Buyers are beginning to gain leverage in the Phoenix housing market, a shift from the strong sellers’ market of the past several years. A growing supply of available homes, sluggish sales, and moderation in price hikes mean prospective buyers now find more choices and more negotiating power. Real estate agents report that buyers are less likely to face bidding wars, and price reductions are more common as sellers adjust to slowing demand.
Higher mortgage rates and affordability issues have contributed to the slowdown, keeping some potential buyers on the sidelines. As inventory rises, experts expect prices to stabilize or increase at a slower pace, making the market more balanced than in recent years. Those looking to purchase a home in Phoenix may now find improved opportunities compared to the competitive frenzy that characterized the market previously.
Read the original Arizona home sales article.
