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Phoenix housing market boom exhausting realtors and homebuyers

House for sale (1).jpg
Posted at 4:32 PM, Sep 20, 2021
and last updated 2021-09-20 20:21:01-04

PHOENIX — Phoenix continues to be a hotspot for homebuyers, adding to the housing market boom in the Valley.

Realtors and future homebuyers are now finding themselves exhausted, as the demand for houses continues going up in Arizona.

Charlotte Brown is a realtor with HomeSmart.

She says the last couple of months have been brutal, especially for first-time buyers.

“Every realtor, whether you work with buyers or sellers, just wants this to stop,” Brown told ABC15.

She says, the demand for houses in Phoenix continues to be greater than the amount of homes going up for sale.

“I don’t think this kind of inventory has ever fallen that low,” she added.

Which means there’s still a lot of competition.

“For every home, there’s maybe five to ten buyers,” Brown told ABC15.

While she says more houses are going up for sale now, prices continue to go up.

“A person told me today she gets... sometimes... 75,000 overbidding on a house. She’s had one they overbid 100,000 to get it,” she said.

Brown adds this is making it harder for anyone to get a home.

Edith Witczak has been trying to buy a home for more than seven weeks.

“I expected competition, but not as fierce as it is now in this market,” said Witczak.

As much as she has tried, she has gotten outbid.

“About 22% of the buyers coming into Phoenix are cash,” added Brown.

Brown says the fact that these offers are being accepted, is what’s driving median home prices in the Valley to $498,000.

“I was at a point where I was getting a little frustrated thinking, okay, maybe I’ll just wait a few months and see what happens to the market,” Witczak told ABC15.

As a realtor at HomeSmart herself, Witczak says the prices are only going to go up, keeping it a seller’s market.

“I’d say if you have the ability to buy right now, you should try,” said Witczak.

As far as when the home buying craze will slow down, here’s what Brown has to say:

“It can change in a minute. Nobody knows what’s going to happen,” she told ABC15.