Homebuyers in the Valley are having to come up with creative ideas to get their offers accepted amid one of the tightest real estate markets the region has seen, experts say.
The average home in the Phoenix metro in August sold in 34 days, according to the latest report from real estate company RE/MAX LLC. That is four fewer days than in July and down 10 days from August of last year.
That puts Phoenix in 12th place for homes having the shortest days on the market in the country, tying with Charlotte, North Carolina, according to the report.
Many sellers are seeing five to 20 offers on homes, said Keith Gaertner, associate broker for RE/MAX Excalibur in Scottsdale.
Buyers need to do more than make an offer over the list price and let the seller pick their own closing date — that's the norm, he said.
"But the new thing I've been hearing is the buyer sometimes offers to pay some — if not all — of the seller's closing costs," Gaertner said. "On a $350,000 sale, that could be up to $25,000. Maybe the buyer will offer to pay $5,000 or $10,000 of those costs or maybe more. How bad do they want to buy the house?"
Nationwide, the median home sale price is $290,000, up 11.5% over last year at this time, which is the highest year-over-year number in six years, Gaertner said.
By Angela Gonzales – Senior Reporter, Phoenix Business Journal