Monday Morning Real Estate Update 07/06/2009
Good Monday Morning,
I hope everyone had a great and safe 4th of July weekend !
Sales numbers for January through June are now complete. In the last 6 months we sold 4312 homes here in the Palm Springs area. That’s increase of 891 homes or 26% to last year sales.
In the last 6 months new incentives and loan programs have really sparked a fire for first time home buyers. We have also seen increase of out of state investors and second time home buyers taking advantage of the great deals that are going on. After a delay of several months the banks have finally started to release new bank owned properties. Some of these properties are now selling for $50 - $60 per sqft. Remember! Current replacing or building cost lays around $125 per sqft, and that does not include the land value.
Because our housing inventory is on a 2 year low, the really good deals are selling fast. So I recommend for those who are looking for a steal to be prepared and get pre-approved for a loan before you make the offer. If you are planning to pay cash for a property, make sure to contact your bank and get a letter of “Proof of Funds”
I am expecting with the new REO’s and Short Sale properties we will set again record breaking sales numbers in July. It’s just a good time to buy and invest in Real Estate here in the Palm Springs area.
We have just launched a brand new website just for bank owned Homes here in the Palm Springs Area.
For more information or to receive a complete list bank owned properties
visit: http://www.DesertBankOwnedHomes.com
And here is Monday Morning Coffee
http://www.desertrealestateprices.com/coffee.asp