I've noticed a change in my buyers' profile in the past 6 months. I'm seeing more and more first time home buyers entering the marketplace. My last four sales have been to first time buyers.
Why are they coming to Palm Springs? With recent price reductions, Palm Springs is once again affordable to first time buyers in California. Many smart property virgins recognize this opportunity and are entering the market- in Palm Springs, home ownership can be a reality- some live in Los Angeles, Orange County, San francisco, where, regardless of declining prices in those markets, its still not affordable. These days, in Palm Springs, you can buy a condo for around $100,000, or a single family home in the $300,000s.
Some first time home buyers, purchase in the desert as a 2nd home, while maintaining inexpensive apartments in coastal cities. Many will rent them out seasonally to help supplement their mortgage payments. The added bonus of owning here? The ease of lifestyle- you can actually drive to the store in less then 5 minutes for groceries, minimal traffic, walk to restaurants and shopping.
New FHA guidelines on lending, have opened up some great opportunities for first time home buyers as well- including allowing assistance from relatives for down payments, lower down payment requirements, looser credit score limits, etc. We have lenders available to help you with all your financing options and questions.
I've been working with first time home buyers for years, and I'm here to help make the buying process as easy as possible, explaining everything thoroughly every step of the way. For those people that always wanted to buy a home but thought you never could afford it, take a look at Palm Springs- now's the perfect time to convert your dreams into reality. I'm here to help you!
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