Taking Advantage Of A Sellers Market With No Inventory
Dated: March 27 2021
Here are three strategies to help you win as a buyer and seller right now.
As you’re probably aware, we’ve been in a very strong seller’s market for the last 12 months in the Greater Palm Springs area. This has been brought on by the pandemic and the lower number of homes we have for sale compared to what’s normal for this time of year. This has resulted in increased prices and more equity for homeowners. The median price for single-family homes has increased by 22% in the valley over the last year.
How do you take advantage of this? By selling. There are three ways in which you can sell and find a replacement home so that you don’t end up homeless:
1. Extend the closing period. Today’s buyers are in multiple-offer situations regularly. If you price your home correctly, you’ll get the same type of attention. Buyers are willing to accommodate sellers in this market, so extending the closing period from 45 to 60 or 90 days to give you time to find your new home after you’ve put the current property under contract is a useful strategy.
2. Close quickly and leaseback. A leaseback means the buyer will let you stay in the home for some extra time while you find your new home. We’ve been able to negotiate free leasebacks for up to 90 days for our clients, which is great news for sellers who also need to buy.
3. Make your sale conditional on finding a replacement property. The SPRP (Seller’s Purchase of Replacement Property) form gives you a certain amount of time to identify a property and negotiate a closing that will happen right after the sale of your home.
It’s a stressful time out there for buyers and sellers, and everyone’s looking for creative solutions. There’s a great opportunity to take advantage of the current market by cashing in on your equity and buying a new home with a low interest rate.
If you have any questions about buying, selling, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
This Blog courtesy of Will Cook, WILL COOK GROUP | Keller Williams Luxury Homes, Palm Springs, CA | DRE #01879277
Ranked in the top 1% of all agents valley wide and named one of the Palm Springs Life Top Realtors for 2019, 2020, and 2021; Will is an Associate Broker/Team Leader of the WILL COOK GROUP with Keller ....
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If a listing displays "Short Sale/Subject to Lender Approval" then that listing has been identified by the seller and the listing broker as a "Short sale." This means that, at the listed price, the proceeds from the sale may not be adequate to pay all liens and costs of sale. Any offer made that does not fully cover the existing amount(s) owed to the lienholder(s) plus the costs of sale could be subject to lienholder approval, which approval may be exercised at the sole and exclusive discretion of the lienholder(s).