The desert is entering into our busiest time of the year for property sales. Greg Berkemer, executive vp of the California Desert Area Association of Realtors said (from the Desert Sun) "our selling season is now".
The Coachella Valley's account of new, pending sales contracts for November did dip but not nearly as much as the overall national average. However, if we have a good showing in December, January and February, we will be poised for what people are saying on a national basis -- a true recovery by spring.
Inventory levels are rising slightly. It is a sign that homeowners are becoming more realistic of market value and buyers are recognizing that the market has hits its trough. California Association of Realtors VP and chief economist, Leslie Appleton-Young, said that California remains ahead of the nation in market recovery.
The inventory of foreclosed properties is still down more than 65%. At the peak of the inventory (approximately six months ago), we saw nearly 1,000 bank owned homes for sale in the Coachella Valley. Today, there are roughly 350 listings. There are still some great bargains out there and good properties in good locations sell quickly sometimes with multiple offers.
With reduced inventory it is quite common to see multiple offers and homes usually end up selling higher than the asking price. Be prepared with a prequalification letter from a lender and verification of funds -- these are both necessary to write and a submit a purchase contract.
So is now the right time to purchase? You bet .... be sure to check our our free website: www.redhotrepos.com. This is the most comprehensive website which is updated twice daily.
Wednesday, January 6, 2010
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