The typical response you’ll get from an agent about the best time to buy a house is now. That’s because the prices are always going up. That’s actually a true statement for the Palm Springs area, so now is the best time to buy, if you’re looking for a warm climate surrounded by mountains.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Palm Springs, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year listing prices for homes in California were lowest in April. On average, homes were $158,882 less expensive. While in November — the month with the highest prices — the listing prices were $165,094 more than the annual average.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Palm Springs.
Best Month For
11.5% lower than average
13.2% more homes to choose from
2.88% interest for 30-year mortgage
Realtor.com data (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
Best Time of Year to Buy in Palm Springs, CA
The current housing trend in Palm Springs indicate now is a great time to consider purchasing a home. Just like the rest of the country, home values fell in Palm Springs as a result of the housing crash in 2008, but they are currently on the rise. For instance, in Joshua Tree, home values have more than doubled in the last five years. And the homes in Desert Hot Springs have gone up 80%.
A few of the contributing factors include a declining inventory. According to Zillow, the number of homes on the market has dropped about 10% in the last year in La Quinta, Palm Springs, Rancho Mirage, and other places in the region. The area is a well-known tourist attraction, which is also ideal for real estate investors.
The Best Places to Buy a Home in Palm Springs, CA
Apparently it’s no exaggeration to say friendliness and openness describes what you’ll receive in the Palm Springs area. So here is a list of the best places to live and enjoy life.
- Deepwell EStates is known for its colorful and long history. The residents enjoy plenty of social events. And it’s also a great place for those who enjoy outdoor activities like cycling, jogging and walking their dog. Over the years many celebrities like Jerry Lewis, Liz Taylor, and Eva Gabor have spent time there.
- Vistas Las Palmas is full of restored Mid-Century homes. Some dating as far back as the 1950s. If you’re looking to take advantage of the dry desert climate and beautiful mountains this is the place for you.
- The Mesa has a cool array of architectural homes styles with a gorgeous mountain backdrop. It's a charming neighborhood and a nature lover’s dream. The Mesa is perfect if you’re inspired by hillside living and narrow streets. It’s the little slice of paradise that comes to mind when you think of desert living near the base of a mountain.
- El Rancho Vista Estates is almost like entering a time capsule. There are over 115 midcentury homes that have been faithfully restored to their original splendor. Making it one of the most alluring neighborhoods in the area. If you’re looking for a place that offers plenty of fun in the sun and the good life, this could be your place.
- Oasis del Sol offers a tranquil and inviting atmosphere. Just like the refreshing of an oasis, the neighborhood is friendly and very quiet. The area is surrounded by mountain views and is on the east side of town.
4 Ways to Get a Great Deal On a Home in Palm Springs, CA
Find a Great Palm Springs, CA Real Estate Agent
Partnering with a good local agent means not having to go it alone. There are a lot of decisions to make during the home buying process, an agent can help save you time by anticipating some of your concerns.
Assess Your Needs and Lay Out Your Goals
Work with you agent to determine a few specifics, like the size of the house, acreage, location and price range. An added value of an experienced buyer’s agent will help you uncover details you may have not considered.
Find a Lender and Secure Financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Palm Springs, interest rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan.
For example, in California a typical house is worth $599,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $2,137. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $2,020.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
» Get instantly matched with a lender who works in your area.
Negotiate the Best Possible Price
After you find the perfect house in an awesome location, the agent will advise you on the proper amount to offer based on the asking price and perceived value. Upon acceptance, and after the inspection, your buyer’s agent will negotiate to ensure that you get the best deal possible.
Clever partners with local top-rated agents who will not only get you the best deal, they’ll make the home buying process easier. There’s no need to go it alone. Clever will connect you with a local agent so you can have all of your questions asked with no obligation. Contact us today.