double the national average with one in 5,000 Indian Wells homes experiencing foreclosure annually. If you’re one of those homeowners, you’re going to want to sell quickly. In a market where the sellers drastically outnumber the buyers, this is no small undertaking. You’ll want to research other solutions.