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In Phoenix- the Housing Market Heats Up
This may come as news to a few of you, but not to those who are currently in the market, but.... after a very long pause,  the Phoenix metro area housing market is hot.
Make that sizzling.
Here are some of the hot points:
The inventory of homes is reducing rapidly. There used to be a one-year+ inventory of homes in the metro area. That has dwindled, county wide, to just over five months. In some cities it's even lower. For the first time in 3.5 years we are not in a "buyer's market". We are in that equilibrium phase. For buyers in the south and southeast valley it's a different story. It's turning into a seller's market. There is a return to multiple offers. Homes that are priced lower than others in the neighborhood are often receiving multiple offers. Three of my clients in the past month have submitted full price offers that have been rejected. In each case there was a multiple offer situation with buyers encouraged to submit "highest and best" offers. The most recent offer I sent in joined a list of 13 others. New Home inventory is way down. Over the last few years it was ... more

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