Buying your second home in the Desert. You may be considering purchasing a second home this year. Good choice, and you’re not alone! According to Luxury Market Report, buying a second home has increased dramatically since last year.
“While the demand for luxury real estate market is not turning over a new leaf, there is certainly an appreciation that a leaf has been turned when we look at the other ongoing trends; including a greater diversity in location choice, property types, ownership levels and what amenities have become major priorities for affluent homeowners.” ~ Luxury Market Report
The National Association of REALTORS® reported a historic rise or properties sold in the $1 – 5 million range between January to August 2021, by 142% for single-family homes and 129% for attached homes compared to the previous year. ~Luxury Market Report
Why a Second Home?
Some of this may be because a second home is a “safe haven” during the pandemic as well as a great way to continue to work remotely and have flexibility in where “home” is. It’s a fun way to get away from the confines of your primary home.
However, the main reason to purchase second home here in the Desert is to get away from the COLD from back home. With over 350 days of sunshine and warm temperatures, the Desert is a welcome relief.
One of the benefits of owning a second home is building home equity. Home equity has sored over the last year or so, with the average homeowner gaining $56,700 in equity over the last year. ~ Corelogic With home prices continuing to rise, purchasing a second home could benefit from the increase in property values.
If you’re looking for your second home in the Palm Springs / La Quinta area, let’s get together and discuss your best path to ownership. Give me a call today, and let’s get started!