Valley’s Sales Up 25% Over March

 
April housing sales strongest since September 2005

By Erica Solvig: The Desert Sun May 29, 2008

April’s housing sales marked the strongest year-over-year showing the Coachella Valley has seen since September 2005. The 912 homes sold in April reflect a 3.8 percent drop from the year before – a marked improvement compared to typical year-over-year declines that have hovered around 30 percent.

The sales also mark a 25.1 percent increase over March, according to a monthly analysis of the valley DataQuick Information Systems released this week.

A bulk of April’s sales were resale homes, which made year-over-year gains.

It comes as median prices are down to $301,000 – the lowest since September 2004 – and as local real estate agents are touting the Coachella Valley as a prime buyers’ market.

“We’ve seen little baby steps, little baby steps (in the market upswing). Now you’re starting to see full strides,” said Sam Schenkl, executive officer of the Palm Springs Regional Association of Realtors, which represents 1,500 agents and brokers.

DataQuick’s April analysis also shows:

The resale market continues to drive housing sales.

A total of 496 existing single-family homes sold, up 2.5 percent from April 2007. There were 276 resale condos sold in April, up 1.5 percent from a year ago.

New construction continues to struggle, though sales rose over previous months. A total of 140 new homes were sold. That’s a 27.1 percent decline from April 2007.

The valley’s median price of $301,000 was down 22.8 percent from April last year.

The most expensive home sold in April was a $7.7 million home in Indian Wells.

April’s sales continue an upward swing that began in the fall. It’s the highest number of monthly sales since July.

Experts credit renewed confidence from investors, notably Canadians, for helping boosting April’s sales.

Many visitors who have enjoyed the desert all season want to buy before they leave and summer starts.

“People have been holding off; now they’re ready to make the move,” Schenkl said.

YOU CAN……………TOO ! Check for Available Homes in Palm Springs
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Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Good Read for Canadians Buying Property in the United States!

There are two books you might want to invest in that you can review regarding Snowbirds. One is called The Canadian Snowbird in America by Terry F. Ritchie and the other is The Border Guide – A Guide to Living, Working and Investing Across the Border by Robert Keats. Both are available on Amazon.com. Any Canadian who is buying property in the US should have these books! There’s lots of good info in them.

Here is an accountant other Canadians have used for their US property. He also has his CPA designation. His name is Darren Millard, LDMB Advisors Inc. email or dmillard@ldmb.com, phone 604 534-3004. One of my Canadian clients from Vancouver gave me his information, as they use him as well.

Almost all my clients these past 12 months are Canadians who are considering buying property in the Palm Springs California area. I even have a great letter from one of my clients on my website. You might want to check this out as well at www.PalmSpringsHomesAndEstates.com or click on Testimonials. It will also give you a better understanding of how my clients perceive me………….and that’s important to someone like you who has never worked with me before.

I sincerely hope the above information is helpful and will answer any questions or concerns you may have as you take advantage of the strong Canadian dollar while buying property in the United States.

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

A 30-YEAR OR 15-YEAR LOAN?

When you get a loan to buy your home, you’ll have to make lots of decisions about where to get the loan, how much to borrow, and the various loan repayment options.

Two of the most popular home loans are, of course, the 30-year loan and the 15-year loan. Which one is best for you? There are distinct advantages to both the 30-year loan and the one that’s paid back over 15 years.

A 30-year fixed-rate loan helps you define your long-term budget by letting you know what your monthly house payment will be, what part of that is interest, and how much you’ll be able to write off on your taxes as a result. Unless your lender has specific restrictions, you can increase your monthly payments and decrease the amount of interest you pay over the life of the loan by shortening the repayment period.

When you find that your circumstances and budget will allow for a heftier house payment, you may want to check in with your lender and learn how that might be beneficial to you. In most cases, one extra monthly payment per year can turn your 30-year fixed-rate loan into a 20-year loan. You may want to pay a certain amount each month on the principal. This too will reduce the life of the loan.

A 15-year loan is, of course, paid off in half the time of a 30-year note. You’ll probably get a better rate, and the loan will be paid off much quicker with higher monthly payments. But while you can decrease the payback time on a 30-year loan, you can’t extend the payback period on a 15-year loan. The savings are greater and so are the demands of the term of the loan.

