According to a January 24, 2011 Inman News Report, Truila, a real estate search and marketing site states it is CHEAPER to buy than to rent in 72% of largest U.S. cities. They went on to say that former homeowners are flooding the rental market. In our local Palm Springs area, this is true. It is cheaper to purchase a home in one of the many Coachella Valley communities than it is to rent a Palm Springs area home. For example, a home for rent on Trulia in Palm Springs is renting for $2500 per month and two homes on the same street are for sale for an estimated monthly payment of $400 less than the rental property. PLUS ownership gives you tax benefits.
With interest rates creeping upward and home prices beginning to move upward in many markets, this is definitely the time to buy your next Palm Springs area home!
Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets," said Pete Flint, CEO and co-founder of Trulia. This is proving true for most of the cities in our Palm Desert area.
Flint went on to say, "Though necessary for achieving true economic recovery, stricter bank lending practices have also further aggravated the struggling housing market in the short term. Even highly qualified homebuyers face intense scrutiny on their income, savings, existing debt and credit history before they can get a mortgage loan."
Trulia's rent vs. buy index compares the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of Jan. 10, 2011.
For the past five years I’ve been asked to check my crystal ball to see when we have hit the bottom of the market. My crystal ball is now bursting… trying to tell you we hit that awhile back….so the time to take action is NOW! Don't miss our on getting a wonderful California Desert Home.
Now that you are ready to buy let’s make sure we can make the process as smooth as possible. First step read, 14 mistakes home buyers make when purchasing a Palm Springs area home.
IMPORTANT: If you or someone you know is interested in buying or selling a home in the Palm Desert Area, try searching properties on the same Desert Area MLS Realtor’s use, or give me a call….or visit my website at Palm Springs Homes and Estates. I will be happy to give you or your referral my “red carpet service.” After the sale, I will send you a $50 Gift Certificate towards dinner in a fabulous Palm Springs Area Restaurant so you can celebrate!
Brought to You By Your Favorite Realtor,
Nancy Hankin
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