Affordability Becoming Bigger Issue in Metro Phoenix
D. Patrick Lewis, a realtor with Realty Executives, stands in front of one of his listings, a condo unit near Camelback and Seventh Street. It’s a two bedroom unit selling for $195,000. It represents what is the more affordable housing in the Valley.
Photo by JIM POULIN | PHOENIX BUSINESS JOURNAL
By Angela Gonzales, Phoenix Business Journal
(portion reprinted with permission)
Several issues are hampering the Phoenix-area housing industry, from mortgages to labor to materials.
But D. Patrick Lewis, president-elect of the Arizona REALTORS®, boils the biggest challenge down to one word: affordability.
“[It] is such an issue right now, especially out there in the residential resell, that if you’re looking for a $200,000 home, you’re going to get what you get,” said Lewis, a REALTOR® and regional development director for Realty Executives Camelback.
“There’s so many investors that we’re finding bidding wars at that price range, especially if it’s redone and nice,” Lewis said. “They last probably three days on the market if they’re not redone.”
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