HomeLoan Mod tips

The following article from the Associated Press “Tips for borrowers dealing with loan servicers” gives some great tips on how to proceed with a home loan modification and some things you should do to stay on top of the task. If you would like to explore different avenues of relief from high mortgage payments, please contact us about our “Homeowners Relief Program”.

July 2009 Price Report

Here are the latest sales numbers for all homes sold within the city of La Quinta as well as all Golf Course homes in La Quinta through July 2009.

The blue lines represent 2008 data and the orange lines represent 2009 data.

The chart above shows monthly sales of homes within the city of La Quinta*.

The sales for La Quinta in July are very close to June’s numbers and remain just under where we were in 2008. We continue to notice an improvement in consumer confidence and an increase in buying activity in homes over $400,000, which has been slow over the past 18 months. Personally, our team has put many non-distressed, “regular” home sales together in the last 3 months, which has been a welcomed change.  Prices have not come up, but perhaps they are coming closer to stabilizing as buyers are starting to seize the well-priced homes on the market.

The sales-volume numbers in the higher-end market (which contains many of the golf properties in the chart above) continues to slowly improve as well. June and July have been the 2 best months of the year and July was ahead of the same month last year for the first time in 2009. This is a great sign.  While August is traditionally the slowest month of our year, we have remained busy — it will be interesting to see how August’s numbers look.

Overall, we are seeing some positive signs in the market place. Prices continue to be soft, but sales-volume remains consistent. If buying property is something on your list (especially golf property), why not take advantage of the incredible prices and seller incentives now, when sellers will work with you, instead of in the future, when the demand starts to catch up with the supply? Especially if you’re buying and planning to hold for 5+ years.

Here are some yearly sales figures (units) for the City of La Quinta from 2002:

Year        All LQ      Golf Course
2002        1,354          259
2003        1,565          652
2004        1,931          813
2005        1,553          657
2006        1,098          491
2007           935          447
2008        1,063          416

2009 YTD    637          236 (July)

* When looking at “sold” data, you have to remember that the numbers are generated on the date that the sale is recorded with the county but that the decision to buy was made about 45 – 60 days earlier.