Phoenix Area Realtors See Housing Market Begin to Balance | Arizona News


After months of soaring house prices and low inventories, some real estate players say the market may show signs of equilibrium.

PHOENIX (3TV / CBS 5) – After watching inventory low and prices skyrocket, some Valley realtors have said supply and demand are starting to equalize.

“Right now the price appreciation is around 1.1%, so it’s slowing down, and that was in June,” said Brandon LaVallee, co-founder and real estate agent of Get Your Nest. “As of April, you were basically getting 5.1% appreciation per month.”

He said more inventory, less offers and more availability for projections indicate a change in the market. “Inventories are up 92% since February, more homes for sale, more opportunities for buyers, this clearly shows the market is stabilizing,” LaVallee said.

Home buyer Nate Rice said he had been looking for a home for about two months. “It’s not the best experience,” Rice said. “It’s tough because it all happens in a weekend so if you’re not jumping really hard you have to be super focused,” Rice said.

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LaVallee calls market change a more level playing field for buyers and sellers. “You can make more competitive and balanced offers on your end so you don’t give sellers the moon,” LaVallee said.

“It’s really positive to hear this news, and it makes you want to re-engage,” Rice said.

“The prices might not go down, but we’ll probably see a lot less of that $ 20, 30, 50,000 compared to the asking price offers,” LaVallee said.

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