In Riverside County, Indio is in a great location. It’s surrounded by cities that people love to live in, and the market has recovered from the collapse. Home value averages have risen over $100,000 from their former low, and are projected to slowly but steadily increase into the future. While the recovery has been great, that doesn’t necessarily mean that the market is perfect. Some people may find that their properties are a hard sell. Increasing values won’t always mean that buyers are lining up, and this could mean bad news for homeowners looking to make a sale.
Despite the market in Indio being regarded as healthy, it’s still rather cold. Cold markets rarely work out well for sellers. In a cold market, the buyer is king. The sellers outnumber the buyers by a significant amount, which gives the buyers a great bargaining position. Why pay full asking price when they don’t have to? Over 12% of sellers will go through price cuts while they’re waiting it out, and this doesn’t include privately reduced prices agreed upon during a deal.
Another issue plaguing Indio is foreclosure. In the United States as a whole, one in every 10,000 homes will enter foreclosure in a year. In Indio, that number doubles to one in every 5,000. This creates an urgency to sell. After all, the only way to avoid a foreclosure from being completed is to sell the affected home before the lender auctions it off. In a cold market, this might feel impossible. Some sellers may need help outside of the traditional market to make that vital sale before that clock runs out.