The available inventory of homes for sale in the Palm Springs real estate market declined from 3,000 available homes in January to just 2,000 units by the end of August. Looking for a nice condo? 1,228 condo units were available for sale in January, but by August 30th the available condo inventory was down to 863 units.
Today’s Home & Condo Buyers Need To Strategize To Win
The combination of declining Palm Springs area inventory and strong buyer demand have resulted in some buyers losing out on the property they wanted to buy. Despite declining inventory, our Sheri Dettman & Associates team completed a record 80 real estate transactions during the last 12 months, and we’ve discovered a few things that could help you as a buyer in gaining a slight edge over other buyers.
How To Gain An Advantage Over Competing Homebuyers
- Hire Smart
- Set Realistic Goals
- Be Prepared To Pounce
- Your Own Customized MLS Portal
- Financing? Thou Shalt Be Pre-Approved
1. Hire Smart
Even though the Internet gives today’s buyer’s unprecedented access to home listings, homebuyers can often gain an advantage over other buyers by working with a busy and successful Palm Springs area real estate agent. Top agents usually have better inventory knowledge; they network with other top agents and they can often know about new listings before they appear on the MLS.
2. Set Realistic Goals
If you expect to buy a home in today’s real estate market at a large discount from the listing price, you may be unrealistic in your goals. Case in point: La Quinta is the top market for home sales in the Palm Springs area. The average La Quinta home in zip code 92253 sold for 94.7% of the listing price during a recent 12-month period. Homes located in Indio’s 92201 zip code sold for 97.9% of list. Homes in Palm Desert's 92260 zip code sold for 94.6% of list price, and in Palm Springs 92262 that figure was 96.9%.
3. Be Prepared To Pounce
Palm Springs real estate is, many times, about timing. For some buyers, finding the right property can take months. Other buyers take days. But when you discover the right Palm Springs home, you’ll want to be prepared to pounce. You can tie up that favorite home during a 14-day due diligence period giving you ample time to do your homework.
4. Your Own Customized MLS Portal
There are a variety of ways to research and view online property listings, but did you know that your realtor can help you to supercharge your real estate research by connecting you directly to their local Desert Area MLS? This can give you a timing advantage over buyers using many of the big national real estate sites where listings can take days or even weeks to appear online. Email Sheri today to supercharge your home search.
5. Financing? Thou Shalt Be Pre-Approved
Having sold hundreds of homes in all price ranges, I’ve learned there are Palm Springs area mortgage professionals who can get a transaction completed and dozens of others who specialize in foot dragging. Get pre-approved before you start your search and see step one (Hire Smart). My team and I are happy to provide a list of mortgage providers that we’ve worked with over the years.