A picture’s worth 1,000 words, eh?
As of this morning, there are fewer than 10,000 detached homes for sale in all of Maricopa County.
If you have equity in your home and want to move to something bigger, do it. Homes are selling quickly.
If you are looking to buy a home, particularly in the sub-$125k range, get ready for a battle. Multiple offers are the norm.
If you are sitting back waiting for that shadow inventory to appear, forget about it. After four years of waiting, this is where we are.
We’re not quite at the 2005 stupidity of sellers demanding appraisal contingencies to be waived; having said that, I’ve run across more than one property owned by an allegedly savvy investor well above market price where the seller has indicated they’ll wait for their price no matter how long it takes.
Pretty much the same thing, now that you think of it.