Buyers get no relief from tumbling sellers’ position

By Paul Maryniak | San Tan Sun

Valley homeowners who are hoping to sell their house appear to be heading for rocky water, according to several reports last week.

The Cromford Report, a leading analyst of housing market trends in the Maricopa and Pinal counties, said one of the biggest factors threatening to dethrone sellers from the catbird seat they‘ve enjoyed in negotiations for several years is a mix of rising supply and falling demand.

“Demand continues to fall in most areas but the dominant effect is now the rise in supply, with new listings arriving at a pace that is well above average,” it said, predicting that Buckeye, Queen Creek and Maricopa already are close to a balanced market, where bidding wars have evaporated and sellers no longer can call all the shots.

Nevertheless, the news also doesn’t offer much hope for buyers looking for “moderate” prices. Indeed, the meaning of “moderate” may not be at a new normal in the Valley and elsewhere in the country.


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June 2022