Real estate listings double in Phoenix area
PHOENIX (3TV/CBS 5) - There are more for sale signs popping up all across the Valley. Currently, there are more than 20,000 real estate listings in the Phoenix area.
Last quarter, there were fewer than 10,000 listings, according to the Cromford Report. “The dramatic increase in inventory that we’ve seen means more opportunity for buyers and it means a little bit of panic on the behalf of sellers,” said Trevor Halpern, a Phoenix-based real estate agent.
The recent Google searches show it. Some of the top searches related to real estate in the Phoenix area include, “What is my house worth,” “How do I sell my house fast,” and “Is my home losing value?” It’s still a seller’s market, but sellers now have to compete for offers, according to Halpern. “We’re having to dust off our old playbooks as real estate agents to say, ‘Hey, you have to do a couple of things to your home to entice people to come in. Maybe take away 25-30% of the belongings in your home. Maybe we should paint the interior to a more bright and updated color palate. Maybe you do need to redo your flooring.’”
In the Phoenix area, home prices have dipped about 4% in the past month, but over the past year according to Halpern, they’re still up about 9%. “Once the shock wave of the increase in interest rates dissipated through our market,” Halpern said. “We’ve seen a lot of buyers come and hold their hands up and say, ‘Hey, I can compete now’. We’re trending toward balance.”
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