Phoenix housing market, already good for sellers, getting better for buyers

Oct 20, 2015, 5:38 PM
(AP Photo/Jeff Chiu)...
(AP Photo/Jeff Chiu)
(AP Photo/Jeff Chiu)

Phoenix’s housing market is shifting.

“We’ve been talking for months about a growing sellers’ market, but it looks like now it’s starting to cool off just a little bit,” Tina Tamboer of the Cromford Report said.

Tamboer said, while it’s still a strong sellers market, “supply is starting to creep up in all of the price ranges.”

Even in the under $300,000 and under market, which has been in notoriously tight supply, Tamboer said, “We’re now seeing it start to grow and demand is inching down ever so slightly.”

“Sellers in the past may have had 17 people wanting to see their home,” Tamboer continued. “Now, it may go down to 10, then 5 then to two.”

It’s still a great time to sell your house though.

“It’s still very hot. It’s still a very good time to be a seller,” Tamboer said. “If you’re thinking about putting your home in the market, you want to do it while you still have the advantage.”

Tamboer and the Cromford Report monitor the number of days a home is on the market and price reductions, among other indicators, to make their predictions.

“We’ve seen a 17 percent increase in weekly price reductions,” she said, adding that’s one of the first things to respond when the market softens.

Despite the expected dip, Tamboer said the market is still strong and many sellers won’t notice the cooling trend as some homeowners are selling quickly and some are receiving multiple offers.

As far as buyers go, a slight cooling trend is good news.

“Buyers had a rough time during the past six months competing with other buyers,” Tamboer said.

But things are looking up.

“It’s not a bad time for buyers to get back out there and see if there are a few more homes out there for sale,” Tamboer continued.

October, along with January, is one of the most popular times for listings to come on the market.

“We’re actually having more listings come onto the market than in Octobers past.”

Join Realtor Diane Brennan and The Cromford Report’s Tina Tamboer for That Real Estate Show Sunday mornings at 8 a.m. on KTAR News 92.3 FM.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

A Pfizer COVID-19 vaccine is prepared at a vaccination center in Casablanca, Morocco, Monday, Oct. ...
KTAR.com

In report covering 3 days, Arizona adds 5,660 COVID-19 cases, 174 deaths

In a report covering three days’ worth of data, Arizona health officials on Tuesday added 5,660 cases and 174 deaths to the state’s COVID-19 totals.
9 hours ago
(AP Photo)...
KTAR.com

1 man dead, teen in custody following Phoenix shooting

Police are investigating the death of a man who was shot in Phoenix Monday evening, authorities said.
9 hours ago
Three firefighters received medical treatment for minor injuries after battling a house fire on Oct...
KTAR.com

3 firefighters injured, search for dog continues after Glendale house fire

Three firefighters suffered minor injuries after fighting a house fire in Glendale, authorities said Monday night.
9 hours ago
(AP Photo/Markus Schreiber, file)...
Griselda Zetino

Arizona’s top health official stresses COVID vaccines are still the ‘best protecting device’

The death of Colin Powell is putting a spotlight on breakthrough COVID-19 cases, which Arizona’s top health official said are extremely rare and added the vaccine is still the most effective way to fight off the virus.
9 hours ago
Thomas Rhett, left, and Old Dominion, right (Getty Images Photos)...
Danny Shapiro

Thomas Rhett, Old Dominion to perform at Waste Management Phoenix Open’s 16th hole

There will be a different reason to cheer at the upcoming Waste Management Phoenix Open when two popular country music acts perform on the fairway of the famous 16th hole of the golf course.
9 hours ago
(City of Goodyear photo)...
KTAR.com

UPS opening another facility in Goodyear, hiring 400 for various positions

UPS is opening a new facility in Goodyear, its second in the city, and plans to add 400 full- and part-time jobs.
9 hours ago

Sponsored Articles

...
PNC Bank

3 cool tips to turn everyday moments into learning experiences for your child

Early brain development has a crucial impact on a child’s ability to learn and succeed in school and life. Research has shown that 90% of a child’s brain is developed by age five.
...
Chris Kennedy

My Special Aflac Duck® taking flight in Arizona

For more than 65 years, Aflac has had the extraordinary opportunity and privilege to help provide peace of mind to individuals who have our supplemental insurance policies.
...
Day & Night Air

Tips to lower your energy bill in the Arizona heat

Does your summer electric bill make you groan? Are you looking for effective ways to reduce your bill?
Phoenix housing market, already good for sellers, getting better for buyers