REOs Bank Owned Properties in Palm Springs

The market is turning – Palm Springs Real Estate is on its way to recovery

Just to confirm my previous post showing a chart and how the inventory is looking I would like to share a story with you: i wrote an offer on a home in Palm Springs, free standing home , in a decent condition, new listing just before President day week end. the price was over 250K

We wrote an offer a full asking price and presented it to the listing agent,by time it was presented to the bank 3 days later (because of the holiday week end) there were 13 offers on the table..

Now do you think that whoever is going to buy this property is going to buy it at a fair market price or will it be over priced? I say over priced .

So what I was predicting is happening, the number of  bank owned properties is decreasing and prices in this price range up to 300K will go up very fast.

I believe that the next few months will be the last of the “super deals” in the lower  end of the market in Palm Springs and  the Desert Cities Real Estate.

 



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