The Gates are re-opening in New Home Developments in La Quinta..
New homes in La Quinta and the Palm Springs Valley have been languishing for the past 3-4 years. After working in the New Homes Industry for 5 years myself, it was like running into a wall.
But in the first quarter of 2012, the New Homes Industry is beginning to show much forward momentum. There are currently more Buyers than homes for sale in many areas of La Quinta and the Palm Springs Valley. Many Buyers are just getting tired of the “used and often tattered” conditions of resale homes..especially what’s left after the Investors have picked them over. The timing is perfect for the New Homes industry to pick up, as shown in today’s Desert Sun.
It might be the right time if you are considering buying a home in our beautiful winter paradise, to consider a new home once again..
More
La Quinta Buyers..do you qualify for a mortgage with a 3 in front of it???
You too could qualify for a mortgage rate with a 3 in front of it. Refinance? Same thing. This is a very enlightening article from today’s New York Times talking about a young couple that did just that. Huge documentation will be required of course, but that’s true with ANY mortgage or refi.
The keys are…
1. Your Credit score..it needs to be in the 700’s minimum.
2. Money in the bank..prove you can cover a couple months’ payments.
3. Job Security..prove you’ve got a good job that seems secure
4. Other assets? The more cash, or paid off assets..the higher your odds.
The appraisals are starting to come in where they should here in the Palm Springs Valley, so if you’re qualified, why not give it a go? Of course..the paperwork will be equal to that of a Short Sale, so have your docs in order!
More
Trilogy in La Quinta
I am sticking to my belief and oft stated stance that 4th quarter 2011 was THE bottom for La Quinta and Palm Springs valley real estate. Why? The price per sq foot has gone up consistently since then for most developments. This article from today’s New York Times supports this idea. Each city and state is diferent but across the board in desireable areas, homes are selling!
Here in the Palm Springs Valley, it used to be just the entry level that received multiple offers, but it’s becoming more common now in the mid range..$600-$850,000 too. And inventory is down.
Don’t wait too long to step up and buy. Short Sales are still snapped up, but there are less of them to go around! Refis and loan mods are working to help keep people in their homes. Summer is a great time to look for property in our beautiful desert valley…come on out and see what all the hype’s about!
More
Beautiful La Quinta
…and not just the City of La Quinta. All the desert cities through the Palm Springs Valley showed significant increases in Sales numbers (up approx. 6.1% from May, 2011).
My Equity Listings (standard sales) are generating multiple offers now too..it’s NOT just the short sales or foreclosures. If Sellers price their properties right..and I mean in the Luxury Market too..they WILL sell! Don’t get greedy, continue to be sensible and take a look at this article from today’s local paper about the Sales numbers and price changes for La Quinta and the Palm Springs Valley.
The number of distressed properties dropped from approx. 48% of sales to approx. 40% of combined sales. Inventory levels: Single Family homes: 2,266 and available Condos: 1,113.
The Median sales price in La Quinta jumped to $302,000 and there were a total of 165 Sales closed. Median sales numbers are up through the entire valley by approx. 6% from a year ago. This is due to more luxury properties selling. Good news for the Housing Market in our Valley.
Inventory has not been this low since 2005! Combine that with great mortgage rates and the heat is on!
More
In the Palm Springs area and across the U.S., foreign buyers hunting for safe investments have been flocking to the U.S. housing market, attracted by low the prices here.
International clients accounted for $82.5 billion worth of sales during the 12 months ending in March, according to a survey by the National Association of Realtors . Compare that to the $66.4 billion spent over the same period a year earlier.
These foreign purchasers , mostly from Britain, Canada, China, India and Mexico, made up 55% of all international purchasers. The four states of California, Arizona, Florida and Texas – accounted for 51% of the states in which international buyers purchased homes.
Several factors are driving foreign buyers to purchase in the locations they did, including proximity to their home countries, climate and convenience. It seems the East Coast attracted mostly Europeans buyers while the West Coast attracted mostly Asians. Florida has drawn South Americans, Canadians and Europeans.
There are many happy and proud new Canadian homeowners in our Palm Springs area here. I happen to have new Canadian neighbors across the street from my home. They got a great little Santa Fe with western exposure that’s taking some work to get it back into shape. But, they’re happy with their smoking deal and we’re happy to have nice, friendly neighbors who take pride in their home . . . even though they can only be there six months out of the year. It’s a win-win for everyone.
