Valley realtors: Housing market 'competitive' - CBS 5 - KPHO

Valley realtors: Housing market 'competitive'

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PHOENIX (CBS5) -

If you're looking to sell your home, things are looking up. But just because the housing market is hot for sellers, don't expect price booms.

Valley Realtors say the housing market can be described as "competitive."

Home prices are definitely higher and inventory has dropped significantly - down nearly 25 percent from last year.

"We have low inventory, and we've been seeing prices rising month over month compared to September prices. This year over last year, we're up more than 32 percent," said Melisa Camp from HomeSmart Elite Group.

People looking for a home are having to work much harder than they did last year.

"Every offer that I've written this year pretty much has been a multiple-offer situation," Camp said.

But sellers can't be slacking either, they must be ready to move and move quick.

"As soon as a house comes on the market, if it's priced well and the sellers are reasonable, they're probably going to get an offer or two right away," Camp said. "Something that's been on the market for more than 30 days kind of makes me scratch my head and wonder what's wrong with it."

Camp says the lower the price the more competitive.

"Anything under half a million (dollars) but the lower the price range, the more competitive, more people have $100,000 cash than have $350,000 cash," Camp said.

Camp said that's why it's important for sellers to consult an expert, listen to them when it comes to pricing, and if there's work that needs to be done, do it before the house is seen by anyone.

Camp recommends for buyers, "If you see something you like, you need to act on it, otherwise somebody else will."

If you're looking to buy, the holidays may be to your advantage, because not a lot of people shop for homes around the holidays, which means there will be less people to compete with.

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