What’s up (and down) with resale-home pricing and inventory

BY PAULA HUBBS COHEN

Some folks are only interested in newbuilds. But for others, a resale is what foats their proverbial boat. Even if interested in purchasing a new-build rather than a resale, a prospective homebuyer might need to sell a current home frst — meaning they will be entering the resale market to sell their home. Whatever the situation, it’s important to hear what some local experts have to say about the dizzying changes in resale-home pricing and inventory.

More appropriate pricing

Monie Wilder, a 72 SOLD National Coach and Associate Broker for Phoenix-based Hague Partners, said she is noticing more showing requests for those properties where “sellers allow us to price to the current market [resulting in] multiple ofers.”

Bobby Lieb is an Associate Broker with HomeSmart and HomeSmart Elite Group

Founder. A well-known presence in the Phoenix real estate landscape, Lieb has specialized in luxury resale properties in North Central Phoenix for a number of years. “Prices aren’t really dropping as much as it is that they’re being listed at a more appropriate price, i.e., priced right,” Lieb said. “It wasn’t normal to have prices as high as they recently were.”

Inventory is stabilizing

Much has been reported about buyers being beaten up in bidding wars due to the scarcity of resale inventory. Tat phenomenon seems to be easing, according to Justin Torstad, Owner/Realtor, Libertas Real Estate. “Most of the Greater Phoenix metro area is experiencing a shif in supply and demand to a balanced market,” he said.

Takeaways

For sellers: Sign with a respected agent and rely on their knowledge and expertise when pricing your home for sale.

For buyers: “There’s plenty of inventory right now and conditions are ideal for a home purchase,” said Monie Wilder, a 72 SOLD National Coach and Associate Broker for Hague Partners. “To anyone contemplating buying a home, my advice is better get while the getting’s good.”

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