PHOENIX (AZFamily) — There’s good news building for Arizonans who have been patiently waiting to enter the housing market.
Valley realtor Jeff Sibbach reports there are more than 27,000 homes for sale in Arizona—an inventory he hasn’t seen in nearly 10 years. The realtor said supply is currently outpacing demand.
Sibbach said sellers may have to consider lowering their prices if they don’t want to leave their house on the market for a long time; however, he understands sellers trying to capitalize on their equity with fears of recession.
“If you buy a house and you have 10% equity because you put 10 down, you need to take cash out of that house and the price goes down 50k, you lost all of your equity,” Sibbach said.
He added that it’s a buyer’s market in most areas of the Valley but said the market has been unaffordable for millennials and Gen-Z, who have to take a nearly 7% mortgage out.
The boomer generation, Sibbach said, still dominates the market with cash offers.
“Boomers are still buying; 51% of the homes are purchased with cash,” Sibbach said. “Boomers are still buying because they got cash. It’s different from all of us that need mortgages.”
Apartment sizes are also shrinking across the Valley, according to a new study by RentCafe. The data shows Phoenix apartments have shrunk 64 square feet on average in the past 10 years.
Glendale and Tempe topped Arizona cities with a 112-square-foot loss and a 135-square-foot loss, respectively.
“I know that they were shrinking. Corporations are trying to drive profits; therefore, it led to smaller houses,” Sibbach said.
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