As the uncertainty in the overall economy continues, so does the uncertainty in the Real Estate market.

However, over the past 30-days there seems to be a slight shift in the attitude of the Buyers in the desert market. I seem to sense that some Buyers are beginning to feel that we are nearing the bottom of this real estate cycle. The concern over the rest of the economy is probably delaying a more positive feeling, but there are many people who have put off buying homes, waiting until they ‘feel better’ about it.

Sellers are continuing to reduce their prices in an attempt to get more activity, and this is sending the message that they are adjusting to ‘today’s market’. When offers that are lower than expected do come in, many Sellers are more willing to negotiate with the Buyer. Of course, not all offers result in a sale, but I am beginning to see a much more realistic expectation from the Seller who wants to sell.

I do expect some pick-up in home sales over the next month, with May and June probably being much busier than we have seen for several months. Many home buyers will wait until just before the summer, thinking they will be able to get a better price at that time.

So, if you or anyone you know has been waiting on the sidelines for the right time to buy a home, we may be getting closer to that time! Here is why:

• There is a large inventory of homes on the market.
• Prices are being reduced to encourage activity.
• Sellers are more willing to negotiate than ever.
• There is plenty of good financing available for qualified Buyers.

Included this month are several items you might find interesting:

•	The Anderson Forecast report by UCLA indicates that if we believe things are bad, sometimes they turn out that way.
•	Here is a look at how the foreclosure ‘crisis’ is overblown. Less that 1% of homes are in foreclosure!
•	Ted Robinson: I had been acquainted with Ted for the past 20 years, and have always respected him. Sadly, Ted passed away last week. This story from The Desert Sun reminded me of some of his many accomplishments.
•	The Subprime Problem -- Explained! This slideshow offers a humorous look at the subprime mortgage problems.
•	The 10 Most Expensive Desert Homes sold in February 2008, according to the Desert Area MLS: La Quinta leads the list with 5 sales; The Estancias, The Enclave Mountain Estates, PGA West, The Hideaway & Tradition. There were 2 homes in Rancho Mirage, 2 in Palms Springs and 1 at Toscana CC in Indian Wells.
•	Mortgage Interest Rates as of 3/15/08

If you have any real estate related questions, please feel free to send me an email of give me a call!

Sincerely,
Bruce