This article by Philip Haldiman does a great job in describing the reality faced by homebuyers in on of the country’s largest counties.
While Valley of the Sun real estate agents understand how limited the market is, people looking to move into Arizona’s largest metro will find the going is tough.
Benjamin J. Katz, owner and designated Broker of Lake Pleasant Real Estate, said this will help with supply, but the state of the current market is making it very difficult for buyers.
“Inventory is extremely low in the Phoenix area,” he said. “That is creating bidding wars, making it great for sellers and a very tough situation for buyers. Especially tough for buyers that aren’t all cash or are only able to put a little down. Literally, in most markets under $550,000, if a home is priced well and shows well, the home has multiple offers within the first 24 or 48 hours. This has caused values to go up, supply versus demand, again great for homeowners and sellers,” he said.