The Heat of the season is quickly coming upon us here int he desert. Even so, the Real Estate Market is HOT. Listings of Fore-closures, short sales and standard sales all have dropped over 20 percent from a year ago. Prices are trending upwards and often times buyers face competing with multiple offers on purchases.
The Coachella Valley, Palm Springs area has been bucking the trend oif the Riverside county. There has never been a better time to purchase a home, investment or second home here in the valley. Interest rates today are about 3.875 for a 30 year conventional loan.
If you're thinking about purchasing here or else where, here are some things to be better prepared:
1. Choose a REALTOR that knows the area.
2. Shop the lenders in the local market, (Your REALTOR can suggest a few)
3. Get Pre-Qualified or Better yet Pre-Approved if you're taking out a loan
4. You'll need proof of funds for your deposit and closing cost. (Bank Statement)
5. Listien to your REALTOR on price. Going in low on many listings can turn off the seller / Bank
6. Be ready to select a home inspector
7. Make a list of things you have to have vs things that would be nice
8. Expand your search to include prices about 10/15 percent higher than you think you want to spend
9. Take notes as you tour homes so you will remember the pros-cons.
10. IF you find something that speaks to you, make an offer.
Those are my top ten things I tell my clients as we begin working together.
Enjoy your weekend and happy hunting!!