Who’s Calling the Shots in Phoenix Real Estate? Buyers or Sellers?

Word on the street is that it's a buyer's market in Phoenix right now. Ummmm...not exactly. The answer to the question of whether buyers or sellers have the edge in the Phoenix real estate market, like a lot of questions about Phoenix real estate, it depends. Let's take a look at how the price of the house is related to  who holds the cards. In a nutshell, sellers hold the cards in the lower price ranges and buyers take the advantage in the luxury market. Here's a breakdown by price range: Note that homes listed for $175,000 or less are in extremely low supply. Finding a good home in this price range is tantamount to a unicorn hunt. … [Read more...]

Attention: This is NOT a Buyer’s Market!

Last year, here in Phoenix, it was a Buyer's market.  This year it is a Seller's market. Plain and simple.  But that message seems to get lost in all the media hype about foreclosures and short sales, and desperation and reports that the sky is falling.  So, without any hype, without any fanfare, here are the facts: Months of Inventory:  The magic number is 6 months - that's a balanced market.  Right now, there are 4.2 months worth of inventory in Metro Phoenix.  Last month, there was 5 mths worth of inventory and last year there was 9.2 months worth of inventory.  Conclusion:  there are not enough houses to go around. Pending Sales vs … [Read more...]

How Does Price Range Affect Inventory in the Phoenix Housing Market?

As of this morning, there is 4.1 months inventory of homes on the market in the Phoenix Metro area. A balanced market, where the Buyer and Seller have equal advantage, occurs at about 6 months inventory, so we are currently operating under a Seller's advantage. But the price range you are shopping in plays a big role in the actual inventory of homes available to you.           For those home buyers shopping below $100,000, you have about 1.6 months of inventory to choose from - a strong Seller's market. But the news is actually worse when you take out the junk house that no one wants to buy. My guess is that you probably have less than … [Read more...]