Bidding Wars Catch Palm Springs Home Buyers Off-Guard

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Bidding Wars Catch Buyers Off-Guard

According to the Wall Street Journal, buyers all around the country are getting caught off guard in bidding wars on certain houses that are a good deal.  And even worse, some buyers think that a less than full price offer is justified if the house isn’t really perfect.  Result?  They don’t get the home.Some buyers even comment that they thought the bidding drama was over yet we don’t understand why.  All along, we have written articles explaining the market and just how very attractive it is.  Ad so have many other bloggers and journalists written volumes on the very same subject.

In many cases, buyers forget the market is already deeply discounted so offers that are below asking are easily over bid.  And offers with lots of “gimmees” are cast aside as are the offers that cite a less than full price offer is because the home needs some cosmetic facelift.  All these things will be a cause for the offer to be rejected.  Been there dozens of time this year already.

Buyers, against our advice, will instruct us to place an offer at less than our advise and guess what?  They don’t get the home and this happens multiple times before the “get it”.  I mean before they figure out we know the market and how to price an offer.

Why are things getting so competitive?  Many of the bargains have sold already.  add to that an unwillingness of some sellers to take less than they paid for their home years ago so they decide to wait for a while.  Result:  Less inventory and multiple bids on homes.

Now factor in a surge in investors snatching up homes in single or bulk in all-cash deals.  They then do a cosmetic makeover and resell the home – aka FLIPPING!  Yes its happening right now.

“The bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump,” The Wall Street Journal reports.

Late last week, the National Association Of Realtors® said  pending home sales in March reached their highest level in two years edging up 12.8 percent from a year ago.

Source: “Stunned Home Buyers Find the Bidding Wars Are Back,” The Wall Street Journal (April 27, 2012)

Check out some of the latest listings in Palm Springs to $325,000

  1. 2 beds, 2 full baths
    Home size: 1,900 sq ft
    Lot size: 5,663 sqft
    Year built: 2007
    Parking spots: 4
    Days on market: 3
  2. 3 beds, 3 full baths
    Home size: 1,880 sq ft
    Lot size: 2,178 sqft
    Year built: 1985
    Parking spots: 4
    Days on market: 5
  3. 1 bed, 1 full bath
    Home size: 832 sq ft
    Lot size: 5.00 ac
    Year built: 1959
    Parking spots: 4
    Days on market: 6
  4. 3 beds, 2 full baths
    Home size: 1,258 sq ft
    Lot size: 9,583 sqft
    Year built: 1982
    Days on market: 8
  5. 2 beds, 2 full baths
    Home size: 2,023 sq ft
    Lot size: 4,791 sqft
    Year built: 2005
    Parking spots: 4
    Days on market: 9
  6. 4 beds, 3 full baths
    Home size: 1,912 sq ft
    Lot size: 14,375 sqft
    Year built: 1957
    Parking spots: 4
    Days on market: 10
  7. 4 beds, 1 full, 1 part baths
    Home size: 1,305 sq ft
    Lot size: 6,098 sqft
    Year built: 1949
    Parking spots: 2
    Days on market: 16
  8. 3 beds, 2 full baths
    Home size: 1,470 sq ft
    Lot size: 10,454 sqft
    Year built: 1983
    Days on market: 16
  9. 3 beds, 2 full baths
    Home size: 1,258 sq ft
    Lot size: 6,534 sqft
    Year built: 1982
    Parking spots: 2
    Days on market: 22
  10. 4 beds, 2 full baths
    Home size: 1,352 sq ft
    Lot size: 8,276 sqft
    Year built: 1963
    Days on market: 23

See all Displaying Your Custom Search Listings.
(all data current as of 7/2/2015)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Palm Springs Real Estate News and Happenings- Palm Springs Homes For Sale
550 S Oleander Rd Palm SpringsCA92264 USA 
 • 760-413-2871

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About Victor Yepello

BIO~
Vic Yepello has been a Palm Springs resident since 2005.  He moved here at a time in his life when a change was necessary to get away from a high-pressure job and the weather back in Philadelphia. That proved to be the right decision in so many ways. Coming to Palm Springs began a new chapter in his life like never before.

Vic obtained his Real Estate license in February of 2006 working hard to establish a name and trade.  In 2010, he began a business partnership with Ron Jesser. Together, they have enjoyed much success in helping their clients achieve their goals of buying, selling and investing in Real Estate across the desert communities.  To them, they believe an agent should not disappear after Escrow.

Vic also works as a city commissioner on the Palm Springs Sustainability Commission.  He co-chairs the Non-Motorized Transportation Subcommittee; he has worked on the water conservation task force and takes part in many other community activities.  

When not doing any of the above, he can be seen around town quite often on his bike enjoying the scenic beauty of the desert.  Vic has used his bike to raise money for his favorite charity AIDS Lifecycle because giving back is a part of what he does everyday.
As Vic says: “If you want to learn about the city, it’s best done on two wheels!"