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Tuesday, June 24, 2008

Bidding Wars in Phoenix Real Estate Market - Version 2008

Categories:Arizona Market Trends,Arizona Real Estate,Arizona Real Estate Blog,Buyers,Chandler,East Valley Homes,Gilbert,Maricopa County
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If someone would have told me that I would be taking part in bidding wars in the Phoenix market 12 months ago I would have told them they were crazy.  We have had the largest inventory surplus in the Phoenix and East Valley market since ....well, EVER.
 
Nonetheless, the foreclosure market in Phoenix Metropolitan area is RED hot.   A normally balanced market is a 5-5.5 month supply of inventory; that is a market where the buyer and seller are on pretty equal terms as far as negotiating agreeable terms.  We currently have a 3.5 month supply of single-family detached  (not codos) bank-owned homes.
 
I have fantastic buyers.  My buyers have sterling credit and FICO scores, lots of money in the bank and are trying to buy in Gilbert or S.E. Mesa.  We have run into multiple, OVER-ASKING price offers on the last 4 homes they were interested in.  Our last offer was written on a Gilbert bank-owned property for 10K over and was squeaky clean;  My buyers didn't even ask for a home warranty from the seller/bank.  There were 5 offers for that home the first 5 days it was on the market.  I have been trying to get a hold of the agent to find out how far we were off from the offer that 'won out';  I need to know just how competitive this foreclosure market has become.  I know it sounds like a post I might have written in 2005 - but folks this is June of 2008. 
 
We do not have a shortage of foreclosed homes on our market, to the contrary we have more bank-owned homes than ever being added to the market daily.  The difference is, the buyers that have been waiting for the bottom for the last 18 months are finally convinced we have hit it and are wanting to buy now while the deals are a 'plenty. 
 
 
So here we go again....

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