You’ll have to run the numbers with your lender to see which type of loan will benefit you in the long run. If you plan to sell in less than seven years, some lenders offer a “short-term fixed” loan that is amortized over 30 years, but actually paid in full over five to seven years, and offers a break in the interest rate as well.

To use my Mortgage Calculator click here.

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Your Home and the IRS

You may not have current plans or any intention of selling your home. Needless to say, unexpected lifestyle changes or job relocations can alter your plans. In the case of such an event in your life, are you prepared to prove to the IRS any capital improvements you’ve made on the home you intend to sell?As you probably know, the IRS won’t tax your profit on the sale of your house based on improvements you’ve made to it. But proof of the expense of such improvements is vital to this process! You must be able to provide proof of each and every expenditure. 

Bear in mind that it’s nothing personal, but the IRS won’t take your word for it. Even that obviously new bathroom in the second floor expansion won’t be proof enough. The brand new family room addition is obvious to the neighbors, but that won’t do it for the auditors. They’re going to want to see receipts. And they’ll want to see cancelled checks too.

 You’ll want to keep records that show the purchase price, closing costs, and any and all improvements you made to your property for as long as you owned it, and for another three years after the sale.

 Create a file with this information and staple receipts and cancelled checks together. It’s a good idea to also include the purchase of any new appliances, in case they would remain with the house. Perhaps you’ve filed some of them in the desk drawer but others are in the file cabinet. Pick up an accordion file at the office supply and, if you haven’t already, start collecting all the paperwork, receipts, and related information to make next year’s tax filing as painless as possible. Then, if it becomes necessary to sell your home, all of these items will be in one place.

For more home tips and FREE Reports visit my website

Brought to You By Your Favorite Realtor,
Nancy Hankin 
www.PalmSpringsHomesAndEstates.com

Technology Era – Palm Springs Area Expert

Today we are definitely in the “Technology Era.”   The days of using the heavy old MLS Books for the purpose of obtaining information about properties has long gone, and been replaced today by the Internet.

As a Realtor who has had my own website since 1995, works with five computers, four printers, a Blackberry phone for getting “instant emails,” and many other devices, I have had to use the services of a computer person who is savvy in all these areas. 

 Over the (16) years I’ve been in real estate, many of my clients from Palm Springs, Palm Desert, Rancho Mirage, Indian Wells, La Quinta and the other cities comprising the California desert have asked me for advice on who I would recommend for a multitude of reasons…..and one question often asked is “Who would you recommend for a good, knowledgeable fairly priced computer person.”

Justin Williams has been my “Computer Specialist” for many many years. He is knowledgeable, and can assist you with many of your computer problems. He also builds Websites, both for personal and business. He does Wired and Wireless Networking, Data Backup, Security, Virus & Spyware Installation, Performance Tune-Ups, both Hardware and Software Installation, Training and Purchasing Advice.

The next time you need any of the above services I would highly recommend you contact Justin at (760) 333-4864 or email him at jwilliams.it@gmail.com Justin is great to work with and many real estate clients I have recommended to Justin over the years, have referred him on to others.

Just another helpful tip………………………  click to see more helpful Palm Springs Resources.

 

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates

Title Search – Very Funny

 

I came across this story and couldn’t help but laugh.  Everyone who has ever bought a house in the Palm Springs area or even across the county can enjoy this!   Please visit my website for more real estate tips and fun stories about the Coachella Valley and the surrounding cities.

*********************

A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral.

The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply.

(actual letter):

“Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title.

While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803.

Before final approval can be accorded, it will be necessary to clear the title back to its origin.”

Annoyed, the lawyer responded as follows: (actual letter)

“Your letter regarding title in Case No. 189156 has been received. I note that you wish to have the title extended further than the 194 years covered by the present application.

I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased, by the U.S. from France in 1803, the year of origin identified in our application.

For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain.

The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the
privilege of seeking a new route to India by the Spanish monarch, Isabella.

The good queen Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus’ expedition.

