As we approach the winter season things are really getting heated up in the desert. Short sales and REO properties are selling like hot cakes. We are seeing multiple offer situations on most of the short sale and REO properties and in many cases all cash asking price offers. Buying is definately in the air. The Desert Association of Realtors who watches inventory is saying that we have 6 months of inventory left for sale in the Coachella Valley. Nationally home sales are up on new and existing homes with the west seeing the sharpest increase in recent sales up 12.1% from the previous month.The Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 1.2 percent from June to a reading of 143.05. Though home prices are still 13.3 percent below September a year ago, the annual declines have slowed in all 20 cities for the sixth straight month. With that said there are still supposed to be more foreclosures coming on the market which is now being fueled sadly by job loss. With interest rates low and property values still low now is a great time to buy. Don’t let these opportunities pass you up!
