December 2020 in Palm Desert is a Seller's market! The number of for sale listings was down 26.5% from one year earlier and down 13% from the previous month. The number of sold listings increased 17.7% year over year and the same month over month. The number of under contract listings was up 60.8% compared to previous month and up 183.6% compared to previous year.
Versus last year, the total number of properties available this month is lower by 72 units of 26.5%. This year's smaller inventory means that buyers who waited to buy may have smaller selection to choose from. The number of current inventory is down 13% compared to the previous month.
Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your Palm Desert real estate agent as an expert guide along the way.
Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in a good position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.
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