Riverside County in Southern California is one of the many places that have been heavily impacted by the economic downturn. Just a few years ago, the real estate market in the Coachella Valley was booming, with no end in sight. Now, the inventory has stacked up and buyers are needed; and being rewarded by lower prices and low interest rates. Palm Springs homes represent great opportunity in today's economic climate, along with Palm Desert homes and Rancho Mirage homes.

For several months now, most banks have responded to the need to move the inventory of foreclosure properties, despite the losses they may suffer. The banks have been accurately pricing Palm Springs homes to represent their true market values. Rather than holding the prices at unreachable levels, pricing the homes more accurately will help the banks move more inventory of Palm Desert homes and Rancho Mirage homes, therefore, helping the economy. This action helps the banks, the buyers and the sellers; everyone is a winner when Palm Springs homes are selling, rather than properties sitting empty.

Although some properties are accurately priced now, the inventory level of Palm Desert homes remains overwhelming. There is a demand; however, it is difficult for any buyers to obtain financing right now. The current low interest rates make financing particularly appealing, but the people who actually need the financing are not being approved for loans. In order for Rancho Mirage homes to sell at the necessary rate, not only do they need to be priced accurately, but also the banks need to start lending money. The banks need to screen better than in the past and be responsible lenders, but keep in mind, the banks can't make money unless they lend money.

It is recommended that sellers of Palm Springs homes should only sell if absolutely necessary, at this time. Due to the loss/negative equity, sellers should consider themselves lucky if they are able to sell their Palm Desert homes at a level satisfactory to them and their mortgage. For sellers, not only have prices/values of Rancho Mirage homes declined, but also the additional inventory level creates more clutter and competition to attract a buyer.

Having a knowledgeable real estate agent in today's market is a must. Whether buying or selling Palm Springs homes, a professional agent you can trust can make all the difference to the success of your transaction. Contact M1 Properties, the local market experts for Rancho Mirage homes. To view some amazing Palm Desert homes, check out www.m1properties.com, email m1properties@gmail.com or call 760-864-1410.