Other resort cities include La Quinta, Indian Wells, Palm Desert, Rancho Mirage and Cathedral City. Like many resort and sunbelt areas in the United States, the real estate Palm City market has gone through some challenging times over the past few years. However, right now may be the best time to buy real estate in the greater Palm Springs, California area.
Why is now such a great time to invest in real estate agent Palm City?
It's because property values have corrected as much as 60 percent off of the market boom highs of 2004 through 2006 - with many residential areas having regressed all the way back to early 2000s price levels. There are some truly incredible buying opportunities throughout the Palm Springs Desert Resorts area.
Real Estate markets before:
The table was set several years ago for the present-day buying opportunities. Here's what happened. From 2002 to 2005, similar to the real estate broker Palm City markets of neighboring Las Vegas and Phoenix, local real estate sales increased by double digits annually, as did appreciation. During this overheated market, there was too much flipping going on. Consumers were buying homes as short-term investments, so demand became far in excess of supply.
As a consequence, developers ramped-up the activity way beyond their normal levels to meet the incredible demand. New homes, golf course condos and resale properties alike were bought and sold nearly everywhere you looked in order to meet an artificial demand. Property inventory levels were very low. Lottery sales at new home developments were not uncommon.
This high level of sales activity was common not only in Palm Springs, but throughout the seven cities comprising the Desert Resorts area. The La Quinta Real Estate market, in particular, was an extremely sought after and high demand market.
Best time to invest money in property:
The good news is - now may be the best time in years to get back into the market and buy a home in the Palm Springs area. Many current buyers that have recently jumped from the sidelines feel that even if we were to have another slight value correction, the regression back to early 2000s sale prices warrants getting back in the real estate market - right now.
On top of the current incredibly attractive property prices, two other major favorable factors are in place, a large supply of property inventory - and historically low financing rates.
