Real Estate Market update showing increase in sales for 6 months in a row.
This time it is not ME saying it , it is Lawrence Yun- Chief Economist for NAR- What I am saying all along is confirmed. The buyers are now ready to move and they are buying.
Foreclosures are still there but buyers too and in a greater number ; eventually shortly we will the number decrease significantly.
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This is a video of an interview with Lawrence Yun – Chief Economist for the National Association of Realtors. Very Interesting !
Real Estate week end or Memorial Day week end from Palm Springs to La Quinta !
Memorial Day week end in Palm Springs is for the tourist industry the last big one of the season but this year is different potential buyers are taking advantage of the long week end to fly to Palm Springs and learn about the other cities and real estate in Rancho Mirage, Indian Wells or Palm Desert as well as La Quinta. Learn means understand Real Estate today .Memorial Day week end closes the season as far as events , festivals, competitions , tournaments and more..But for us Realtors the real selling time is now around the corner.
US buyers looking at real estate closely
I have more appointments set for the month of June than I did during the winter season . It is amazing because I am now dealing with the US buyers who are more confident and ready to take the jump.
People, potential buyers who are not familiar with the area, who never have been here but of course read about Palm Springs or Rancho Mirage(golf competition at Mission Hills ) or Indian Wells (tennis tournament) are calling everyday to ask about properties they find on the internet. It feels that the heat is ON and I am ready ..
The foreclosures are still a hot topic but I am always ready to explain why in cities like Palm Springs, Palm Desert or Rancho Mirage the number of foreclosures are very low but the “deals” are there and it is ALL ABOUT THE VALUE FOR YOUR MONEY!
Griffin Ranch in La Quinta
Griffin Ranch in La Quinta. I had not been there since the opening party, what a wonderful community. All about horses and equestrian properties.
3000 to 5000 Square feet homes for amazing prices
The average size homes in Griffin Ranch is between 3000 and 5000 square feet. The models and the quality of built are exceptional. The grounds are nice now but so promissing when the community facilities and horse facilities will be completed.
Buying property in Griffin Ranch in La Quinta is a must – It is a Steal
I am must say that I am absolutely positively impressed by it all. The prices are so very attractive and each buy is a steal.
Palm Springs real estate this season is not anyworse than the previous seasons .
I have been so busy showing properties that I did not get a chance to write my blogs. Palm Springs real estate this season is not anyworse than the previous seasons . As a matter of fact, I can see at least twice the business I was seeing last year. The prices are were the buyers want to see them. The buyers understand it will not last (at least in our area) and I am writing offers on a regular basis.
The buyers who buy homes and condos in Palm Springs
The buyers who buy homes and condos in Palm Springs from Canada or out of state (Chicago, Seattle, Washington, Oregon) all of them see the value. There will be a tomorrow to this bad time andthe ones who could afford and mainly were not afraid to jump into it will harvest the fruit a few years from now.Yes economy or not, our weather is still the best you would want for your winters, over 200 golf courses, the beautiful mountains, the shopping and the short drive to the beach.
we do have foreclosures but not in the resort communities such as country clubs or golf communities
My buyers understand that the area is not at all in the same situation as the rest of California, we do have foreclosures but not in the resort communities such as country clubs or golf communities. Homes that were bought here a few years ago were for the most bought with cash money or very little of a loan. Prices will go faster back to UP because let’s not forget that the babyboomers still want to retire in the sun. So NOW is the time to take advantage of the low prices.
Yes prices came down around 30 to 35%, not much building going on, now and the next couple of years ; IF you buy today you WILL cash later there is not doubt.
Just buy real estate in Palm Springs, Palm Desert, Rancho Mirage or any other desert city.
This is why I encourage my prospects still “sitting on the fence” to take the jump and DO IT! Just buy real estate in Palm Springs, Palm Desert, Rancho Mirage or any other desert city.
The National Association of Realtors reports that sales of existing home in the western US produced an overall increase in sales and reduced inventory.
Through the month of December, sales of existing single-family homes, townhomes, condos and co-ops increased by 6.5 percent, yielding a seasonally adjusted annual rate of 4.74 million units.
The chief economist for the NAR, Lawrence Yun, indicated that the price of continues to favor buyers. According to Yun, “It appears some buyers are taking advantage of much lower home prices.” He believes the increase in sales and the decline in inventory are positive indicators and suggests that it will be a buyer’s market for the next many months.
The total inventory of housing fell from an 11.2 month supply in November to a 9.3 month supply in December, with 3.68 million existing homes on the market. Mr. Yun believes that, given the proper nudge, such as a non-repayable home buyer tax credit, the demand for housing could skyrocket. He is hopeful that the new administration will take prompt action to stimulate real estate sales, an action that will help to restore stability to the market and encourage economic recovery.
Regional Sales of Existing Homes
Sales of homes in the West rose to an annual rate of 1.25 million in December, an increase of 13.6 percent over the prior month and 31.6 percent higher than a year ago. The median price of an existing home dropped to $213,100, a decline of 31.5 percent from December 2007.
The Time is Right for Buying a Home
I just spent two hours this morning listening to Mr. Yun , the chief economist for NAR (National Association of Realtors) who came to the Desert to speak in front of 425 Realtors eager to hear about THE TURN OF THE MARKET –and WHEN ????
How very appropriate on the day where everybody in this nation is waiting for the Stimulus Bill to pass !!
Mr. Yun pointed out quite a number of facts that I would like to share with you , explaining why the “Stimulus packet ” is essential to survival
- The base of the economy is the Housing Market : its recovery will get the whole economy going.
- If the stimulus passes this week end, it will take until summer-early autumn to really be in place and that will bring a significant change for the better.
- All the fence sitters will start buying and that will :
1. Offset the negative psychology
2. Lower the inventory
3. Bring optimism
4. Show the light at the end of the tunnel
5. This will be a confidence buster.
- Our times cannot be compared to the “Great Depression” – at that time we had more than 25% unemployment which is not the case today
- The interest rates are the lowest in 50 years – 5% and possibly less…
- We finished the first round of foreclosures but are on our way to the 2nd round.
- We are seeing an upturn for number of sales (this should build up the confidence)
- We are seeing multiple bidding on low priced properties and buyers that do not “get in” keep on trying different ones until they get a deal. Does that mean that we have hit bottom ?
- If the stimulus includes the real estate package suggested by the Senate, it will lower the market inventory
- New homes sales numbers should be read properly. The number is at its lowest because the building has practically stopped and therefore, the sales because of lack of inventory. That means that the resale prices will go up.
I found this presentation refreshing in a way that IT IS NOT ALL BAD and that by 2010 with the Proper Stimulus in place we should see a real Rebound of the market and rising in prices.