I have quite a few active buyers that are currently looking for homes to purchase in and around Phoenix. They are growing increasingly frustrated due to the difficulty to find a home to purchase.
As 2011 came to a close, I had written several offers for each, closer to a dozen or more offers for my investors buyers, and not once of the offers we have written has been accepted by the seller in the past month.
Why? What we are seeing in the under $100k price point and $100-$200k price points are multiple offers within hours of listing the home for sale and requests for highest and best from the seller (usually a bank) that are driving the prices up over current market value for similar type homes.
Here is a snapshot of the current active inventory for the Phoenix Metro Area:
- 18,250 Total Active listings
- 14,310 Active Single Family listings
- 351 Patio Home listings
- 1124 Active Townhouse listings
- 1144 Condo listings
- 258 Gemini/Twin Home listings
- 1005 Manufactured Home listings
- 20 Mod/Prefab Home listings
- 38 Loft listings
If you are looking for a home anywhere in the Phoenix Metro area under $200k be prepared to act immediately and expect to have some fierce competition.
If you are interested in getting additional information for a particular city, feel free to contact me directly.