Now the Pope, as I’m sure you may know, is the emissary of Jesus Christ, the Son of God; and God, it is commonly accepted, created this world.

Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana. God, therefore, would be the owner of origin, and His origins date back to before the beginning of time, the world as we
know it, AND the FHA.

I hope you find God’s original claim to be
satisfactory. Now, may we have our damned loan?”

The loan was approved.

Do you have a Title Search or real estate story to share?  Maybe you beat the system?  Let me know by posting your story below.

If you would like more information, please go to my FREE Reports page on my website for more homeowning tips.

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Care of Marble Surfaces

I’ve come across a few home tips for our local Desert Area homes that I’ll be posting here.  If you have any Palm Springs area home tips you would like to share please post your tips below.  Also, if you would like to print any Home Tip or Palm Springs Real Estate Advice please visit my website for the FREE Palm Springs Real Estate Reports to be emailed directly to you.

Marble-topped furniture and surfaces require special care and consideration to keep them beautiful and in great condition. But it is well worth the effort.

If you’re moving a marble table, remove the tabletop and then lift and carry it in a vertical position. Otherwise, without the supporting structure, it could snap under its own weight.

Marble is easily stained and scarred so you’ll want to always use coasters under drinks. If you have a dresser with a marble top, use a plastic runner or a tray under cosmetic or perfume bottles. Marble flooring in high traffic areas should be protected with throw rugs.  

To remove a stubborn stain from marble, mix a little whiting with acetone to treat grease or oil stains. Mix hydrogen peroxide with a few drops of ammonia for food stains. Use liquid rust remover on rust stains. Apply the treatment to the stain, cover with plastic wrap and seal with masking tape. Let the acetone and peroxide mixtures stand overnight. Leave the rust paste on for a few hours. Then sponge off the mixture and buff the area.  

If the stain removal process leaves a dull area on the surface of the marble, wet the area with water and sprinkle on a little tin oxide, which is used as a marble-polishing powder. Rub with a thick cloth and then buff.  

You can smooth away surface scratches on a marble surface with superfine sandpaper. Polish the spot with tin oxide and then buff with a chamois cloth.  

The classic elegance that marble brings to its surroundings is well worth the time and effort it may take to keep it looking its best.

If you would like more information, please go to my FREE Reports page on my website for more homeowning tips.

Do you have some tips for care of marble?  Please share them with us below. 

Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com

Appliance Safety

Most of us take our household appliances for granted until they break. But there is one safety feature we all must be aware of and check on periodically.

Household appliances that burn fuel, such as water heaters and furnaces and sometimes clothes dryers, must be vented to the outside. You can and should check the draft of these appliances. This is an important maintenance item and is absolutely critical to the well being of the home’s occupants. Byproducts of combustion can be hazardous.

You can find out if your water heater is venting properly by locating the draft diverter or hood. It is a funnel shaped piece of flue pipe that connects to and usually sits on the top of the water heater. When you hear the burner come on, hold a piece of tissue paper close to the opening of the draft hood, near the bottom. The paper should pull in. If it doesn’t, the water heater is back
drafting.

Be sure that your water heater only has a single draft hood in place. Oftentimes, the old draft diverter isn’t removed when a new water heater with its own draft hood is installed, creating a common double draft hood configuration which can easily lead to the spillage of flue gases into the living area.

Check for corroded pipes that can allow flue gases such as carbon monoxide into your home. Do not repair with aluminum foil or makeshift measures. Call in the experts. You can also test for flue spillage from the base of the water heater by holding a mirror near the suspected leak area. If the mirror becomes foggy, this indicates the spillage of flue gases which also can contain carbon monoxide. This condition indicates defective venting and needs to be corrected. It’s important to avoid storing combustible materials near your water heater. Do not place any items on top of the water heater. Keep the area surrounding the appliance free of clutter to avoid fire.

Poor ventilation, corroded pipes and surrounding clutter are cause for a potentially lethal situation. If you’re not sure about the potential problems, have your water heater checked regularly and save yourself the worry of wondering whether or not you and your family are safe.

Brought to You By Your Favorite Realtor, 

Nancy Hankin 

www.PalmSpringsHomesAndEstates.com