By Catherine Reagor | The Republic | azcentral.com
In April 2012, a Glendale house listed for $119,000 sparked a bidding war that drew 95 written offers. The house sold for $140,000.
Many who were able to buy metro Phoenix homes in 2012 and early 2013 are familiar with being outbid before purchasing. But recent homebuyers can attest that aggressive price wars aren’t the norm anymore.
A 30 percent increase in the number of homes for sale and fewer investors has made the housing market less competitive. Over the past two months, several people who had been trying to buy since late last year were able to close deals for Valley homes.
“We have relatively few bidding skirmishes today, and no wars at all that I am aware of,” said Mike Orr, real-estate analyst with the W.P. Carey School of Business at Arizona State University.
He tracked the bidding war on the Glendale home and said it “summed up the housing market” then.
