33% of homes purchased nationally have been with cash so far this year. #Cashoffers have been made by investors, wealthy homeowners, and international home buyers. In fact, over the last 7 years the number of cash offers have doubled. According to an online article, “Buyer and Seller Characteristics: Cash Sales” posted by Realtor.org, of all cash buyers:
10% were First Time Homebuyers
72% were Investors
56% were Second Homebuyers
18% were Relocation
65% were International Homebuyers
49% were Distressed homes
Cash offers are a good indicator that the more investors are willing to back the current housing market by diversifying their portfolios with real estate rather than stocks and bonds. This wouldn’t happen if investors didn’t think we were in a full housing recovery. This type of investing is contributing to the increase of home prices, which is turning around the housing market.
July was the 7th consecutive month home prices went up in the Desert. "Prices continue to rise and sales numbers to fall, mainly due to the shortage of homes for sale which fell to an inventory of 1,950 in July. That’s a 3.75 month’s supply which by tradition would make it a seller’s market," said Ann Ritchie, executive vice president of California Desert Association of REALTORS®. "Prices have softened a little from May, but that is normal in the summer here because summer traditionally is our off season."
According to the California Association of REALTORS®, “The statewide median price of an existing, single-family detached home inched up 1.2 percent from June’s median price of $428,620 to $433,760 in July. July’s price was 29.8 percent higher than the revised $334,220 recorded in July 2012, marking 17 straight months of annual price increases and the 13th consecutive month of double-digit annual gains. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.”
A strong housing market will define our economic recovery in the Desert.
Season is just around the corner! Start early to find you home in the Desert before the competition comes into town. Call me today at 760-567-5262 and we can get started.
If you want to have a remodel, redesign, or reorganize before the Holidays;
let me take your home from drab to FAB just in time for Season!
let me take your home from drab to FAB just in time for Season!
If you are considering selling your property,
and you think it needs staging; I am your neighborhood professional!
and you think it needs staging; I am your neighborhood professional!
