Phoenix Metro Area Market Update Oct. 2021

Phoenix Metro Area Market Update Oct. 2021

The market continues to send mixed signals. Here’s what we’re seeing:

• Demand is still strong, with a solid presence of non-owner occupant buyers.
• The iBuyers have eased up on their buying spree, with Zillow announcing this week that they have put a pause on purchasing through the end of the year.
• iBuyers as a whole are holding onto a decent amount of inventory; those homes would be a welcome addition to the tight supply.
• iBuyers “bought high” in Q1 & Q2, so it may take some time before those homes can be sold without a loss.
• Of the homes that iBuyers have put out into the market for sale, many have had price reductions, and/or have sold for less that what they purchased for.

The next few months will be interesting!

What is an iBuyer?

An iBuyer is a company that purchases homes directly from owners almost instantly using technology that determines fair market value.  This is done online and often sight unseen, which makes for a quick sale for sellers. Some iBuyers are able to offer cash to a home seller in less than 24 hours. Sometimes, the deal can close in just a couple of days, and often the transaction happens entirely online.

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April M Anderson , REALTOR