With summer vacation planning completed, it’s time to think about how you will spend your winter holiday. The Coachella Valley communities of Palm Springs, Palm Desert, Indian Wells, La Quinta, Rancho Mirage and beyond are excellent locations for a second home with late fall and winter temperatures averaging in the 70s. Also, mortgage rates are still at multi-decade lows and with home affordability at record highs, the opportunity to purchase your desert escape at such low prices has never been more possible or fleeting.
A recent study by the real estate reporting agency DataQuick, showed that homes sales in Riverside County increased by 28% over the same time last year and that home prices have remained mostly unchanged from last year1. Other good news in the report states that the home sales have reflected an eleventh straight month of sales increases over the
prior year. In addition to the DataQuick report, the UCLA Anderson Forecast reports that they predict the housing recovery is set to begin in late 2009 or early 20102. All of these indicators show that not only are investors coming off the sidelines to take advantage of the low prices in the market but that the average homebuyer is back in the market as well.
With high affordability, low mortgage rates and significant incentives for buyers, the time to take advantage of this unprecedented opportunity is now. Browse our fine desert and coastal properties and meet our dedicated real estate professionals in this new edition of View magazine.
1 “Home sales up in California for 11th consecutive month” The Desert Sun. June 19, 2009.
2 “Housing recovery set to begin, forecast says” OC Register online. June 16, 2009.