Homebuyers and investors can still profit from purchasing a bank owned home in Palm Desert, Calif., but their time may be limited. As more buyers seek to take advantage of low interest rates and steal a great price on the purchase, competition is fierce.
A recent search of bank owned homes in Palm Desert on the Desert Area Multiple Listing Service resulted in only eight bank owned homes on the market for sale. The homes range in size from two bedrooms up to five bedrooms and are listed between $93,000 and $500,000. The search also showed 27 bank owned homes in a pending or contingent status and 93 bank owned homes sold during the last six months.
Homebuyers looking to purchase a bank owned home in Palm Desert still have the opportunity, it may just take some patience. Buyers need to realize they may not get the first home they make an offer on. Because of our reduced inventory and the number of buyers in the market, a lot of bank owned homes are resulting in multiple offers. There was a home in Palm Desert that recently sold for more than $100,000 over the listed price!
Buying a bank owned property can be profitable for those who put their best foot forward. For example, the $500,000 property mentioned above is located in Indian Ridge Country Club and previously sold in 2005 for $750,000. Homes of comparable size in Indian Ridge have sold between $725,000 and $1 million during the last six months.
In June, inventory for the entire Coachella Valley was less than 3,400 active listings, down from more than 5,000 the previous year, according to the California Desert Association of Realtors?. The supply of bank owned homes in Palm Desert is very low right now. One reason may be because banks are more amenable to short sales and loan modifications rather than pursuing foreclosure. Foreclosure numbers have been falling by double digits over the last 11 months in the Coachella Valley, one of the areas hit hardest with the downturn in the economy.
The City of Palm Desert is very desirable to homebuyers and investors because it is centrally located in the Coachella Valley between Palm Springs and Indio. Palm Desert has a great school system and offers residents the convenience of many amenities not offered in other areas of the desert.
The bottom line for buyers in Palm Desert to take into consideration is that good deals don?t last forever. With inventory depleting it?s important for buyers to work with an experienced Realtor? who has a proven track history and is knowledgeable of the area and the market.
Written by Tina Droessler, Today?s Realty Group, Palm Desert, CA
Source: http://www.realestate.com/advice/palm-desert-real-estate-profiting-from-bank-owned-homes-30054
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