There are a few telltale signs that you’re in a hot real estate market. Homes are selling quickly and for above the asking prices, sellers are entertaining multiple cash bids, and there are relatively few homes on the market.
These signs and more are telling us that the country as a whole is shifting towards a seller’s market, and Palm Springs is no exception. Thanks to the beautiful weather, stunning homes, and abundance of luxury amenities, the Palm Springs real estate market always enjoyed some degree of popularity, but now things are really beginning to heat up.
So, if you’re looking to buy a home in Palm Springs, you have your work cut out for you. You may already have experienced the frustration of seeing a promising home disappear off the market just as soon as you see it, or having your bid beaten by another buyer at the last minute.
To make the whole process easier, here are some tips for buyers in Palm Springs’ sellers market.
1 - Be Ready to Act
One of the defining features of a competitive market is that homes move quickly. They may only be on the market for a day or two. As such, you should be prepared to move with certainty when a house matching your criteria comes on the market.
This is why it’s important to do your research so you know exactly what you’re looking for. This allows you to act confidently and quickly. This attitude will not only get you to the negotiating table early (potentially beating out rival buyers) but will also communicate to the seller that you’re a serious prospect.
2 - Get Your Finances In Order
When it comes to competition in a hot market, and getting your offer accepted, money talks.
If you can come to the negotiating table with pre approved financing, or better yet, a cash offer and proof of funds, then at least you’ll have your foot in the door.
Next, no low-balling, counter-offers, or hard bargaining. They call it a “sellers market” for a reason - it’s because the sellers get to call the shots, so play accordingly. Now how much you can afford and think about putting in an initial offer that is above asking, but below your limit (obviously). This will send the message to the seller that you mean business.
3 - Don’t Be So Demanding
Part of making a strong offer is reducing the number of conditions that might allow you to back out. If you look at it from the seller’s perspective, they should be more motivated to deal with someone if they’re more confident that the deal will eventually go through.
So, when you’re putting together your offer, try to include as few demands or contingencies as possible. Of course, you should protect yourself, but even waving the right to something like an inspection can make your offer very enticing.
4 - Hire A Realtor®
There are a lot of ins and outs, a lot of what-have-yous and strands to maintain in any real estate deal. An expert agent is someone with the experience and knowledge to stay limber throughout this process, keeping you up-to-date with new information and tips on how to deal with sellers.
An agent is also someone who can keep an eye out for the exact property that you’re looking for, even before they hit the market, so you can act with the kind of timing that a competitive market requires.
As you might have noticed, a lot of the steps to having your offer accepted in a competitive housing market comes down to what signals you’re sending the seller.
Are you a serious buyer? Are you someone they want to deal with? Can you be trusted to go through with the deal?
To this end, you should endeavor to be personable, consistent, and open.
It goes without saying that many people have sentimental attachments to their home, and feeling that they’re transferring it to someone who cares as much as they do can have an important psychological impact for anyone selling their home.
Also, make sure to communicate your flexibility with regards to the sellers plans. Selling a home can be a difficult time, when there is not only the home sale to deal with, but also potentially a home search and a move as well. So, try to be understanding and tell the seller you’re willing to work around their schedule.
So, if you’re taking the plunge into Palm Springs hot real estate market, make sure to follow these steps, and take on the services of an experienced agent to learn some more vital steps to getting your final offer accepted, so you can finally buy the Palm Springs home of your dreams.
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