first time buyers: Are you eligible for the First Time Homebuyer credit? - 06/11/09 06:36 AM
Here are some FAQ's regarding qualifying for the $8000 tax credit when you purchase your home:
Who is a "First-Time Homebuyer"?
You are considered a first-time homebuyer if you (or your spouse) have not owned a principal residence during the three year period ending on the date of purchase.
What property is eligible?
All principal residences within the United States are eligible. This includes single-family attached and detached homes, manufactured homes, and houseboats. The definition of principal residence is identical to the definition under the $250,000/$500,000 capital gain exclusion rules.
When must you purchase your home?
You must close the purchase  … (4 comments)

first time buyers: Bloomberg reports Pending U.S. Home Resales Surge the Most Since 2001! Some more good news! - 06/02/09 06:36 AM
Per the Bloomberg News report today, the number of Americans signing contracts to buy previously owned homes climbed 6.7 percent in April, more than forecast and the fourth increase in five months, as lower prices attracted buyers. The gain in the index of signed purchase agreements, or pending home resales, was the biggest in more than seven years
These numbers are consistent with the market in Palm Springs area as well.  Sales have steadily increased each month in 2009, from 664 sales in January to 933 in April. 
This report also states that  the market may have already bottomed in some … (1 comments)

first time buyers: Sales are up 19% in Palm Springs - Buyers are scooping up homes at a rapid pace! - 04/05/09 05:54 AM
Per an article in the Desert Sun, the local newspaper in Palm Springs, real estate sales not only are remaining strong but we're seeing a steady increase over last year. Median prices have trended down since the recession began in late 2007 but have remained steady for the past two months for Coachella Valley homes held at $180,000  according to new figures from MDA DataQuick. (Maybe we've hit the bottom??) The Palm Springs area has seen year-over-year sales increases for several consecutive months.
All told, DataQuick noted 723 sales in February representing a 19 percent increase over the year before when atypical foreclosure activity began and … (0 comments)

first time buyers: Buy of the week: Palm Springs Resort Condo for only $44,900 - 03/27/09 06:07 AM
If you ever thought about having a little escape pad in Palm Springs, this is an excellent opportunity.    This quaint little one bedroom condo is listed for $44,900 at Palm Springs Villas. If you put 20% down on this, with current interest rates, your monthly payment could be about $180! 
Located in North Palm Springs, the complex features heated pools, tennis courts, and is located just a short drive to restaurants, and the downtown area, not to mention the famous Palm Springs Tramway.  On fee land, you own it, no lease!  Low HOA fees too ($280/month).  This is an excellent foreclosure purchase...the lowest … (1 comments)

first time buyers: Sales are up 70% in the Palm Springs area... we may have finally hit bottom! - 03/26/09 02:44 AM
The headline in The Desert Sun today, the Palm Springs local newspaper, is:
Valley sees 70% jump in home sales
Area posts third consecutive year-over-year increase; median price at $156,000
Home sales were up 70% in February over last year. This is the 3rd consecutive month that we've seen year over year sales increases.   Many experts are predicting that this is a good sign that the market is stabilizing.  The current dismal economic conditions have caused prices to decline drastically.  And its thought my many that this indications our market is repairing itself.  Now buyers are flooding the market taking advantage of … (7 comments)

first time buyers: Mid-Century Homes are selling in Palm Springs - 03/09/09 05:46 AM
Interest in Mid-Century Homes has remained strong in the Palm Springs area.  Buyers have been picking up properties at record low prices in 2009.  Prices have been the most affordable then they've been in years.  First time home buyers, second home buyers and investors have been actively searching for homes this year.
Here are the latest stats:
Since January 1, 2009, 33 Single Family Mid-century homes (1950 to 1970) have been sold.
Average Price:  $448,918
Minimum Price:  $36,000
Macimum Price:  $1,500,000
Median Price:  $360,000
 
Average price per location:
South Palm Springs:  $432,750
Central Palm Springs:  $626,223
North Palm Springs:  $234,590!!  (This … (3 comments)

first time buyers: More clarification on the $8,000 tax credit for first time buyers - 02/17/09 05:25 AM
There have been a lot of questions in our office from clients today regarding the $8,000 tax credit being signed today for first time buyers.  We've consulted with one of our loan brokers here in Palm Springs, who has offered the following explanation with the help of CNN Money:
Final score: $8,000 for homebuyers
First-time purchasers get a tax credit windfall if they buy before December.
By Les Christie, CNNMoney.com staff writer
Last Updated: February 17, 2009: 12:13 PM ET
NEW YORK (CNNMoney.com) -- There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on … (0 comments)

first time buyers: Fence sitters - are you missing out by waiting too long? - 12/29/08 03:23 AM
Some clients spend months looking for properties-  they agonize over the process...When they find something they like, they are convinced the price is too high! Regardless of what I explain to them regarding reality, comps, inventory and appraised value, for whatever reason, they still feel the property is over priced.  We refer to these buyers as  "Fence Sitters"
When these Fence Sitters come back to the market to look again on subsequent trips to the desert, they learn that the properties they were once interested in, have sold.  Often times, there aren't any other units available in their favorite neighborhood or development when they return.  Those properties they were … (0 comments)

