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.

Lifetime Windows & Doors

We want to hear from you.

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

Arizona News

(Pixabay Photo)...
KTAR.com

Police investigating officer-involved shooting in Phoenix

Phoenix police are investigating an officer-involved shooting after an incident happened Saturday evening, authorities said.
1 day ago
Arizona Secretary of State Latie Hobbs, left, the Democratic nominee for governor, and Kris Mayes, ...
Associated Press

GOP quiet as Arizona Democrats condemn abortion ruling

PHOENIX (AP) — Arizona Democrats vowed Saturday to fight for women’s rights after a court reinstated a law first enacted during the Civil War that bans abortion in nearly all circumstances, looking to capitalize on an issue they hope will have a major impact on the midterm elections. Republican candidates were silent a day after […]
1 day ago
(Pexels Photo)...
KTAR.com

Gilbert Oktoberfest set for Oct. 15 at Gilbert Regional Park

An oompah band will welcome visitors to Gilbert Regional Park for this year's Gilbert Oktoberfest on Saturday, Oct. 15.
1 day ago
Pamphlets are seen on the counter at the Planned Parenthood Central Phoenix Health Center in Phoeni...
KTAR.com

Planned Parenthood launches $1.5M electoral campaign in Arizona

Planned Parenthood Votes launched a $1.5 million statewide electoral program in Arizona for the upcoming midterms.
1 day ago
(Arizona Department of Transportation)...
KTAR.com

Sunset Point Rest Area north of Phoenix on I-17 to close for renovations

The next phase of the Sunset Point Rest Area renovation starts Wednesday, when the facility will be closed to most vehicles until next year.
1 day ago
(Pipistrel Aircraft Photo)...
KTAR.com

Mesa Airlines invests in planes for pilot development program

Mesa Airlines announced Thursday an investment of 29 planes for its pilot development program aimed at shrinking the shortage gap.
1 day ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
...
Day & Night Air Conditioning, Heating and Plumbing

Most plumbing problems can be fixed with regular maintenance

Instead of waiting for a problem to happen, experts suggest getting a head start on your plumbing maintenance.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Vaccines are safe if you are pregnant or breastfeeding

Are you pregnant? Do you have a friend or loved one who’s expecting?
Phoenix housing market, already good for sellers, getting better for buyers