YouTube interview (Mortgage Minute) with host Art Alvarez and guest Brenda Devlin (Windermere Real Estate) about current Coachella Valley / Palm Desert housing market. Brenda (23+ years in real estate; lived in the desert 38 years) reports a recent slowdown in buyer activity (about 8 escrows closed in September, none in October), but inventory has increased (she has ~22 active listings). Buyers currently have more negotiation leverage; sellers with listings longer than six months may need concessions. Demand exists across segments (income properties/condos, 55+ second homes, single-family) and seasonal factors (snowbirds, events, mortgage rates) are expected to influence the next six months. Contact info and local references provided (office in front of Palm Valley Country Club; website brendadevlin.com).
Questions this video answers
Over 23 years.
38 years.
About 8 escrows in September; none in October.
About 22 listings.
Over 16 years.
Chapters
Foreign.
Hey, everyone. Welcome to another episode of Mortgage Minute. I am your host, Art Alvarez with Mortgage Works where we have the answers and they're on the house. Before we jump into today's special episode, I know you know I love baseball. Did you watch the World Series? Nothing better than coming down to the wire and going to a game seven and really being a nail biter. I hope you enjoyed it as much as I did. Congratulations to the Los Angeles Dodgers. Okay, let's welcome our guest today. She is a 20 year veteran of her industry and an award winning real estate agent here in the desert. I asked her to join me to give us insight into what the current Coachella Valley real estate market looks like today. Please help me welcome Brenda Devlin from Brenda Devlin Real Estate with Windermere. Brenda, welcome. Can you take a moment and tell us a little about you and your background?
Sure. So I have been in the industry for over 23 years, lived in the desert for 38 years, but I had a few jobs before that. But some family friend saw something in me and helped me propel myself into the real estate world and it's taken off very well. It was a little hard when you first start, but after 23 years I developed a great clientele base. I do a system that is proven to help stay on track and the consistency that you need in this business. Because, because there are just some very ups and downs that you aren't sometimes ready for.
But it's been great. I love what I do. I've been at the same location here in front of the gates of Palm Valley Country Club for over 16 years. And then prior to that I worked at ReMax for a few years and it's been a great, great career change.
What a great path. Brenda, thank you for sharing. Let's jump into some questions that are on the minds of home buyers and homeowners. The first question is how would you characterize buyer demand in Palm Desert right now? Are homes still moving quickly or has the pace slowed compared to earlier in the year?
Yes, great question. Actually, the buyers have slowed down at this time in September, I had about eight escrows closed and October none. So we are in a little bit of a slowdown with the buyers, but I believe that they'll be coming back here shortly. And as the weather cools off and seasons upon us, we're going to get some of these buyers back and looking at all the inventory that we have.
Very interesting. You know, for what seems like a long time, inventory levels were low. What's happening with inventory Levels in the Coachella Valley today. And are you seeing more listings come to market or is supply still tight in our area?
No, actually we are seeing a lot more listings. In fact, I might not have the buyers that I want, but I have about 22 listings. So there really is something for just about everybody. Whether you want a single family home, a condo, a second home just to come for the weekend, or income producing property, we have all of that. And I try to help put the buyer in whatever niche that they tell me that they would like to explore. Sometimes there's a need for a tax write off and so they want to buy an income property. So I have one couple that is interested in doing that. And because there's so much inventory, buyers have a little bit more choice and they don't have to compete with that one listing that's out there that was the only one that they liked. So in the respect that the listings are more gives the buyer a little bit more opportunity to be a little bit choosier in what they want to pick and.
The buyers will not have to compete. So I suggest buyers come out now so that in case when the interest rates do go down to some fantastic number that we all can't wait for.
We'Ll be ready.
So as buyers, this could really help with selection and seeing a bit of a shift. That being said, how have sale prices and negotiation dynamics evolved over the past few months? Are sellers still receiving multiple offers or are buyers gaining more leverage? What do you think?
Well, I would definitely say the buyers are gaining a little bit more leverage here now and sellers should be very open to that because if their home has been on the market for over six months, which is not unusual right now, they should make a few concessions here to get that property sold. So I really think that the buyers can negotiate a little bit more, whether it be price or concessions if they need help with closing costs or if it's doing some extra repairs that you really didn't want to do, but you're going to do them because that's what they want right now. So definitely some leverage there for the buyers.
I hope buyers are taking notes. This may be a great time to buy, giving you choice and maybe a bit more bargaining power. Next question. Brenda, are there particular neighborhoods or property types that are outperforming others right now? For example, is demand higher for single family homes, condos or vacation rentals?
You know, actually in my portfolio right now I do have buyers coming out for an income property. I also have buyers coming out that want a second home in a 55 and older community and they want it just to be a second home. And then I also have a couple coming for an income property and they want just a producing income property, which is better in a condo community where you have some amenities to offer. And so actually I have all three. They just need to get here and get motivated and pull that trigger. But those buyers are out there and there's something for everyone. So I don't think anyone is outperforming the other. Some people have said that the higher price markets have been going well, so we will, we will see as the season approaches here which one's going to outperform the other. But I actually have people ready to come and make something happen. First time home buyers, as a matter of fact. And Art's gonna get them the best mortgage he can. I know he's already talked to them, so I will look forward to helping them, whether it be next year, January, or maybe they'll even be ready before Christmas.
That's interesting how you have activity in all segments. Maybe this means smart buyers are seeing opportunity. Final question, Brenda, as you look ahead, what factors do you think will shape Palm Desert's market over the next six months, considering things like mortgage rates, seasonal snowbird activity, new construction, or other local economic trends?
Well, I think that over the, if I had a crystal ball, what I do know is that our snowbirds, our retirees, our second home buyers, they want to be here for what? Sunshine. And we have 350 days of sunshine. And so that is one thing that as we approach the season, I'm hoping that the buyers do come out and start purchasing these great properties because there's a great inventory for them. Also, I think all the events that we have here now in the Valley, we have our Acrisure arena that brings in a lot of concerts and hockey and of course our Stagecoach Coachella. We're kind of on the map now. And LA county friends that are over there in that massive amount of traffic, they're getting ready to just settle down and relax and have this resort style lifestyle. So I'm hoping that that will bring in the next six months a good amount of buyers and sellers here to the desert.
Brenda, thank you so much for taking time out today to join us on the Mortgage Minute. If someone wants to get in touch with you, whether it be a buyer or a seller or what's the best way to do so.
Oh, that's very easy. I'm usually here at this office, which is right in front of Palm Valley country club. And you can easily find the address. It's Windermere Real Estate. And on my website, which is brendadevlin.com, very easy, please look me up. I'm happy to put you on my newsletter that we send out once a month. It's very informative, not only about myself and what I do, but has the listings, has a few funny jokes for you. And I'd love to have you be a part of Brenda Devlin and Associates. We're never too busy for your referrals. And also, if you ever know someone that needs an agent, even like myself in a different part of the state, I have agents that I've networked with over 18 years, and I know people personally in different states and even Canada. So in the country. So please give me a call. All my information is on the screen and you can contact me there. I'll look forward to talking to anyone anytime. Thank you so much.
All right, everyone, this wraps up another episode of the Mortgage Minute. Remember, when you need financing for a new home, refinance, home equity line, or even a reverse mortgage, we can help you at Mortgage Works. Please reach out to me at 760-969-5023. Until next time, have a great weekend.
