PHOENIX — Maricopa County’s scarcity of properties for sale is resulting in extremely busy open homes for realtors and discouraging days for buyers.
Arizona is a vendor’s market, that means the demand for homes far outweighs the availability. But the dearth of stock obtainable for properties to purchase makes it very troublesome for buyers to place in presents, and have them accepted.
“[Thursday] we had a listing go live. One day on the market, 50 showings, 31 offers,” said Justin Schlegel, broker, and realtor at RHP Real Estate in Phoenix. “People are having to write down six, eight presents earlier than they get one accepted.”
Schlegel said on that day, the home was open from 8:00 in the morning until 7:30 p.m., with people streaming in and out of the home nonstop. He says this is a byproduct of too many buyers but not enough homes to go around.
“It’s slim pickings and it’s actually difficult for buyers,” said Bryce Schotz, broker and realtor of You Call The Schotz Real Estate. “Right now folks give me standards that, a couple months in the past, can be regular standards, they’re trying for a particular value level, particular neighborhood, and variety of loos, I pull up the market and there may be none.”
According to MLS listings, there were 2,525 active homes for sale in Maricopa County, a county with a population of just under 5,000,000 people. For buyers like David Herrera, just looking at a home and putting in an offer is very difficult.
“The minute we get to the property there’s already a line out the door,” said Herrera. “[We’re outbid by] $30,000 to $40,000 a piece on each, man. It sucks, it actually does suck.”
According to these realtors, factors for a lack of inventory are low-interest rates, so people are more active in buying, more people moving from other states to Arizona, and fewer homes owned by people, and more owned by investment groups.
“Loads it stems again from, for my part, eight to 10 years in the past. People had been fast to take the money presents from the hedge funds or the true property funding trusts,” said Schlegel. “Thousands of properties are owned by them that will usually be within the palms of our occupants and biking by and so we have now a lack of stock that’s simply insane.”
Schlegel and Schotz both stress staying positive if you’re a buyer, and don’t get discouraged if it takes longer than expected to find a home. Herrera has only been looking for a month and a half, and is already slightly discouraged, but said he’s hoping to find that “diamond within the tough” house for him and his family.
“I bought a spouse and 4 youngsters myself so it’s a type of issues the place we wish to get one thing the place we have now our personal spot, our personal place to name our personal you already know,” said Herrera. “My motivation is my household.”