Market value recovery leaves much to be desired in Rancho Mirage. Homeowners were waiting for the day where values would come close to where they used to be, but that gap was never quite filled. Value averages are near $470,000, which is a long way away from their former high of $619,000. Despite this substantial loss in value, the market in Rancho Mirage is carrying on. Growth is happening, it’s just happening on a smaller scale. There’s no sense in waiting around to sell – you could be waiting for a lot longer than you bargained for.
Slow growth is better than no growth, and Rancho Mirage’s market health is a true testament to that. The market is on the upper end of healthy, with an average amount of foreclosures. The problem lies in the market’s temperature. The market is as frigid as frigid can be, despite its exceptional level of health. This means houses are selling, but all of the sales favor the buyers. A disheartening 12% of homes will see at least one price cut during their listing time, and houses that go for less are usually the houses that sell in markets like these.
If you want to sell on the traditional market in Rancho Mirage, you’re going to have to compete very hard. There are a lot more sellers than there are buyers, and sellers have to outdo each other if they want to secure one of these buyers. This usually means funneling tens of thousands of dollars into repairs and renovations on their homes in an effort to make them more desirable. If you don’t have the time or money to devote to this process, you can always bypass it.