Real estate data shows buyers might be in power in the Phoenix metro’s housing market. However, sellers and realtors say, costs are still keeping buyers away.
May data from Phoenix realtors shows nearly 50% more homes are for sale compared to May last year and they’re sitting anywhere from 16 to 23% longer.
“Buyers are staying away from the market. Interest rates are high concern for the economy, whatever, there's just not a lot of activity in the market,” REV Residential Broker Butch Leiber said.
Leiber said that while buyers are still hesitant to break into the market, and sellers are getting headaches with long listings, it’s the new-build communities that are coming out on top.
“Who's really doing well right now are new home builders. Their sales are up because they're offering interest rate buy-downs,” Leiber said. “So, a savvy seller, instead of dropping their price, will offer that same money to a buyer to help buy down the interest rate, which makes their house more affordable.”
Darwin Fisk’s 3,000-square-foot home in the Encanto neighborhood has been up for sale since January.
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“It's a little slice of paradise,” Fisk said. “There are no buyers, and it makes sense to me, because of the way the market overall is doing.”
Fisk plans to move back into the home and wait for a better time to sell, if offers don’t come soon.
Leiber said he believes the market won’t make major moves until interest rates change.
“We may not see that for you know, 12 months, 12 to 18 months,” Leiber said.
