Here comes the great California weather to Palm Springs, warm days and cool nights.  Certainly the seasonal weather has arrived and it is time to ask your self whether it is time to buy a home in Palm Springs.  As the temperature cools, the Palm Springs real estate market has heated up.  As reported in the Los Angeles Times on October 24, 2009, “Sales of existing homes rise 9.4%.  It was the fifth increase in the last six months, and sales activity is at the highest level since July 2007,”according to the National Association of Realtors.

As I reported on October 1, 2009, inventories of single family homes and condominiums decreased by over 30% from six months earlier.  The fact that inventories are reduced is evidenced when looking for properties for prospective buyers as it is slim pickings.   Today, October 28, 2009 inventories in Palm Springs have yet again taken a dramatic drop from 512 homes on October 1 to 379 homes on October 28, as condo inventories remained steady at about 440 units on the market.  The drop in the month of October, 2009 was 26% alone.   On October 28, 2009, The Los Angeles Times reported, “Home Prices continue to climb.  A national index rises 1% (home values) in its third consecutive month-to-month gain.”

Again, it seems as a housing recovery has begun.  In Palm Springs inventories are way down and prices are moderately on the increase and the Palm Springs season has just begun.  So, is it time to buy?  You bet, the job for the real estate professional is to find the perfect house with low inventory of homes.  Enjoy the Palm Springs perfect weather, whether or not you’re looking to buy the perfect t home in Palm Springs.

I stand ready to show you what Palm Springs has to offer as a first residence or a second home and I am always looking to list residential properties in Palm Springs.  It may be time to sell as inventories are way down and prices have moved up moderately.  Good properties are hard to find and are commanding good prices, so it may be time to become a seller.

According to the National Association of Realtors as of June there were 3.8 million properties for sale across the United States, compared with 4.5 million June of last year. That is close to a 20% drop in real estate inventory in just one year. In contrast, Palm Springs has experienced nearly a 30% drop in our local inventory within the past 5 months. Does this signal a time to buy? With current Tax incentives’ coming close to an end the choice needs to be made soon.

Palm Springs named #2 desired locations to retire according to CNN Money.  Money Magazines list released this past September names Palm Springs #2 of the top 25 best places to retire. Featured in this months Money Magazine, pick it up from newsstands today or click the link above.

The Palm Springs housing market has declined. Six months ago there were 750 single family homes on the market as well as 725 condominiums.

On October 1st; gathering statistics from our local multiple listing service, I found there are now only 512 single family homes and only 440 condominiums on the market for sale. That drop represents an approximate 30% drop in single family homes inventory, and a 40% drop in the condominium inventory.

Does this signal the bottom of the Palm Springs market? Does this mean the time to buy is now?

The answer to both questions in my opinion is yes. I have definitely taken notice to the few homes that have been, or rather not been coming on the market in Palm Springs.

I have also noticed the quality of the homes coming on the market. Prices seem to be stabilizing on homes of quality not part of  distressed situations, so i believe it wont be long before prices begin to steadily increase as more and more sellers take notice.

As the world turns each day it seems like the economy is taking more and more hits.  In the Coachella Valley real state market the hits keep coming.   I read many reports regarding the state of local real estate but examining the details that come from the Desert Area Multiple Listing Service is an eye opener.

For the last several days I have sifted through the daily market watch to see who owned the houses that are selling.  To my utter astonishment, over 80% of the closed sales in the Coachella Valley reported to the Multiple Listing Service are bank owned properties.  This percentage has held steady for the past four days.  In addition, the few remaining sales that are not bank owned are largely short sales which still involve distress properties and the banks.  To say that bank owned properties are fueling the entire Coachella Valley real estate market is not an exaggeration.

The median price for a sold house in the Coachella Valley on October 7, 2008 is $189,950.  The high was $800,000 and the low $45,000.  These will be interesting statistics to watch as the weeks and months unfold.

My web site has lots of information on Palm Springs bank owned properties.  There is a comprehensive list of all bank owned properties on my web site.  I update this information once each week. 

In the next few days I will be listing what I perceive as the best buys in Palm Springs in all price categories whether bank owned or not.  Properties that I select will have been personally visited by me.

I hope this information will be of value to you.  I will be happy to discuss Palm Springs real estate with you via e-mail (realtorgarycarlson@yahoo.com), telephone or text at 760.831.5996

Gary Carlson

Realtor

Prudential California Realty

As the market has changed David Emerson, a 25 year real estate veteran compared his profession to a doctors’ saying “You go from being like a doctor who delivers babies in a booming real estate market,” he said, “to being an oncologist just giving people bad news all day long”. 

I certainly find a lot of truth in this quotation.  As a twenty five year real estate professional, I have seen a once warm and fussy and full of joy profession become treacherous, difficult and changing everyday.  Success, Experience, it matters, now more than ever in the real estate world.  Whether buying or selling let’s talk about the health of your real estate.

I think for my entire life I have heard humans need eight glasses of water a day to remain healthy.  I wonder just how many people followed this sage advice.  I know I probably did not, but rather drink water when my body tells me to.  So after a life time of this believe the American Medical Association concluded last week that 8 glasses of water a day is not necessary and one should drink water when the body demands.

