Here in Palm Springs, CA., as with most areas of the country, we are recovering beautifully from the crash and burn of the housing market. It now appears, in hindsight, that 4th Quarter of 2012 was the absolute bottom if you base your data on price/sf. My clients are feeling like they "missed the bottom." Well, you did. But, that's ok. Many buyers did not have their finances in order, their jobs in line, perhaps enough time to recover from a Short Sale or Foreclosure to jump in the past couple of years. However..I like to point out 6 things that will make you feel better as a buyer..
1. Loans are at an all time low. Lenders are lending money again, and their rates are fantastic! This means you may be able to qualify for more house than you could have a year ago. Not a bad thing.
2. With money this cheap, many Buyers that were Renters are deciding to make the leap. FHA is really important in helping to make this happen.
3. There is always a possibility of inflation and this also makes the decision to borrow a strong one.
4. Many homes in la Quinta and all of the Palm Springs Valley are STILL for sale at less than replacement cost!
5. New Homes are again being built. A year ago, and certainly 2 years ago, the New Homes Industry had mostly rolled up their welcome mats. Maybe this is an option for you as a Buyer now?
6. Many Golf Course developments have changed their Membership Fees to encourage more buyers/members. If you are thinking of joining a golf club, you may be able to score a much more reasonable membership deal.
So..instead of thinking you've "missed the bottom..boo-hoo", try a mindset change. Price/sf may be a bit higher now, but I can AFFORD to buy more house due to availability of reasonable loans, and other factors.
Hey..maybe you didn't miss YOUR bottom after all!!!
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