PHOENIX (3TV/CBS5) -- The median home price in the Phoenix Metro Area is expected to hit $400,000, according to the Arizona's Regional Multiple Listing Service. That's up nearly $100,000 from a year ago.
The jump in price has made buying a house more difficult than selling one. Just ask Lillian Fogel, who needs a new place to live. She just sold her Phoenix home a couple weeks ago after getting 11 offers in two days. "If it's a great home, at a good price, you have to be really on top of it," said Fogel. "These homes are going very quickly."
The high demand for homes has led to all out bidding wars from buyers, with many of them offering above asking price, waving inspections, paying cash above a home's appraised value, and agreeing to a fast closing.
John O'Hagan with Retro Real Estate said the housing market right now, definitely favors sellers, who can call all the shots. "It's going to sell very quickly and you're going to decide, I'm not interested in making repairs, " said O'Hagan. "I'm not interested in waiting two months if you need a slow close. I want what I want when I want it."
According to real estate analyst John Wake, the number of homes going on the market is slowly creeping up, and if that continues, home prices should level out. "We're seeing a little bit of inventory to go up a little bit, and I think that will continue through the end of the year," said Wake. "With more and more inventory, that will slow down the price increases, and I think it will stop them so they will be flat."