Summer in Palm Springs and Real Estate Facts with Canadian Buyers
That’s it Palm Springs and the Heat of the Summer giving us temperatures of at 110 on a daily basis. Not anything new to us the locals !!! But what is new this year is the that the Buyers for Real Estate , condos properties or even larger homes are not showing up this year compared to the previous couple of years.
Are the Canadians running out of money? Have we seen already the majority of potential Canadians buyers for our area?
The Canadian Looney is still at its high, the prices for homes in Palm Springs are indeed very attractive and affordable. So why am I not seeing all of you future owners of properties in Palm Springs down here enjoying our great weather?
And what about the US buyers ? Well they are here looking at homes and buying them…
If you have a different angle to bring to the table I will be very interested in hearing it.
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WOW…now you can buy it…the bank is ready to look at offers! Celebrity Home in Rancho Mirage
The profile of the prospective buyers coming to look at properties in Palm Springs lately
For what I am seeing and I am puzzled : 7 out of 10 prospective buyers especially the ones coming from Canada seem to be buying for the wrong reasons.
Are you buying property in Palm Springs for your own use?
If you are buying for your own use what would make sense is the “falling in love” factor, which means location, community and what it has to offer, and affordability.
Are you buying property in Palm Springs for investment purposes?
If you are buying for investment purposes what makes sense is your Return On Investment and how this property could take value in the future.
But what I am hearing with a good number of buyers who saw up to 20 properties with us is “my friend bought in xxx Country Club a year ago, two years ago …” and all they want to duplicate that “DEAL”… From what I understand it is ” ALL ABOUT DOING BETTER THAN MY NEIGHBOR”
I have showed great “deals” and proven the numbers..but we did not conclude a sale because what they had in mind was DOING BETTER THAN THE NEIGHBOR and going home to brag about it.
What I would say in conclusion is find a knowledgeable Realtor that you feel you can trust and buy what is GOOD FOR YOU .Let him show you what does make sense for YOU whether it is investment property or just for your own use.
Over 10 years in Palm Springs selling real estate in the bubble years and surviving and still selling thru the DIP, I can do that! I can UNDERSTAND your goal ….
Talk to me about Real Estate in Palm Springs !
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A new Bank Owned listing in Palm Desert, gated community, unbelievable price
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The inventory of bank owned (foreclosures) represents just over 6% of the total inventory in Palm Springs and the area.
Of course these numbers only cover the cities of Palm Springs Proper, Rancho Mirage, Palm Desert , Indian Wells and La Quinta which are the cities with resort communities and which will attract tenants if you are buying to invest.
So we cannot say that we are over flooded with foreclosures and that banks have difficulties getting rid of their inventory. So why do I have to argue with buyers who insist in writing offer for a lower price than the one the property is listed for. The number of buyers is higher than the number of properties in the low and median price range and we see each time that we are in a situation of multiple offers and bidding.
If we make a fast decision and we write a full price offer chances are we get in on the first attempt.
Trust your Realtor
It all comes down to the buyers coming from out of town and not familiar with our market to trust their Realtor and understand that we know better and we know what needs to be done to get a deal through.
When you chose Palm Springs to invest in Real Estate and if you are not from the area: trust your Realtor
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What is happening today at mid-summer in Palm Springs and Palm Desert in sales of foreclosures
What is happening today at mid-summer in Palm Springs and Palm Desert in sales of foreclosures ? Did anything change since the beginning of the year ? I must say that the number of foreclosures I looked at with my clients are 10 times less than the number of “regular retail” homes.
Who is buying properties in the Palm Springs and Palm Desert
Who is buying properties in the Palm Springs and Palm Desert ? Because of the economy and the opportunity it brought , most of the potential buyers until 2 months ago were the ones that saw opportunity and stretched to take advantage of the economy and the real estate market adn the foreclosures (most of the foreclosures were in that price range) .They just recognized that if they wanted to buy a condo or any home in Palm Springs or Palm Desert now was the time , but because of the lender’s limitation most of them looked at cash deals and under 300K . The inventory for foreclosures in that price range is decreasing significantly.
Things have changed. The properties between 400K and 800K are now selling . We can see them get into “pending” (under contract) each and every day. Mainly in Palm Desert – also few of them being foreclosures but buyers are understanding that it will not last and they too are taking advantage.
Look at ALL properties in Palm Springs and Palm Desert
So will we say that it is time to look closer at ALL the properties available in our market in Palm Springs or Palm Desert without being attached whether it is a foreclosure or not ? Yes the sellers who kept their homes on the market for sale this summer and that did not wait for the season are the ones anxious to sell and those are the ones we need to deal with right now to work out the BEST PRICE..
Foreclosures in Pam Desert California
How many foreclosures are now available is Palm Desert? Whether it is condos in Golf communities or just homes not in developments, the number of foreclosures has been under 100 units (even at the peak see statistics at : http://www.claudinereal.com/Area_Sales_Statistics.htm ) the number showing at end of June was 48 only…and I believe that in my next report we will see this number decreasing.
The foreclosures all together did hit the Palm Springs area and Palm Desert in particular but more in Desert Hot Springs, Coachella, Indio or La Quinta areas which have been overbuilt and where the buyers were first time buyers (who could not afford to buy to start with) and the “flippers” who did not put anything down and had no problem letting the property go back to the bank.
Bank owned properties in Palm Desert
REO’s (bank owned properties) which in the overall are called foreclosures by most of the people are losing terrain and we are seeing their number decrease significantly. Yes there were deals to be made and a lot of smart buyers took advantage of the market.
It is still time you can go and browse and see ALL the bank owned properties in Palm Springs area available for sale : http://www.claudinereal.com/Foreclosures.htm
“the regular sellers” to my knowledge are still the best buys in town because sellers are more motivated, more flexible and “people” to talk compared to interacting with THE BANK.