PHOENIX — Phoenix became a hotspot for the housing market over the years, however, it looks to be cooling with a new report from Redfin.
Walking in, house after house, the Jamil family continues looking for a new place to call home, for two months now, while renting.
“The kids are getting old enough. We have a three-bedroom right now, and I got three kids. We’re trying to have one bedroom for each kid,” said Sam Jamil.
Local home buyers like the Jamils may now have a higher chance of getting the home they want because fewer investors are buying.
The new report released by the real estate brokerage says fewer investors are buying homes in the Phoenix market. Nationwide, investor home purchases fell 46% in the last quarter of 2022 compared to the same time period in 2021. In Phoenix, that drop is much higher, falling nearly 67% comparing the same time period.
“For buyers, it’s a good thing because you’re not seeing it be as investor-heavy as it was before. Therefore, there’s not as much demand and buyers are having more of a chance out there and they’re not competing with those investors coming in from all over the United States,” said Kelly Wilson-Prior, a realtor with West USA Realty.
Redfin data also shows prices for homes fell 4.6% in January this year compared to last year. So, the hope in buying a home looks to be in favor of buyers.
Jamil said they notice the prices go down after casually looking at homes for the last few months.
“One thing for buyers to keep in mind, even though interest rates are high right now, it’s still a very heavy buyer’s market to where buyers can get homes under list price and get concessions paid or at least one or the other,” Wilson-Prior said.
