An article David Streitfeld of the New York Times details the following:“The long slide in housing prices is continuing to brake, figures released Tuesday indicate. For the fourth consecutive month, there was modest improvement in May in housing prices, according to the Standard & Poor’s/Case-Shiller Home Price Index, a closely watched measure of the market.” Streitfeld points out “The report contained another, more startling piece of data: prices increased in May by a half-percentage point from April, the first positive monthly return for the index in three years.”
“It is very possible that years from now we will say that April 2009 was the trough in home prices,” S.& P.’s vice president for index services, Maureen Maitland, said.
“Recession is over, economy is recovering — let’s look forward and stop the backward-looking focus,” the Wells Fargo chief economist John E. Silvia wrote in a research note.
“For 16 months, beginning in October 2007 and ending in January 2009, the Case-Shiller index posted record annual declines. As recently as February, all of the 20 cities in the index showed a decline from the previous month,” Streitfeld states. “In May, only five of them did. The cities that are still dropping are Las Vegas and Phoenix, the two places where the bubble was the worst, and Miami, Seattle and Los Angeles. Prices improved in 13 cities.”
Although there are still skeptics out there, it is very possible the bottom is behind us and we can look to the future. From what we have seen first hand with the Palm Springs real estate market, today represents an opportunity. The prices have stabilized and the inventory is changing. The best properties are selling quickly. Deals are happening today that we will look back on and be amazed.
Call M1 Properties at 760-864-1410. We are local market experts and can help with your Palm Springs real estate needs. Full story click here.
Jeremy Metz
M1 Properties
Palm Springs Real Estate Sales
Wednesday, July 29, 2009
Wednesday, July 22, 2009
Common Palm Springs Real Estate Questions
What is a short sale?
A short sale is when the owner is attempting to sell the property for an amount lower than what they owe on their mortgage. Until the lien-holding bank approves the sale of the property at a certain price, listing prices of short sales are basically made up. Owners and their agents tend to use low prices to fish for offers, in order to use the offer as leverage on the bank. In a short sale, the bank has to approve the sales price and agree to take a loss on the sale. This is confusing to potential buyers, as they believe they can purchase a home for an unrealistic/unachievable price. Short sales are now more prevalent in the Palm Springs real estate market than ever. We recommend avoiding short sales and focusing on the purchase of bank-owned and non-short properties.
What ongoing fees are involved with owning real estate?
On top of the purchase amount, all real property is lawfully required to pay property taxes. Property tax amounts are dependent on geographical/municipal location, typically 1.125% to 1.5% in the Palm Springs real estate market. This percentage is out of the assessed value of the property, which is the sales price at the time of purchase. Some properties within communities will have monthly homeowner’s association (HOA) dues, which can range from $50-$900/month, depending on the community and amenities included. Mello Roos, or special property tax/assessment, in addition to the normal taxes, are charged to those within certain community facilities districts. Please contact us for additional information; we are your Palm Springs real estate local market experts.
Jeremy Metz
M1 Properties
Palm Springs Real Estate Sales
http://www.m1properties.com/
760-864-1410
Monday, July 13, 2009
Palm Springs Real Estate Sales Heat Up for the Summer
With days now reaching 114+ degrees, Palm Springs Real Estate has been just as hot. Usually known to be busier in the winter season and quieter during the hot summers, real estates sales have been cooking this summer.
Though the economy may have taken longer than anticipated to stabilize, the Palm Springs real estate market is now showing signs that the bottom may be here, or could even be behind us. The rate of foreclosures seems to be slowing, as many people have already experienced this phenomena. Most bank-owned properties have sold quickly, as the banks have priced properties accurately to sell; a key component that was missing in 2008. The smart buyers have been ready to purchase quickly, realizing that it is nearly impossible to pick the very bottom of the market and knowing that despite nervousness, this is an amazing time to buy.
California will always be California and there will always be a demand for real estate here. The time to invest in Palm Springs real estate is now, as the best deals are selling quickly. There will surely be some potential buyers that miss the boat by waiting too long.
The in-demand sales activity of real estate throughout the Coachella Valley is one fire that should continue to burn brightly. Buy now before the snowbirds get here. Call M1 Properties now at 760-864-1410 to discuss finding the right Palm Springs real estate deal for you. Check out our Featured Listings at http://www.m1properties.com/.
Jeremy Metz
M1 Properties
Palm Springs Real Estate Sales
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