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Howard Harris Real Estate Expert

Mortgage Rates



What Do Buyers, Wannabe Sellers And Realtors® All Have In Common?

Jun 14

filed under: Buying A Home, Market Conditions, Real Estate, Selling A Home

Well if you don’t know the answer . . . it’s frustration. What a difference a year makes. Would be buyers and wannabe sellers can’t get together, it’s as simple as that. You’re hearing it everywhere now, Phoenix, Scottsdale, Fountain Hills and the many other towns in the Valley, inventory is dwindling, the pickins are slim out there. Buyers can’t buy a house, many sellers want to sell their home but can’t, Realtors® are fighting to get their clients offer accepted. . . it’s crazy.

Sadly many homeowners would love to put their homes on the market but just cannot. The negative equity for so many homeowners is adding fuel to the fire of our low inventory and leaving the door closed for putting their homes on the market for some time to come. They would love to trade up, scale down or maybe even just sell and rent. Interest rates are at historic lows, thirty year fixed mortgage rates at 3.75%, who doesn’t want to take advantage of those rates.

Buyers are getting equally dismayed, having waited for the right time to purchase, i.e. prices stabilizing and low interest rates. They’re having a tough time finding the right home that meets their criteria when the inventory is so low. The competition for the home they fall in love with  is stiff and heartbreaking when their offer, which could be one of several is not chosen. Reflections of 2005 and 2006 when low inventory drove prices up now present a nervous fear of overpaying under the pressure of multiple offers.

Realtors® are feeling their own frustrations. After having gone through some very lean times, not having enough properties to show their ready, willing and able buyers seems a bit unreal. Going through the disappointment with a client, often several times, as their more than realistic offers are turned down can be grueling. A lot of time is being spent showing properties on a moments notice, the time spent writing up offers and the excitement that is shared with your clients thinking “this is going to be the one.”

I think it’s important to know the scenario I am writing about is not taking place with higher priced properties that are on the market. Their inventory is still quite plentiful. That said when you are seeing only 12,823 active properties on the market in Maricopa County its no wonder we are all feeling the effect of this low inventory.

If you are interested in finding out the specifics of our inventory in Fountain Hills and are in a position to put your home on the market, I would be more than happy to prepare a personal market analysis for you. Contact me and let’s see how perfect your home is for all the wannabe buyers out there.

Written by Howard Harris