For over a year, Arizona families have struggled to compete when it comes to buying a home.
However, new numbers show that some cities in Maricopa County are becoming a buyer’s market.
“I’d say it’s fair to say most of the Valley is in a balanced market with buyers and sellers having equal negotiating power,” said Greg Hague, owner of 72Sold.
"And few of the areas have moved into a buyer’s market where buyers have more of an edge,” he added.
Queen Creek, Maricopa and Buckeye have all become a buyer’s market where there’s more supply than demand.
Hague attributes the change to higher interest rates. "The doubling of interest rates definitely had a significant, immediate impact on buyer demand,” he added.
He said when rates increase the number of investors goes down.
Meantime, one family told ABC15 they were able to get into home under asking price.
"We saw the rent prices and might as well try to get qualified,” said Matt McConnell.
He and his wife, Michael’Ann, started looking for homes in April when the market was still competitive.
Eventually, they decided to look at Queen Creek and found a home for them and their three kids.
"We do have young kids and there are other expenses like their daycare. Now, we'll have a little more room with our budget,” said Michael’Ann.
"The house we ended up buying, we got it under listing price and we had a seller concession to buy down our interest rate and I think a month or two ago that wasn't possible,” Matt added.
When asked how long the buyer’s market would last, Hague told ABC15, ”I’m highly confident that the home that is bought in the next six months is going to be worth more a year later or two years later.”
“I would say there’s definitely more than a 2-3 window, probably six months or so no pressure,” he added.
