Homebuyers throughout Arizona are dishing out tens of thousands of dollars extra in bidding wars to get the home they want.
That’s because there are so many buyers and not enough inventory of houses on the market, according to several realtors who spoke with KTAR News 92.3 FM.
Gary Nelson, a realtor in Flagstaff, is seeing something similar. He said homes in his area are selling for about 5% over asking price.
Nelson, who’s also the president-elect of the Arizona Association of Realtors, said nowadays it’s rare for a home to sell for the price it’s listed.
“We’re seeing that pretty much throughout the state, except for possibly the rural remote areas,” he said.
As for who’s making the big offers, Nelson said it’s mostly buyers from Arizona. He said about half of the buyers he works with are Valley residents looking to buy a vacation home in Flagstaff.
“But we do have some people from California and other states as well,” he said.
READ ON: Arizona housing market sparks bidding wars for homebuyers
KTAR 92.3 – June 8, 2021