November 17, 2024 3:03 pm
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Phoenix real estate market now ‘balanced,’ Orr says

Balance-in-lifeBy Rod Lakin | KTAR

Sunday, Oct. 27th, 2013, could be looked back upon as a very significant date for Phoenix’s real estate market.

According to Michael Orr, the director of real estate at Arizona State University, Oct. 27 is when Phoenix officially became a balanced market. Phoenix hasn’t seen a balanced market in two and a half years, and a return to normalcy is exactly what some homebuyers have been waiting for.

“For most of the last 10 years (Phoenix has been) a market that had too many buyers or too many sellers,” Orr explained on his weekly appearance on That Real Estate Show, Saturdays at 3 p.m. on News/Talk 92.3 KTAR. “(In a balanced market) there’s no real strong advantage for either the buyer or the seller in transactions when they’re negotiating, because they’re pretty equally matched.”

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