Phoenix Real Estate: 95 offers for one property!

Just picked up this tidbit from the Cromford Report. A new record for number of offers.

June 19 – We have a new contender for the greatest number of offers for a single listing. This time it is a normal listing in Glendale 85308 (not an REO in Chandler like the previous champion). MLS # 4745038 was listed at $119,900 and received a total of 95 offers, finally selling for $140,000 cash. Among the 95 offers, 38 were all cash, 28 were conventional and 28 were FHA/VA. 51 offers came from investors and 44 from owner occupiers. The home is already listed for rent at $1,200 per month by the winning investor.

Seriously, buyers in Phoenix are searching for homes and when a home is listed for sale at a market, or near market, price, it’s like a feeding frenzy. Buyers are quickly learning that they must be totally prepared by being pre-qualified (or having their proof of funds), be flexible in some of their requirements, and make an offer that they can live with.

Home owners are starting to consider selling. Even with home prices are on the rise, Phoenix home sellers must price their home to the market. Appraisals can be a gating factor, so cash offers are often snapped up or appraisal contingencies are being waived. At the same time, overpriced homes are languishing on the market. Buyers are savvy and they just won’t overpay, if they don’t see the value.

Sellers take note, it’s definitely a time to consider selling. Even in the heat of summer, buyers are out looking for homes, and you can be sure they are serious when it’s 112°F out!