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. 3 beds, 2 full baths
    Home size: 1,300 sq ft
    Lot size: 9,148 sqft
    Year built: 1979
    Parking spots: 2
    Days on market: 5
  2. 4 beds, 2 full baths
    Home size: 1,318 sq ft
    Lot size: 7,405 sqft
    Year built: 1991
    Days on market: 6
  3. 2 beds, 1 full, 1 three-quarter baths
    Home size: 840 sq ft
    Lot size: 4,356 sqft
    Year built: 1983
    Parking spots: 1
    Days on market: 7
  4. 3 beds, 2 full baths
    Home size: 1,334 sq ft
    Lot size: 10,019 sqft
    Year built: 1979
    Days on market: 12
  5. 3 beds, 2 full baths
    Home size: 1,411 sq ft
    Lot size: 5,227 sqft
    Year built: 2004
    Parking spots: 2
    Days on market: 12
  6. 2 beds, 1 full bath
    Home size: 1,144 sq ft
    Lot size: 4,792 sqft
    Year built: 1925
    Days on market: 20
  7. 3 beds, 2 full baths
    Home size: 1,134 sq ft
    Lot size: 17,424 sqft
    Year built: 1963
    Parking spots: 2
    Days on market: 20
  8. 2 beds, 2 full baths
    Home size: 1,835 sq ft
    Lot size: 7,405 sqft
    Year built: 2004
    Parking spots: 2
    Days on market: 20
  9. 3 beds, 2 full baths
    Home size: 1,630 sq ft
    Lot size: 5,663 sqft
    Year built: 2004
    Parking spots: 2
    Days on market: 20
  10. 3 beds, 2 full baths
    Home size: 1,404 sq ft
    Lot size: 7,405 sqft
    Year built: 1957
    Days on market: 20

See all Displaying Your Custom Search Listings.
(all data current as of 6/30/2016)

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


About Victor Yepello

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 closes.

Vic worked on the water conservation task force and takes part in many other community activities.  He is currently a co-chair on the Active Transportation Committee for the city of Palm Springs and he is a board member for Friends of CV Link.

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!"