Insider Information – Buying a Home in Palm Springs

Posted by Geoffrey Moore on Thursday, April 14th, 2016 at 4:52pm.

Downtown Palm SpringsWhether you're in the buyer's market or seller's, an abundance of incredible choices can be found in Palm Springs when it comes to homes and condos for sale. Looking for a mid-century condominium or home? Palm Springs has got it. Want to invest in a modern day mansion or vacation villa? Head over here and Geoffrey Moore will help you find the best suited one!

Buying a home in Palm Springs, according to the real estate agent, isn't much different than buying elsewhere in America.

However, prospective home buyers can take help with the following insider tips shared by Moore.

First Rule of Home Buying: Know Your Buying Power

Here, buying power refers to your credit worthiness, and how much you can – realistically – afford to pay for the new home.

Knowing your budget is essential before prospective home buyers start their search for real estate property in Palm Springs, unless paying straight-up cash is the preferred method.

Getting to know the hidden costs of buying a home in Palm Springs is also very important. You must keep an eye out for;

  • Down payment (typically between 10%-20% of offer price)
  • Additional transaction fees (transfer tax, PMI, title insurance, escrow fees)

First time home buyers can also take financial advantage of various government run programs.

Second Rule of Home Buying: Don't Time the Market

Finding the perfect time to buy a home in Palm Springs is difficult, even in a seemingly hot market. Why? Depending on your lifestyle and choice, it can take some time to know what your exact preferences are. It's impossible to look at the first home and say, “Oh, this is it!” and chances are you'll have to see at least more than one before finding the perfect home.

Take a camera along while you're out home hunting. Take pictures of all favorite properties and areas that you liked best.

Third Rule of Home Buying: Keep Your Credit Stable before Closing

How soon your mortgage loan for the new home will get approved depends on your credit worthiness.

The following will raise flags and will likely ruin your chances of owning a home in Palm Springs.

  • Unnecessary spending and maxing out your credit limit.
  • Changing banks or making large money deposits to accounts before consulting with the loan officer.
  • Not keeping your employment stable i.e. changing jobs, becoming self employed or quitting your job.

For more help in finding your dream home in Palm Springs, get in touch with Geoffrey Moore today.

Leave a Comment

Format example:
Format example: