Metro home sales, prices increase in June, but at slower pace

Metro home sales, prices increase in June, but at slower pace

Multiple Offers are Back!

www.realestateeconomywatch.com  by Steve Cook


“The Phoenix Metro Area Housing Market faces multiple offers even in the higher end and luxury market as buyers try to snag homes before the market rises further. We have seen multiple offers for quite some time in the lower price ranges, but now as the market is returning, and returning strong, we are seeing multiple offers in the higher price ranges. We are now seeing multiple offers on homes in the move-up and luxury home market. We are seeing offers that are $50,000 over asking that are not the winning bid. This is causing quite a bit of frustration as buyers are trying to get into a home before the market prices go up further,” reported Brenda & Ron Cunningham, real estate professionals in Arizona.

Things are heating up again!

Not only is the weather here in the Phoenix area heating up, but the housing market continues to heat up as well.  The lack of inventory of homes currently on the market with more and more Buyers looking to purchase here has created a "hot" market.  Multiple offers above list price are becoming the norm.  We continue to see out of state/country "cash" investors scooping up the lower priced properties that normally would go to first time home buyers that need to finance.  While nothing is impossible, Buyers need to be prepared for stronger negotiations, longer wait time for responses from Sellers and possible discouragement with 1 or more rejected offers.  Hang in there!  With a persistent REALTOR that has your best interest in mind, perhaps looking at various types of homes may be necessary or a different location.

Great reason to work with someone who has made it through the rough times.....like me!

Housing-market crash takes toll Arizona real-estate agents