Foreclosures in Palm Desert, Palm Springs

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.

 

Fewer foreclosures

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..

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