In today’s real estate market one hears all kinds of advice from relatives, neighbors, doctors, physiatrists, gardeners, and the guy who pumps gas.  Well, it is time to take action on your own and listen to real estate professionals.  There may never be a better time to buy than right now.  Everyone is wondering what is going to happen in the future instead of focusing on what is happening right now.  The fact is that prices have dropped in some areas about 20% from a year ago and inventories have forced this issue.  Listen to the market as you listen to your body when it needs water.  It is time to buy when inventories are high and prices are down.  The market has had plenty of water and it is time for real estate to catch on fire. Don’t get burned.

Please call me for an appointment to consult with you concerning your real estate needs, whether buying or selling in the Coachella valley. My personal cell number in 760.831.5996

And please remember to drink water when your body demands.  That is certainly good advice.

Everyone wants to know when the real estate market will turn around including me.  Friends and customers continue to ask and I usually say “I don’t have a crystal ball”.  How trite is that statement?  Anyway I have decided today to make a couple of wagers.

Number one- I am betting on  Big Brown to  win the Kentucky Derby on May 3, 2008.  Since Big Brown won the Florida Derby, I think he is a good bet.

Number two-  I am betting it is time to buy well priced homes.  Since statistics for February have shown that residential real estate sales edged up about 3% and prices where down 20% in some areas over last year, it is time to start thinking that the real estate market may be close to the bottom.

I will be placing a $2 wager on Big Brown.

Likewise, I will be placing a $2 wager that the real estate markets will turn around by the third quarter of 2008.

It is time to buy.  There are some great buys in Palm Springs, especially in new construction and it seems that it is a good bet to buy now before the best of the lot are purchased by others.  Remember never try to hit the bottom nor the top of any market because odds are you will not succeed.

Take these bets to the bank!!!!

As the political climate heats up, discussions on the economy by the three remaining candidates is grabbing headlines and lead off stories on network news.  NBC network news with Brian Williams started the news with the statement about the economy stating “A landscape loaded with doom.”  He was referring to consumer confidence which has dropped to a five year low.  Obviously, consumer confidence affects every aspect of our society from car washes to real estate sales.

Concerning the current state of the mortgage business John McCain stated he was “committed to the principal that it is not the duty of the government to bail out and reward those who act irresponsibly whether they are big banks or small borrowers.”  On the other hand Obama and Clinton have criticized mortgage lending practices and have called on government organizations to provide relief to homeowners. Hillary Clinton has stated she would work to keep people in their homes making available $30 billion to prevent further foreclosures. One idea from Clinton would be to freeze interest rates for 3 to 5 years. Obama felt that would benefit the rich.

Supporting any idea of an interest rate freeze brings up numerous questions and concerns, but I do not think that this freeze would benefit the rich, but middle class Americans who will be facing large interest rate increases in the next couple of years as there interest rates adjust. Maybe a loan limit should accompany an interest rate freeze to make sure any relief package would not benefit the rich.  I know I will have a rate increase on my mortgage in December 2009 and I am not among Americas rich.

I agree with Hillary.  Let’s keep Americans in their homes.

I also agree with John McCain that it is not the job of the government to reward those who act irresponsibly, but what about all the people who got caught up in this mortgage debacle that have not and are not acting irresponsibly.  Should the government help?I think it is inevitable that some relieve will come from the government.  The big question is what will be fair and equitable to all those caught up in this current mortgage mess.

What do you think?

I am blogging for the first time today.  It is my intent to offer interesting and timely information regarding real estate matters with an emphasis on Palm Springs, California.I have been a top producing Realtor in Palm Springs for twenty five and I am currently associated with Prudential California Realty, a Berkshire Hathaway Company. Over the course of my career I have seen great changes in Palm Springs and have experienced all of the ups and downs along the way.  I hope I can draw on these experiences to help you in your real estate endeavors.

Over the last four months I have visited all of the bank owned properties listed in the Desert Area Multiple Listing Service.  You will definitely get a feel for the bank owned properties in Palm Springs by visiting http://www.palmspringsestates.com/blog/ on my web site.  If you should wish to visit any of these properties or other desert area properties please feel free to call upon The Moore Carlson Group for assistance.

The Los Angeles Times reported on Saturday, March 23, 2008 “Tidy profit from simple tax request”.  This article concerned the lowering of property taxes in this down market under Prop. 8.  Apparently there are companies who charge large fees to file this simple form.  This form is available here DIVR 2011.

Here’s what’s needed:

The application homeowners must fill out to seek a reduction includes the following questions:

*Property Address*Property Assessor Number*Purchase Price*Assessed value from tax bill*Your opinion of property value*Description of Property*At least two comparable sales to support your claim.If you have any difficulty in filling out this form or need comparable sales please feel free to contact a member of The Moore Carlson Group, who will be happy to assist you free of any charges.  The form is simple and only takes a couple of minutes to complete.  If you believe your property taxes are too high based on current market conditions it will benefit you to complete this form (DIVR 2011)and return it to the County Assessor possibly saving you hundreds and maybe thousands of dollars.

Gary Carlson-760.699.6153