Talk about buzz! This week's gloomy news from the National Association of Realtors (NAR) was more of a roar! But wait...don't panic. Here's our Coachella Valley perspective.

In case you missed it, NAR released figures that sales were down in July by 27% nationwide. A drop in sales wasn't entirely unexpected, as the federal incentives for buyers expired.

But guess what? Here in the valley, in our office, sales are up 18% this month over last August's figures. (And last August was way up over the previous August!)

Why? A few possible reasons. First, Palm Springs, Palm Desert and other Coachella Valley cities are primarily second-home communities. We have more retirees and are somewhat less affected by employment numbers. Very importantly, serious buyers are keeping their eyes on the prices and making their purchases before prices go up any more.

And prices? Yes, median prices are down from the peak (June 2005), but they're UP more than 32% over the April 2009 low!

The bottom line: we're optimistic. The Coachella Valley marketplace really heats up when the temperatures drop. So if August is any indication, get out the oven mitts!

If you're a serious buyer or a serious seller, we are always happy to give you the very best advice for making the most of your Coachella Valley real estate investment. Call us!

If you're in the market for a mortgage loan, the lender is now required to provide you with a Good Faith Estimate. Starting in 2010, the Department of Housing and Urban Development (HUD) is enforcing a borrower-protection ruling that makes a distinction between good faith estimates and informal worksheets.

A loan officer may provide an initial quote on a worksheet, which may be titled something like "estimated settlement costs." But worksheets carry no consumer protection. They are not good faith estimates - and will say so in the small print - and are not binding on the lender.

As a borrower, you complete an application with information about yourself and the property. Once you have done so, the lender must issue a good faith estimate within three days. You are not required to make any commitment to the lender, but can take the estimate with you for comparison shopping.

HUD's good faith estimate form, which can be downloaded as a PDF from the HUD website, provides detailed guidelines as well as space to compare quotes from up to four lenders.

If you're shopping for a loan - or a home - or considering relocating from your present residence, we would love to help you. Give us a call for all your Coachella Valley real estate needs!

This isn't big news, but always worth repeating: ‘curb appeal' has the capacity to draw in potential buyers.

Many buyers look at properties from the seat of their car before they ever request a viewing. And what they see from that position implies something about what they're going to find inside. A manicured entry with a swept walk, healthy plants, mowed lawn, clean windows and windowsills and freshly painted front door suggests that someone cares about this house and has probably maintained it inside, too.

Of course sellers can't rely on the outside alone. The interior of the home should also be freshly painted, spotless and, most importantly, depersonalized and decluttered. That means removing the family photos, the kids' artwork, the dropped sports equipment and all the little knickknacks that make it feel like home.

Take extra care with odors - from smoking, pets, fragrances - that you might not even smell but buyers might find offensive. And one more thing: keep the AC set no hotter than 85 on days your house might have visiting buyers. Any hotter than that and people won't stay long enough to seriously consider your home.

We have LOTS of suggestions for ways you can make your home more appealing to buyers - and ways that buyers can look past the obvious to the real quality of a home. Please give us a call. We'll be happy to answer your Coachella Valley real estate questions.

There's an acronym in the computer world - WYSIWYG (pronounced wizzy-wig) - that stands for What You See Is What You Get. While home buyers may be tempted to apply it to their purchase, WYSIWYG does not apply in the world of real estate!

The problem is what you don't see. While honest sellers would never attempt to conceal problems - and in fact are required to disclose defects prior to sale - a coat of paint could temporarily cover evidence of leaks or carpet cleaning might not show damage to the wood floor below.

We always very strongly urge that the buyers we represent request a home inspection prior to closing - even for newly built homes. A home inspector checks all the major systems in the home, running the dishwasher and the air conditioner, shining a bright light into dark corners, looking at plumbing, foundation, roof, windows, etc.

But it's important that buyers understand that the home inspection is visual. That means, for example, that while the inspector will look at the roof, he (or she) is not required to actually walk on the roof; the inspector will check the baseboard around the perimeter of a room (for obvious evidence of pests or other damage) but will not lift the carpeting to check beneath.

Before you hire an inspector, interview several and find out what they will and will not cover as part of the inspection. If you're concerned about a particular aspect of the property, further inspection may be required, usually at the buyer's expense (including repairs to any damages caused by the inspection).

