WELCOME TO THE DESERT REAL ESTATE SITE
for Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, Bermuda Dunes,
La Quinta, Indio, Desert Hot Springs, and the rest of the Coachella Valley
NOTE: I have a new website under construction at CalDesertRealEstateGuide.com that contains some better tools and features.
Whether you are new to the area and have just felt the spark that comes with seeing your first desert sunset, or if you are looking to make a move within the desert area, count on Wayne to be your guide. The value he puts on that personal connection will make a difference in your next move.
CAD AT PAR!!!
Canadians - see the chart further down the page.
Not relevant to most buyers, but I've seen a number of properties recently where I've said to myself - Wow, you can get this for $350k? and the same with homes at $1.5M. So the price drop has not only affected the low end, but also the high end and in between.
Foreclosure (REO)Properties - Updated September 15 Click on "Bank Owned" tab above
Buyer Questionnaire For MLS Autosearch
2010 - BUY NOW?
MY VIEW: We have hit the bottom, with small ups and downs continuing into the foreseeable future. The recovery of 2006 prices will take around ten years, based on the 1990 housing dip. This tilted L-shaped recovery creates a relatively stable market that both buyers and sellers are looking for.
The return of buyers will not create a shortage of inventory because the sellers who have held back from the market will also return. Unemployment is our greatest concern in the short term; that will result in additional foreclosures. This seems to be balanced by buyers stepping forth to grab these bargains.
If you want to sell there's not much gain in waiting, and the same applies to buying.
Look at it this way: You can find better prices now than in the last five years, but will they be even lower a year from now? In the longer term we could be in an inflationary period so interest and ownership costs can jump.
This is a Buyer's market - no doubt about that, but should you buy now? Here are some reasons it may be a good idea.
1. Interest rates are still around 5% for a 30 year fixed. This is expected to increase when TARP subisides stop.
2. Investors are back in the market, buying distressed properties - this should slow the price declines. There are signs of a shortage of REO's and that can drive up prices!
3. Builders have reduced prices, but some are starting to build again.
4. Sales numbers are relatively strong - we're at levels above 2007, while the median price has dropped markedly. (See my analysis)
5. There are a number of California and Federal incentives for first home buyers and for mortgage rescue. This should reduce downward price pressure.
6. See the list of "Bank Owned" on this site. Some of these homes are below replacement value. 7. It appears we are rapidly approaching the point where prices would be, if the housing bubble didn't exist. Although there may be another wave of foreclosures coming, they may be more than offset by foreclosure relief, and better affordability. The financial recovery programs might actually work!
Sell Now?
Yes, if you have a home in the Valley and you want to buy up! If you bought in 2003 or earlier, you can sell and make a gain and buy that place you wanted but the price was always too high. It may be at a price you like now.
Yes, if you want to sell. The big decline is over there will not be a return to the high prices for years to come, and buyers are buying again. There is no big upside in waiting.
CANADIANS: take advantage of your historically high dollar!
Update: With the loonie around par you can buy a median priced winter home here now for less than it would have cost Canadians in 2000! (Based on Feb 2010 median prices) A US investment is a good currency hedge, especially one you can use in the winter!
BUY HERE WITH CONFIDENCE
(why we're better than Arizona, Florida, Nevada, ........)
- we are a two hour drive or less from Southern California's population, entertainment, business, medical and educational centers. There is a huge pool of second and retirement home buyers. There's always a market, and great places to go
- this is a strong population, business, agriculture and tourist growth area in itself
- this is a destination location where people come to holiday, and you can come to live. Especially now with lower home prices.
- the Coachella Valley sits on an aquifer that can supply the population with water for generations - practically drought proof!
- we have envious weather all year round, if you don't mind a bit of summer heat
- there are about 150 golf courses in the Valley's approx. 150 square miles of developed land - golfer's heaven
- the population is small and spread out enough to maintain a small town atmosphere, but large enough to have world class amenities
- Proposition 13
A purchase now at the right price would be a very good decision
This area is a must-see if you are looking at the Best Place to Retire
A Word About Tarbell Realtors
Tarbell is the largest family owned agency in Southern California, with dozens of offices, and has been in business for over 60 years. It is NOT a franchise operation, so our responsibility to you continues even should our local office close.
Mortgage Quotes
If your FICO score is 720 or better, get an instant anonymous mortgage quote here http:/www.mortgagemarvel.com This primarily for information, as I suggest you use a local lender who knows our market best.
Buying Title Insurance?
If you are a Seller here, yes you are, and if you are a Buyer taking out a loan, you are too. Search for the best rates here http://www.clta.titlewizard.com
Moving?
If you are ready to do a long distance move, please check out this site. I will when I move http://www.moveadvocate.com/
Just Looking or Shopping?
Get more info on all Desert Area MLS "For Sale" listings than you can from Realtor.com Here FREE & ANONYMOUS
Get immediate and anonymous comps from http://zillow.com Just make sure the comps they use are from the same subdivision
 Canadian eh?
|