Phoenix Realtors seeing bidding wars as foreclosures get snatched up

A “for sale” sign goes up, and within 24 hours multiple offers are made on the house — some above the asking price, and often all-cash. That’s how Sheri McBroom of Re/Max Professionals describes the current residential real estate market in Phoenix. “I had one about six weeks ago: 10 offers all-cash,” she said. Compared with 2011, the supply of homes is down, foreclosures are down and prices are moving up after hitting bottom last September, according to Michael Orr, director of the Center for Real Estate Theory and Practice at Arizona State University’s W.P. Carey School of Business.

Click here to view this article from its source.