It makes no difference if you are buying or selling real estate in the south west. Today’s market is confusing at best. Buying or selling homes in Las Vegas or homes in Palm Desert is complex, confusing, and requires a great deal of patience. Several of my clients are finding the home selling/buying experience to be beyond stressful. In the Las Vegas home market it is more common than not to have multiple offers on a property within hours of the home becoming available. In the California Inland Empire home market we sometimes see the same thing, depending on the location, or we are seeing multiple offers within a week of the listing. I just listed a home in Rancho Cucamonga, CA and put the home on the active market at 4pm on a Tuesday afternoon. By 8pm I had over 8 offers. In Las Vegas I had a buyer who wanted a home that came on the market at 5pm. We made an offer by 9am the following morning and the listing agent informed me that he had over 60 offers on the home by that time. So here are a couple of concepts for both buyers and sellers in today’s market.
One way to know how successful you will be as a seller OR how aggressive you need to be as a buyer is to determine how the inventory is in your market. Each Thursday I post the inventory numbers for several markets that I work in on my Facebook Fan Page. The table is listed by city and zip code. Here is the table I posted on Thursday May 23rd;
Here, in my opinion, is a pivot point that, in today’s market, divides the markets. The number is approximate and can change quickly but it is a good tool to understand the current condition;
LAS VEGAS/HENDERSON 8,000
BANNING, CA 92220 300
PALM DESERT, CA 92260 800
PALM SPRINGS, CA 92262 700
NORTH INDIO, CA 92203 300
YUCCA VALLEY, CA 92284 400
If the total inventory numbers for single family and townhomes is below the above numbers, it is more a seller’s market (not enough supply for the demand). If the number of homes is above the number, it is a buyer’s market (too much supply for the demand).
In most markets today you rule. You should be able to price your home on the high side of the comparable market and you should get multiple bids on the home. Don’t be afraid to press the price point to maximize your profit. Call me and I can show you some examples of how to price your home based on your comparable market. Be wary of pricing your home so aggressively that a potential buyer will not even look at it. I can show you how to accomplish your goal with detailed numbers to be competitive.
Being a buyer in today’s market is difficult and stressful. I recommend to my clients that we make offers sight unseen. Once we secure an accepted offer, we need to rush to the home to make sure we understand what we are buying. Since most Realtors post over 20 pictures of the home and we have the use of Google Maps, we can be pretty sure we like what we are buying this way. If you wait to see the home, you will miss out on it! This approach requires you to spend time with your Realtor so he/she knows most of your “must have” list. I have several clients that I have worked with that know they can trust me to help guide them to homes that will most likely be acceptable to them. Call me and I can describe how my system works so I can be helpful in finding you a home.
Even though the market is very difficult for both buyers and sellers, you can reach your goal working with a professional. Call or email me and put me to work for you!