Palm Springs Morning Real Estate Market Update 09/08/2009

Tuesday, September 08, 2009

by Rob Zwemmer

Good Morning,

I hope everyone had a great Labor Day weekend!

Sales numbers for August are now complete. In the last month we sold 759 homes here in the Palm Springs area. That’s increase of 97 homes or 14.7% to last year sales.

The to an end coming up to $8000 federal tax incentive have really sparked a fire for first time home buyers in August.

First time home buyers have till December 1 to find and close on their new home. With a mix of first time home buyers, domestic and foreign investors, some of our listings are seeing multiple offers and are selling over asking price.

The Federal government has now lifted the 90 days moratorium for Bank Owned Homes for Sale ! properties. I am expecting new foreclosures to hit the market as soon as next week. 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.

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 Homes for Sale ! properties Visit: http://www. DesertBankOwnedHomes.com

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 Foreclosures this month we will set again record breaking sales numbers in September. It’s just a good time to buy and invest in Real Estate .