Are you wondering if this is your year to buy real estate in the Palm Springs area? While it can seem like an overwhelming decision to make, there are some indicators that will shed significant light on whether you’re ready to make this kind of transaction. Read on for a few ways to determine if you’re ready to make a move.
1. You have substantial savings. Probably the biggest deterrent for most would-be buyers of homes for sale in Indian Wells and other areas is saving up for a down payment and the closing costs associated with a real estate purchase. Typically, a good down payment should be around 20 percent of the total cost of the property, though there are some mortgage lenders who will work with smaller amounts. Closing costs usually include points, financing costs, taxes, title insurance and other items. If you have a significant savings in place and can afford these fees, you are most likely ready to take the plunge.
2. Market familiarity. If you’ve been watching the Palm Springs real estate market for a while already, you probably have an idea of what homes cost in the neighborhoods you are looking in. This means you’ll have a realistic view of costs and which features to expect.
3. Your credit is in good shape. If you have a good credit score already, you’re in the perfect position to be looking at homes for sale in Indian Wells and the surrounding areas. It’s always important to check to make sure that the information on your credit report is all correct and that any negatives have been addressed. Lenders will evaluate your debt, your payment history and how many loans and credit card accounts you have open. If you’ve already checked with all three credit reporting companies, which include Experian, Equifax and Trans Union, then you’re ahead of the game.
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