Los Angeles wildfire evacuees to impact Coachella Valley housing market

As the Los Angeles wildfires rage on, charring more than 40,000 acres and destroying 12,000 structures, News Channel 3 has followed several evacuees fleeing to the desert.

Now, some local realtors say they expect the housing market to change because of it, possibly raising the costs of homes as people from the region purchase property in the desert.

Wendy Moldow, a local realtor, says the Coachella Valley housing market could be in for a shake up as people fleeing the area turn to the desert for more affordable housing options.

"There is an opportunity right now for people to come back out to the desert, to a place that they enjoy and they feel comfortable in. The schools are great here. The areas are great," Moldow said.

And with listings like fully furnished, turn-key homes in Palm Desert that Moldow has listed, the chance to start over can be easier for some in the valley.

Moldow also says the current housing market is soft, meaning the demand is low and sellers are more dependent on buyers.

Lower housing prices in the desert compared to LA could also be favorable to those who have lost everything, even despite higher interest rates than normal

"You know, that's I was around when interest rates were 18%. So when you talk about interest rates, it's six, seven, eight percent."

In 2020 the desert saw a similar trend when the COVID-19 pandemic pushed thousands out of big cities and into the valley leading property sales to sky rocket.

"I say hurry up. I say, because once people come out here and realize how magnificent it is, our desert is special. There's nothing like it," Moldow says for locals hoping to buy soon.

Moldow says since January 6th of this year, 88 homes have entered escrow throughout the Coachella Valley but it is unknown how many of those purchases were related to the LA fires.