25 offers, 19 offers, rude buyers agents barging in on agents currently showing the property. Listing agents that do not return calls, list with no lockbox- and it was 110 today- and most homes have no power.
Great prices- sure- be prepared to make multiple offers on multiple properties- week after week. If you are obtaining financing- you will be bidding against cash buyers.
If you want to offer below list price, you might as well stay home and enjoy the air conditioning.
Inventory continues to decline- thus the rule of supply and demand takes shape. With inventory declining, prices will start to increase.
So if you think you are going to come to Phoenix and buy a 1500 sqft home for $60K that is move in ready- think again.
Here is a snapshot of Phoenix Foreclosures
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There is a big gold rush now that prices have dropped and turned the market on edge. I read about the outrageous 200 offer listings. A Broker friend of in Las Vegas says that agents are pocketing lockbox keys. It is really the Wild Wild West!
The new appraisal problem is now an issue to hamper the market. I hope it gets fixed.
I guess we’ll see soon if there are signs of the market turning around. Maybe the new home credit of $6,500 will motivate the step-up market. I am not sure, but it would be nice if the gov’t would concentrate more on keeping people in their homes rather than foreclosing. That would be a nice start…