Market Report March 2013 Palm Springs News
Read all about what’s happening here and in the California and national real estate market in general in this edition of the Market Report March 2013 Palm Springs News. Since we last wrote one of these articles, things in Palm Springs have continued on an upward trajectory for sure.
Read on and find out what’s been going on around town that makes Palm Springs the place to be now and into the future.
I keep my ear to the ground a lot so I’m on top of the game. Palm Springs continues to do very well in so many ways. Here are just a few:
- The downtown redevelopment project is officially underway. Demolition of the old mall is happening with a completion date of June. Construction of the new village begins in the Fall and occupancy of some of the stores and restaurants slated for late 2014.
- New hotels are being planned everywhere. Next to the Convention Center a new property will soon be announced, The new Hard Rock Hotel coming where Hotel Zoso once was, Arrive Hotel uptown near Vista Chino and Palm Canyon, and more.
- Housing starts are up. We are seeing small new developments all over the place. Luxury homes are built and selling as fast as they are built. And developments once stalled are coming back to life. In short, new is what’s happening in this town.
- New restaurants and stores- Greek Islands Cafe, Oasis Gallery, Archangel Gallery, The Farm Creperie; Artisan French Deli Cafe; Dish Cuisine; And the all new Alicante, formerly known as Zini Cafe Med has a new name but the same great food as before and still run by Mindy Reed.
- The city is undergoing change in other ways. Measure J funds are soon going to give us new public spaces, art, re-paved roads, more bike lanes and much more.
- The historic Weldwood Library in the center of downtown is undergoing renovation and is opening this fall with everything new in media and history.
I could go on but yo get the picture I think.
Now a note about the Real Estate market. Prices are going up. Some home prices have jumped in price by 32%. Some more and some less. Inventory remains low so good properties sell fast. Yet we find a way to get our buyers a home one way or another. How? Hard work. As soon as a property comes on the market, you are notified via our new MLS interface. We then are there with you and if it’s a match, we are in the door first with your offer.
What you should know:
- Most housing experts are saying that the housing recovery is moving ahead full steam, while others are warning that we’re getting into another housing bubble, which could end disastrously. Check out these myths about the real estate market that some still buy into:
- People are giving up on the suburbs: Widely reported statistics from the U.S. Census Bureau last year had many people thinking that, for the first time in decades, cities were growing faster than the suburbs. However, The Washington Post found that “urban cores are still much, much smaller than the suburbs, which means they can show higher growth rates even if they’re adding far fewer people in absolute terms.”
- We’re seeing a permanent shift to renting: That’s not what recent studies show. A recent survey by Prudential Real Estate found that 96 percent of American consumers consider homeownership important. Additionally, a January survey by homebuilding company PulteGroup showed that six in 10 renters who want to own a home plan to buy in the next two years.
So take a look at the links to other news articles below.
Call us with any questions or to begin the search for your new vacation or retirement retreat. 760-413-1871
San Diego Union-Tribune: How to get help with your down payment
Home buyers throughout California now have access to a new tool that will tell them if they’re eligible for any down-payment assistance programs.
Making sense of the story
- Some buyers view coming up with a down payment – the amount of money borrowers have to provide when making a large purchase, such as a home – challenging. Often, lenders require a 20-percent down payment from borrowers, or borrowers are required to purchase private mortgage insurance.
- The CALIFORNIA ASSOCIATION OF REALTORS® has launched the California Mortgage Resource Directory, a down-payment tool available at http://mortgage.car.org, that aims to make the process of finding and navigating down payment programs a cinch.
- Buyers can search for assistance programs by city or property address for public and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more.
- Home buyers enter basic information in the Resource Directory, such as where the house is located and the estimated sale price, and the Directory will provide a list of programs that the buyer may be eligible for.
Read the full story
In other news …
The Los Angeles Times: More first-time home buyers have tough time entering the market
High unemployment for young people, strict lending standards and massive student debt loads are among the factors hurting entry-level buyers.
The Wall Street Journal: Survey: Single-family renters more likely to stay longer
Renters who opt for single-family homes over apartments are more likely to live in those homes for five years or longer and are more interested in ultimately becoming a homeowner, according to a study by ORC international for Premier Property Management.
San Diego Union-Tribune: Underwater no more, equity regained
Approximately 1.9 million property owners nationwide regained home equity in 2012 due to rising home prices – encouraging news for housing markets that are facing lower-than-normal inventory and high buyer interest.
CNN Money: Housing rebound continues with strong sales and price gains
The NATIONAL ASSOCIATION OF REALTORS® reported this week that previously owned homes sold at an annual pace of 4.92 million homes, 9 percent higher than this time last year.
The Los Angeles Times: Banks step up efforts to forgive mortgage debt in California
Banks are stepping up efforts to forgive mortgage debt for troubled California homeowners, although more than half of the aid offered under last year’s mortgage settlement is still geared toward getting people out of their homes.