Buying Palm Springs Real Estate
Buying a home is an exhilarating process. A new home is full of the promise of fresh starts, a high standard of living, and a new community worth exploring. Palm Springs is known for its incredibly desert beauty, its vibrant arts and dining scene, an unbeatable variety of golfing locales, and a star-studded history. However, buying a home in Palm Springs isn't as simple as it may seem. If this is your first home purchase or you're new to the state, there may be things you don't know about buying Palm Springs real estate. This Palm Springs home buying guide will walk you through the basics of purchasing your home.
Whether you're a first-time buyer or you're an experienced home buyer, I'm here to lend you the full benefit of my experience and expertise. Contact me today about beginning your home search.
Resources for Palm Springs Buyers
Palm Springs Home Buyer's Guide
Pre-Qualify For A Mortgage
If you've decided to invest in a Palm Springs home, the first thing you should do is get preapproved for a mortgage. The benefits of this are two-fold. First of all, once the bank has told you whether or not you qualify, they will also provide you with an approximate amount of how much they would be willing to lend you. This will allow you to determine an accurate budget so that you can keep your homes search limited to options that you can actually afford.
Secondly, buyers who are preapproved for a mortgage are also more appealing to sellers, which can act in your favor if there are competing bids on the home you want to purchase. When you prequalify for a loan, you can assure sellers that you have the financial backing in place to purchase their home for the negotiated price. This also helps expedite the purchase process by a couple of weeks because a portion of the financial aspects of the deal have already been completed.
Invest In Success: Hire A Palm Springs REALTOR®
The Palm Springs real estate market changes rapidly, and that's why it's important that you work with a Palm Springs REALTOR® who knows the area inside and out. A common misconception is that a real estate agent will cost you money. However, in most cases, a real estate agent will save their client money. When you work with me, I will help you:
- Browse Palm Springs homes for sale that fit your needs, style & budget
- Schedule viewings of promising homes
- Advise on local amenities & community highlights
- Structure a competitive bid on a home you'd like to purchase
- Walk you through every stage of the home buying process
- Navigate complex closing contracts
- Recommend helpful local services (escrow agents, real estate lawyers, moving companies, etc.)
Find A Palm Springs Home For Sale
Once you've secured financial backing, it's time to start a serious search for potential properties. On geoffreymoore.com you have the freedom to browse Palm Springs homes for sale however you'd like. If you're familiar with Palm Springs and its many interesting neighborhoods, you can search by Palm Springs community. Each of our community pages provides buyers with information about the local real estate market, amenities within the community, and more.
If you're looking for a home close to work, school, or your family, try searching by map. You can find active house listings as close or far as you like to the services that matter to you. Our site also includes a Featured Listings page where you can explore some of our favorite homes on the market. You can even search all Palm Springs real estate listings.
When you register to become a member of my site, you not only gain access to our complete selection of Palm Springs homes for sale, you also unlock advanced search tools that enable you to narrow your house hunt even further.
Negotiate a Fair Offer
Negotiating is one of the most exciting parts of the home buying process. Once you've found the home that you like, it's time to make an offer. Numerous factors affect what constitutes a fair offer including: how long the home has sat on the market, the location, the size, the luxury, the age, and the state of the home. There also may be competing offers to consider. Negotiations is where a good Palm Springs REALTOR® will really shine. On your behalf, they will negotiate a fair offer that accommodates your budget and accurately reflects the true value of your home. This is where a good agent will save you the most money.
Close On Your Home Purchase
Even after the seller has accepted your offer, the process of buying a home in Palm Springs isn't quite over. There are also closing contracts to contend with. A closing contract outlines the exact terms of how the property changes hands. Contracts can often be complex, and many times an escrow agent is involved in the process as well. There are also closing costs, which will often be divided between the buyer and seller.
During closing, many buyers have house inspections and property surveys conducted. These determine any potential pitfalls that may be associated with this property. Although these inspections may cost money, if they reveal major problems such as water damage, asbestos, structural problems, or more, they can save you a tremendous amount of money and stress. These factors would also greatly affect the value of the home. Your real estate agent can advise on which inspections are recommended depending on the unique circumstances of your home purchase.
Below, you will find a dictionary of real estate terms that will help you navigate the closing process and the home buying process.
Palm Springs Buyer's Dictionary
- Appreciation - The manner in which property increases in value over time.
- Buyer's Agent - A real estate agent who represents and advises the buyer throughout a real estate transaction.
- Closing - The final stage of a home purchase in which the buyer and seller negotiate the terms of the sale.
- Downpayment - The sum of money the buyer gives to the seller that is not covered by a mortgage.
- Earnest Money - A small portion of the downpayment given to the seller before closing to indicate a buyer is serious about purchasing.
- Escrow - An intermediary who protects the interests of both buyer and seller during the closing process. Read more about the escrow process here.
- Fee Simple Land - When the buyer purchases the home, they purchase both the structures and the land.
- Lease Land - When the buyer purchases a property, they purchase the house. The land is owned by the Bureau of Indian Affairs office. If you own a house on lease land, you will need to pay an annual lease on the property.
- Mortgage - The sum of money lent to a buyer to purchase a home. Typically, this must be paid back with interest and takes several years to repay. Use our Mortgage Calculator to get a sense for how much you can afford.
- Property Survey - A survey that reveals information about the exact boundaries of a property
- Seller's Agent - A real estate agent who represents and advises the seller throughout a real estate transaction.
- Title - A deed or certificate indicating a person's legal rights to own property.
- Turnkey - This can mean either that the home does not need renovations or updates to be lived in, or it can indicate that the home comes furnished.
Do you still have questions about buying real estate in Palm Springs? Contact me, Geoffrey Moore, for more information. I'm happy to help!