21% Backed out of Deals in Phoenix in August - was it too hot?

[Account Closed]

Don't people know that Phoenix can be HOT in August or is it that interest rates have jumped up?

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PHOENIX — The Phoenix metro housing market is seeing some of the nation’s highest number of homebuyers backing out of deals, along with one of the biggest declines in bidding wars, according to research from real estate platform Redfin.

The findings come in two different reports from Redfin revealing more evidence of the cooling housing market amid rising interest rates and high inflation.

[Mike Dymski]

@Account Closed thanks and congrats on the purchase. I just submitted an LOI to attempt to purchase land near Arrowhead Mall to build a hybrid apartment/hotel. Recent late 90s apartment communities have traded for $475k and $450k per unit (including rehab) and have forecasted exit prices in five years of $700k, which is crazy high. The competition is all 20+ years old; so, I suspect this new build could get the highest ranking on the popular OTAs. That area gets 3-4 months of revenue during 1 month of MLB spring training. If this closes, I'll be 10 miles from TSMC and Suppliers, once they extend 67th Ave to 303 (and close to 3 hospitals, 2 colleges, Westgate Entertainment, USAA, Cigna, Farmers, PetSmart, Discover, MassMutual, Cintas, UnitedHealthcare, FedEx, Waste Management, Honeywell). Where in N. PHX are you? Happy Valley is/was a target for me, although land prices are higher and there is more competition.