MARKET DATA & PHILANTHROPY          |          TESTIMONIALS


Friday, November 6, 2015

Phoenix Housing Market, Already Good for Sellers, Getting Better for Buyers

The Phoenix’s housing market is shifting. “We’ve been talking for months about a growing sellers’ market, but it looks like now it’s starting to cool off just a little bit,” Tina Tamboer of the Cromford Report said. Tamboer said, while it’s still a strong sellers’ market, “supply is starting to creep up in all of the price ranges.” Even in the under $300,000 and under market, which has been in notoriously tight supply, Tamboer said, “We’re now seeing it start to grow and demand is inching down ever so slightly.” “It’s still very hot. It’s still a very good time to be a seller,” Tamboer said. “If you’re thinking about putting your home in the market, you want to do it while you still have the advantage.” “We’ve seen a 17 percent increase in weekly price reductions,” she said, adding that’s one of the first things to respond when the market softens. Despite the expected dip, Tamboer said the market is still strong and many sellers won’t notice the cooling trend as some homeowners are selling quickly and some are receiving multiple offers. As far as buyers go, a slight cooling trend is good news. “Buyers had a rough time during the past six months competing with other buyers,” Tamboer said. October, along with January, is one of the most popular times for listings to come on the market. “We’re actually having more listings come onto the market than in Octobers past.”
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