The inventory of bank owned (foreclosures) represents just over 6% of the total inventory in Palm Springs and the area.
Of course these numbers only cover the cities of Palm Springs Proper, Rancho Mirage, Palm Desert , Indian Wells and La Quinta which are the cities with resort communities and which will attract tenants if you are buying to invest.
So we cannot say that we are over flooded with foreclosures and that banks have difficulties getting rid of their inventory. So why do I have to argue with buyers who insist in writing offer for a lower price than the one the property is listed for. The number of buyers is higher than the number of properties in the low and median price range and we see each time that we are in a situation of multiple offers and bidding.
If we make a fast decision and we write a full price offer chances are we get in on the first attempt.
Trust your Realtor
It all comes down to the buyers coming from out of town and not familiar with our market to trust their Realtor and understand that we know better and we know what needs to be done to get a deal through.
When you chose Palm Springs to invest in Real Estate and if you are not from the area: trust your Realtor