There is no better time to buy a home than now.
In the Coachella Valley, prices have dropped nearly 50% while home sales have gone up 71%. It is allowing some Valley residents to be able to buy their first home.
Linda Johns and Shaun Johnson’s new home is located in the outskirts of Desert Hot Springs. It is over 2,000 square feet with three bedrooms and two baths.
Linda says she loves the open floor plan.
“I stay in here and make turkey for everybody. Then, I get to socialize with everybody.”
Sean, on the other hand, is looking forward to sprucing up the dirt backyard.
“We have a good vision for it. We’d like to concrete it, put some surround sound, and tie it in with the house.”
Their neighborhood is fairly new. When the Skyborne development debuted a couple of years ago, homes were selling in the $300,000 to $400,000 range.
What happened to Linda and Shaun: They hit the jackpot.
“We ended up getting this house for $183,900, half the price!” explains Linda.
Their timing could not have been better. The economy brought home prices down, and the family simply decided that renting a place was a waste of money.
“Now, we’re buying and paying the same that we were paying in rent. I love it!” Linda says.
In addition to buying their home at a bargain basement price, the family also received a sweeter deal: a $7500 tax break for buying their very first home.
Their realtor Debbie Sander of Windermere Real Estate says this is one of the best times to buy in her 23 years of experience. Debbie says 20% of her clients are first time buyers, and they are motivated to buy.
However, she warns, lenders are stricter when approving home loans nowadays.
Linda and Shaun intend to stay in their new home for about ten years or until they’ve outgrown it. They realize how lucky they are to own a piece of the American Dream.
But, they never knew how easy or cheapit was going to turn out.