February was the eight month in a row where the sales of homes and condos have increased in the Desert. Much of the sales were contributed to distressed homes at bargain prices, but those have to get off the market before we can really see a real estate turn around.
According to a recent article in the Desert Sun, “There are a lot of bargain hunters, a lot of cash buyers,” said Kevin Stern, president of the Palm Springs Regional Association of Realtors. “But there are also a lot of first-time buyers and investors who are picking up bargains at really excellent interest rates.”
Almost 880 transactions closed last month, which is a 2.9% increase from February last year. There were only 784 homes closings in January.
As the Desert Economy improves, it is actually cheaper to purchase than to rent which is attributing to the increase of real estate sales. However, with the increase in sales, the Desert housing inventory is declining making buyers have fewer homes to choose from. There were 4,642 homes listed for sale last month down from last year’s listings totally 6,199.
With the decreased inventory of both distressed and non-distressed homes, buyers now really have to compete when they do find their home.
What does this mean for you? Sounds like a great time to list your home!
- Inventories are low – less competition.
- Many of the buyers are cash buyers. However, there is funding available now.
- PLUS, you’ll have a great agent to help you every step of the way! Contact me to list your home!! There Really IS Something About Mary!
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