first time buyers: If the US Treasury is successful in reducing interest rates to 4.5%, should buyers wait to buy? - 12/17/08 07:47 AM
Interest rates have fallen to all-time lows. The Fed pulled out all the stops this week, decreasing the Fed Funds rate to a range between zero and .25%. The impact to mortgage rates has been immediate as many investors have priced loans out at all-time lows.
We have seen in recent weeks that there is talk about the U.S. Treasury working to lower interest rates for purchases to 4.5%. While this would be welcomed, for many buyers the impact to their payment would be insignificant. On a $200,000 purchase, the difference in payment is less than $15 a week.
One other … (6 comments)

first time buyers: Sales are up over 50% in the Palm Springs area due to bargain priced properties - 11/20/08 12:07 PM
The Desert Sun reported today: "Coachella Valley home sales during the third quarter of 2008 jumped 51.5 percent compared to 2007, driven predominately by buyers nabbing foreclosures and other distressed properties that have been sharply discounted."
Bargains for buyers:  Although sales are up, averge prices are down.  This is partly a result of banks wanting to unload the numerous foreclosures currently on the market.  Those that don't have to sell, are holding off. However, motivated sellers are having to meet or beat the foreclosure pricing in order to be competitive. Over half of all homes sold recently were foreclosures. The end result, is that … (2 comments)

first time buyers: Why isn't the seller accepting my offer that is 50% below the asking price? - 10/29/08 12:04 PM
What is a realistic offer in this market? Clients come to me all the time and say, "I WANT A DEAL."  The media talks about all the great deals in real estate- and there certainly are bargains to be had! You may find good buys on properties priced 50% below what the property previously sold for  However,  here is the reality:
SELLERS ARE NOT ACCEPTING OFFERS 50% BELOW ASKING 
Buyers need to be realistic and study the local statistics when making offers. There are numerous issues to consider when making an offer, among them, the days on the market, comps, the condition of the property … (5 comments)

first time buyers: The Home Seller's Guide To Listing Your Home - 09/05/08 07:18 AM
Home Seller's  Guide to Listing
15 Home Listing Tips
1. Pricing Your Home Right


Your agent can research comparable sales in your area and advise you
of the appropriate price range for your property.
2. Be Flexible on Financing Terms

Have your agent explain what financing options are available. Flexibility on
financing terms may secure a better selling price.
3. Time It Right

Ask a real estate professional to determine whether the market cycle is
poised to net you the most money.
4. Make Your Property Accessible to Buyers

Lock boxes are a great way … (1 comments)

first time buyers: Understanding Escrow- in California - 08/27/08 11:17 AM
In California, the transfer of a property is handled through an Escrow company. For first time buyers, out of state buyers, and foreign nationals not familiar with this process, here's a basic explanation of how Escrow works:
What is Escrow?Escrow is a process that evolved to ensure protection for all parties toa real estate transaction. A "neutral third party" or "stakeholder" was nominated to hold the funds until the purchaser received appropriate assurance that the property had been transferred. An escrow may also be created for other purchases, although it is most commonly used during the transfer of real estate. Today the … (0 comments)

first time buyers: Are short sales a good deal for most buyers? - 08/24/08 11:32 AM
Some more insight on Short Sales:

Short sales can be a great buy, often significantly below market value.  The down side is the length of time it may take to get a decision from the seller's lender.  This can cause problems if the buyer is a  renter whose lease is expiring and doesn't have the option to go month-to-month, or the buyer who qualifies at the current rate, but not if the rate increases, and of course, the person who just doesn't have the patience to wait it out.
 Buyers need to be aware of the following:
It may be … (1 comments)

first time buyers: HOME BUYING Step by Step for beginners - 08/22/08 10:24 AM
Some basic info for first time buyers and foreign nationals buying in the US: Choose & Meet Your Realtor

 
Building a solid relationship with a realtor is important. He or she will be working closely with you in finding the perfect home to meet your unique needs. Professional realtors have extensive market knowledge and will provide guidance in your buying process.
Finding the Perfect Home

Your realtor will show you homes based on the criteria that you have given him. The more precise and direct you are with your realtor, the more successful your search will be.
Determine the … (5 comments)

first time buyers: Recent article in CNN Money on the Housing Rebound - First Time Buyers taking advantage of the market - 07/10/08 12:18 PM
This was posted at the end of June, but is an interesting article in CNNMoney.com
On the path to a housing rebound
We've experienced an influx of first time buyers in the past few months, as houses have become more affordable then they have been in years.  As a resort community, owning a 2nd home again is also becoming more realistic once again.
Condos are available for under $100,000;  3 bedroom pool homes are starting below $300,000.  Many buyers are coming from the coastal cities like LA, Orange County and San Diego because Palm Springs is a much more affordable alternative … (3 comments)

first time buyers: First time buyers flocking to affordable Palm Springs - 07/03/08 03:21 AM
I've noticed a change in my buyers' profile in the past 6 months.  I'm seeing more and more first time home buyers entering the marketplace.  My last four sales have been to first time buyers.
Why are they coming to Palm Springs?  With recent price reductions, Palm Springs is once again affordable to first time buyers in California.  Many smart property virgins recognize this opportunity and are entering the market- in Palm Springs,  home ownership can be a reality-  some live in Los Angeles, Orange County, San francisco, where, regardless of declining prices in those markets, its still not affordable.  These days, in Palm Springs, you … (0 comments)