Popular for its tourism facilities, the city of Palm Springs, California, is also known for its high profile real estate and vicinity to a diverse geographical region.
But those are not the only reasons why Palm Springs is considered one of the hottest real estate areas in California’s Riverside County.
Whether you are exploring your investment options or want to set up your home on the West Coast, here are seven reasons to buy real estate in Palm Springs. See more.
1. The Area is Known for Its Mid-century Modern Architecture
Originally a design movement that caught traction after World War II, the mid-century modern (MCM) style is still popular to this day. The reason is simple. With their clean lines, expansive floor plans, and plenty of natural sunlight, MCM homes in Palm Springs are the perfect fit for the current era.
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2. It’s the Ideal Way to Build an Environmentally Friendly Home
If you want to invest in environmentally friendly architecture, the MCM style is the ideal fit for that need. With large windows, airy rooms, and minimalist decor, you can enjoy a pre-built foundation to create your eco-friendly lifestyle. With plenty of MCM listings to choose from, you can easily find your dream home in this city.
3. You Can Use Your New Home as a Vacation Getaway
Even when you are investing in Palm Springs real estate without any intention to move to the area, you can still use your new home as a delightful vacation getaway. With plenty of tourist attractions, this use case comes naturally for any residential property in the region.
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4. You Can Utilize Your Property as a Vacation Rental
Don’t have time to take frequent trips to Palm Springs? That’s not a problem. You can use your new investment as a vacation rental instead. Since this Golden State area is a hot tourism spot, it’s not difficult for you to find frequent bookings that could generate some passive income for you.
5. The Area Offers a Possible Growth in Your Investment
Over the past few years, property prices in Palm Springs have increased consistently. At the time of writing, residential real estate value shows a yearly increase of over 6 percent, with a projected annual increase of nearly 7.5 percent. This means that you can rest assured in your investment to grow its value over time.
6. You Can Sell Your Home Whenever You Need To Do So
Another reason why Palm Springs is so sought after by home buyers is its fast real estate market. According to statistics, even high-value homes present on the market are sold under two months. This makes sure that you can liquidate your asset even on short notice.
7. Your Property Can Sell Close to Its Asking Price
Palm Springs is not just an architectural dream or a tourism heaven, it is also a seller’s ideal investment. With over 99.5 percent of homes selling close to their asking price, the area establishes its demand and its overall efficacy in the real estate market. If you smartly invest in a home within this region, likely, you won’t go into a loss.
With these advantages in mind, buying a property in Palm Springs becomes a no brainer. As long as you reach out to a reliable realtor, you can ensure to reap these benefits and get the most out of your investment.