Phoenix Housing Market Showing Signs Of Slowing Down

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Great news home buyers! The Phoenix housing market is finally showing signs that it's cooling off, reported FOX 10 Phoenix.

Housing prices are beginning to shift, which is good news since the recent housing market has been at an all-time hight.

A housing analyst said that buyer fatigue combined with more home sellers are some of the reasons for the cool down.

Senior housing analyst for The Cromford Report, Tina Tamboer, says this gives potential home buyers a ray of hope.

She said, "It's the difference between 500 degrees and 300 degrees. Many won't notice. That’s what we do."

According to Tamboer, subtle shifts have been happening, such as listing prices going down. These shifts are happening more in homes with listing prices over $400,000.

The recent housing market in Phoenix has been booming like never before. Some home buyers were offering upwards of $30,000 over asking prices just to ensure their offers were entertained.

Associate broker with HomeSmart Real Estate Bobby Lieb said, "Last three or four months that I've seen in 30 years, beyond nothing you could ever prepare for. It's lunacy."

"My client made an offer for $1.5 million and they raised the sellers and raised the price to a $1.6 million and now we're $200,000 over the value of the area," said Lieb


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