If you would like referrals to qualified home inspectors or if you have questions about any part of the home buying or selling process in the Coachella Valley, please give us a call!

Thanks to federal law, you can easily check your credit report for free. Even if you aren't looking for a loan or mortgage, it's a good way to make sure your record doesn't include any errors that could count against you in the future. You can see whether there are any accounts open that you don't know about, or if anyone you don't know has recently asked for a copy of your report; either of these might indicate suspicious activity.



There are many websites that will charge you for this service (and may collect your personal data for marketing), but there is one official site that is safe and definitely free. AnnualCreditReport.com is operated by the Federal Trade Commission (FTC) and provides more information on the service here.

Your credit report will NOT include a "credit score"-the FICO number (between 300 and 850) that you see used extensively in mortgage marketing. While you can purchase your credit score, it is generally not important unless you plan to get a loan in the near future. When you apply for a mortgage, the mortgage company will get its own credit report. You'll be billed for it, but then you will get a copy that includes your credit score.

We have the knowledge to help you save money on your real estate investments. Give us a call!

If you're a homeowner, you probably know that a large part of your monthly mortgage payment is interest. Over the life of your loan, the interest keeps compounding. So while the amount you owe goes steadily downward, the arithmetic is not quite as simple as deducting each month's payment from the loan amount.

If paying off your mortgage a little early sounds appealing, you can do so by making extra principal payments. First check with your lender to make sure you won't incur an early payment penalty. If not, simply adding one extra payment a year (principal plus interest) will reduce a 30-year loan to about 17 years. You can do that as a single payment or spread it out over 12 months. But be sure to tell your lender that the extra money is to be credited to principal. Keep a record of your payments and review it once a year to be certain the lender has followed your directions.

We have a lot of good ideas about making the most of your home investment. Give us a call!

The super-luxury segment of the Coachella Valley market - estate properties priced $2.51-$9.0 million - is selling at exactly the same pace this year as last. The good news is that the price per square foot in this market segment has increased by 11% over the same period in 2009. Similar to luxury home sales, about 89% of super-luxury properties sell in all-cash transactions.

Our two favorite words in these all-cash deals? "Wire Transfer!"

Want to look at (or talk about) Palm Springs real estate? Call Scott + Jim at 760.567.1550.

The Coachella Valley - the low desert region around Palm Springs in Southern California - has a substantial luxury market comprised of homes priced between $1.5 and $2.5 million.

The Desert Area MLS reports that this segment of the market experienced a year-over-year 49% increase in sales Valley-wide, January-June. Some 87% of these luxury-segment properties sell in all-cash transactions!

To see printed reports from the Desert Area MLS, or to talk about selling or purchasing a luxury property, give us a call at 760.567.1550.

Are you ready for some good news? We have it! What we call "entry level" homes here in Southern California's Coachella Valley - those priced $500,000 and below - are selling at a brisk pace. Our Windermere office is processing about 500 escrows a month compared to 200-300 during the same period in 2009.

Foreclosures and Short Sales are down substantially year-over-year. While they continue to apply some downward pressure on prices, they're having less of an effect than last year and prices seem to have stabilized in the last two months. Some bank-owned properties - in better neighborhoods, well-maintained and presented - are selling quickly in multiple offers.

In some areas, especially in the most desirable country club developments, prices have begun to INCREASE a few percentage points in the last three months!

Homes that have quality finishes, make a good first impression and, most importantly, are priced correctly for their market are seeing faster offers and selling well.

Whether you're selling or buying, if you're looking for an edge on the competition, call us! We are the Coachella Valley real estate experts. 760.567.1550.

The U.S. Census Bureau says Yes! The Bureau measures how often people (ages one year and older) change residences - what they call the "national mover rate" - and in 2009 a greater percentage (12.5%) of us moved than in 2008 (11.9%). Where are people moving? In general, not too far. The Bureau's Geographical Mobility study shows that in 2009 67.3% of all movers stayed within the same county; 17.2% moved to a different county in the same state; 12.6% moved to a different state; and 2.9% moved to the U.S. from abroad. The West, which includes California, had the highest mover rate at 14.8%.

If you're thinking about moving, we'd love to talk with you about your real estate needs. 760.567.1550