This was the title on the lead story in the Desert Sun Monday, June 18, 2012. The article went on to say that if the home is priced right, in many developements we are now seeing multiple offers and bidding wars. The buyers are realizing that the inventory is way down (almost 2000 less homes on the market in our Valley than this time last year), the interest rates are unbelievable, and if they see a home that they like they need to act quickly. These bidding wars are happening in the homes that are priced under $500,000. In any real estate recovery, the rebound usually begins with the moderately priced homes, so this news is extremely encouraging. In La Quinta we have noticed that the homes in the Cove are selling rapidly and many have had multiple offers resulting in bidding wars. We are even beginning to notice that in the price range of up to $700,000–but only if the home is priced at what is perceived as an unbelievable value.
Please click on this link for the entire story: http://www.mydesert.com/apps/pbcs.dll/article?AID=2012206180302