Coachella Valley housing market sees shifts heading into summer

CATHEDRAL CITY, Calif. (KESQ) –  The real estate market in the Coachella Valley is undergoing changes. More homes are hitting the market, but with fewer buyers competing, prices are starting to drop.

Interest rates remain high—around 7%—making borrowing more expensive compared to recent years. Real estate expert Stephen Powell of Stephen Powell and Associates says this could be an ideal time for buyers to make a move because of less competition and more room to negotiate.

For sellers, however, the story is different. In a cooler market, pricing a home correctly from the start is more crucial than ever to attract buyers and avoid sitting on the market for a long time.

Stay with News Channel 3 at 4:00 for more on what these changes mean for you and the local housing market.