So, let's say you either have some Palm Springs property or are looking to get some in the near future, is selling or buying Palm Springs real estate the right choice in 2020?
Let's take a look...
The Palm Springs' Real Estate Market In 2019
Palm Springs is something of an outlier in the overall California real estate market landscape.
For a start, the demographics are a bit different, consisting of many older buyers, particularly those looking for second or retirement properties.
In addition, the area's flourishing tourism industry means a big demand for vacation homes and excellent opportunities for acquiring profitable income properties.
Overall, Palm Springs will see slightly slower growth than the rest of the state in 2020, with lower median home prices as well. Which brings us to...
Why You Should Buy Palm Springs Real Estate In 2020
Palm Springs has a lot to offer homebuyers in the year ahead.
As mentioned, home prices are low compared to the rest of the state, making it an attractive choice for those looking to cash out elsewhere.
And historically low interest rates make buying an affordable choice long-term as well.
However, if your intention is to make money rather than simply spending less of it, then Palm Springs has opportunities for you as well. The rent-to-home-price ratio and tourist-driven demand make Palm Springs an excellent location to pick up an income property.
Or, if you already have a home in Palm Springs, hold onto it as a rental unit to start reaping those returns. Just make sure to check all the applicable laws and regulations.
So, to summarize, here are the top reasons to buy Palm Springs real estate in 2020:
Historically low interest rates
Good rental income opportunity
A good local economy
High quality of life
But, it's not entirely a buyer's paradise in Palm Springs...
Why Sell Your Palm Springs Home In 2020?
Even with the positives for buyers listed in the previous section, Palm Springs is still arguably a seller's market, though only marginally.
For a start, 2019 has been a year of low-inventory, upping the competition for available properties.
And, as mentioned, bargain hunters from other, more expensive markets will be showing a greater interest in Palm Springs.
With price growth is slowing, especially with an election year ahead, selling your Palm Springs home soon won't mean you'll be missing out on a lot of additional value. In fact, now might be the time to cash out, if you believe in the projections for the years ahead.
So, there you have it. If you are looking to get out of the Palm Springs market, now might be the time to do it.
Otherwise, buying and holding property in Palm Springs might be the best option. Low interest rates and good income opportunities combine to make owning property in Palm Springs a profitable - or just a "not that expensive" - proposition.
Any possible downturn in the market will likely be smoothed over pretty quickly once all the potential buyers who have been priced out of the market in recent years flood into the market.
Either way, you can't go wrong with Palm Springs - the city is resurgent and the weather, as always, is great.