The Bidding Wars Are Likely to Continue

The previous post with the numbers from the Cromford Report provides a good indicator that many home buyers will be competing for the same home and that the bidding wars will continue for the time being. The current inventory for the Phoenix area is up from last year, but it is down from last month and still down from normal. The current number of active listings accepting back-up offers is also down. With the mortgage rates low and the prices still manageable, there are still many buyers in the marketplace. A decent percentage of those buyers are investors with cash who will sometimes put in an offer without even seeing the property. For those of you looking to finance- it is so important that you are prequalified with a lender and that you have an active agent on your side!