More
Bermuda Dunes CC home; multiples
If you are considering jumping into the Buyers competition called “buying a home in La Quinta”..or the Palm springs Valley in general..be prepared. There are MANY other buyers waiting to do the same thing. The luxury market is the only market that is not experiencing this in our desert valley..and even that market can generate multiples if the property is priced right, has staggering views and tons of upgrades.
The entry level..$250,000 and below here in the desert is barren of good buys. The La Quinta Cove, North La Quinta, South Palm Desert, and pockets in Rancho Mirage and Indian Wells as well as Cat City are experiencing multiple offers on most every home listed. My last two listings in La Quinta and one in Desert Hot Springs on the golf course, generated multiples within 3 days. Only 1 was a Short Sale.
I wasn’t aware of how similar it is elsewhere…this from todays LA Times.
If you are thinking of listing your home whether short sale or equity, give me a call!
More
La Quinta Cove short sale just CLOSED!
Another Short Sale in La Quinta..CLOSED! This lovely single family home in the La Quinta Cove, was a primary residence. The Seller relocated and is relieved to be out of the high mortgage payments.
More
Just released Sales figures for homes claims an increase of 3.4% for April over the previous month..great news! Remember that this is not for a local market..read about it here..
In our local market, Palm Springs Valley is on fire. La Quinta homes in all price points are moving again. The Luxury homes have not settled and the mid price point ($500-$800,000) is still a little murky. What I mean by this is..home with GREAT views, locations, floor plans, upgrades-these are selling for close to List Price set by the Sellers. These List Prices are often 30-45% what they would have been in 2005-2006.
Homes are sit or are bid DOWN are ones that may have a less desireable exposure, view, and floorplan or amenities.
The other interesting thing is that the numbers of Foreclosed properties has dropped..distressed propereties accounted for 28% of these sales figures. Here in La Quinta, Palm Desert, Rancho Mirage, Indian Wells and Indio, the numbers of distressed properties has dropped dramatically. Inventory is actually LOW.
If you are a distressed homeowner..meaning you owe more than your home’s value, give me a call. Being stressed about your monthly payment can be solved with a Short Sale!
Thinking about a Short Sale?
Beautiful quiet streets of La Quinta
Real Estate Sales rose over all in the month of March and now again in the month of April..over the same months a year ago. In fact, says Data Quick (the real estate info firm), April saw about a 6% jump in the median number for the state of California..to $264,000. In Southern California it jumped even more..about 3.6% to $290,000! So what??? Median doesn’t mean much except that half of the homes sold above that number and half below. Any time the median goes up, you can figure more pricey properties are selling..and that’s a good thing.
In our local Palm Springs Valley, La Quinta especially, I am seeing this in spades. I keep reading obout “shadow inventory”..I say “bring it on!”. We have enough buyers waiting to purchase in our resort Valley to absorb this inventory the banks’ keep promising they have. Where is it? My Short Sales still confuse the poor Lenders to the point where I have to figure whoever is keeping track of foreclosures has no clue.
More
Even though the number of foreclosure filings dropped last month in California, a real estate tracking firm has reported that Riverside County had the highest foreclosure rate in the state. Countywide, 1 in every 208 households was found to be in some stage of foreclosure – REOs, auction sale notices or mortgage default notices – for a total of 3,850.
Even so, the number of filings was still 12% lower than in March – an approx. 28% less than the foreclosure rate in Riverside a year ago. Nationally, there was a 5% decline in April when compared to March… and 14% less than a year ago. The tracking firm found that this is the lowest foreclosure rate recorded since July of 2007, before the bubble burst.
Last month, California ranked second in the nation in number of foreclosures – with 39,008 filings. This was 14% less than the number in March and 30% lower than last year – when 1 in 351 homes were in default in the state.
The highest foreclosure rate nationwide last month was in Nevada, with 1 in 300 homes in default. California was second, with Florida right behind it with 1 in 364. Number 4 was Arizona with 1 in 377 and follow that with Georgia at Number 5 with 1 in 398 homes in foreclosure.
Looks like we’re not out of the the foreclosure woods yet . . . could this rise in the foreclosure rate be from banks and mortgage lenders processing the foreclosures faster and more efficiently??
More
