As inventory continues to drop rapidly in Phoenix AZ and its surrounding cities, buyers scramble to land a home. Yesterday as I arrived at 8:30am to show a home, I lined up behind three cars for our turn for a homeshowing. By the time we toured the home and exited, another three cars lined up behind mine for their shot at the home. Over bidding has commenced....Starting to feel a bit like 2005 & 2006. Absolutely ridiculous! We are constantly hearing how banks are holding inventory - what better time than now to release it. The buyers are ample and the picking is slim! Much can be done to help with this sparse inventory. Shadow inventory can start trickling back into Active status. REO inventory under preservation can start trickling back to the consumer. Short sales can receive a mandated time line to help keep that product from facing foreclosure. Time for banks to revisit their game plan! More home sales equal more home loans. This will only help them in the long run!
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease
Shivani,
It is starting to feel like 2005 again. Not very much inventory, and a lot of serious buyers trying to get an amazing deal.
All the best, Michelle
Dec 13, 2011 08:41 AM
Needham Realty - Winters, CA
SFR (530) 302-5478
Shivani,
Are you beginning to see prices climb ? Here in Las Vegas product is selling but prices and still slipping a little.
Dec 13, 2011 09:57 AM
Anonymous
In Phoenix the prices have slightly increased in a few areas but the majority (especially upscale) is still feeling depreciation. What is so frustrating is that we are seeing 4-5 offers on every new listing yet the appraiser are purposely bringing in lower appraisals to keep the home values at a stagnant level! Cash sales are helping values increase because no appraisals are involved!
Dec 13, 2011 10:46 AM
#4
Rainer
4,051
4,051
Shivani Dallas
Remax Infinity Realtor of the Year 2011 & 2012
Comments(4)