Even though the economy finally seems to be heading in the right direction again, in the city of Palm Springs, there are still many homeowners who are under water, meaning they owe more on their mortgages than their homes are worth.
The good news is, currently there are only about 50 short sales for sale on the MLS. That’s down considerably from this time last year.
For the past five years or more, like foreclosures, short sales have made up a significant portion of the real estate market in Palm Springs. If you’re a seller, the fact that there are only about 50 short sales on the market, at this time, is a good sign. If you’re a buyer, not so much.
As I mentioned, in an earlier post about foreclosures drying up, if you are serious about purchasing an affordable Palm Springs home, your window of opportunity is quickly closing, as well. Contact me today and I’ll be happy to help you find one of the last remaining real estate deals in town.