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The history of the Palm Springs Real Estate Market shows it is generally the last hit and the first to recover, and with the net gain in population out of shear demand for the bragging rights to say that one lives in Palm Springs, that trend is expected to continue. Speaking of bragging many real estate agents have bragged that they cannot keep inventory very long and once a home is listed; you can expect action on it.
Still, with the fluctuations in the over-all real estate market due to the subprime lending fall-out many of the less than top tier real estate agents have departed the scene. Today, the remaining real estate professionals act more as consultants keeping their clients and customers from being burned or paying too much during this buyers market.
What Does the Future Look Like for Prime Residential Real Estate in the Palm Springs Area?
Currently, we are in a buyer’s market, thus a good time to be looking and snap up that perfect second home by finding a distress sale. The market is expected to remain flat but firm and begin moving up as the subprime crisis and those expected future foreclosures from variable sub-prime loans are frozen. Therefore, the time to buy is right now, with about a 10-month window, then watch Palm Springs real estate values work their way back up.
Palm Springs is in a unique situation, as it draws in tourists from around the world, including those in other nations, whose currency is stronger allowing them to get more value for their money. This has shielded Palm Springs from feeling the full-effect of areas like Riverside, Las Vegas and retirement communities outside of Phoenix, with similar previous real estate valuations and regional conditions.
No, things are not perfect, but that goes without saying, what we have here are some great values and a 10-month window for the buyer who is ready and qualified to move into that dream home of their choice, with a high-in-demand zip code. For the cautious real estate investor who works with the right real estate consultant, Palm Springs is a smart choice. It always has been and that trend is expected to continue.
Why Palm Springs?
It is an exciting place to live, with lots to do, and yet it is a relaxing enjoyable place at the same time. It is the best of all worlds, with beautiful scenery, “California Dreaming” ambiance and hosts some of the nicest and most interesting folks anyway.