The Sibbach Team – Realty One Group was the #1 Valley team in August 2017. Accordingly to MLS, The Sibbach Team – Realty One Group sold 45 homes, totaling $21 million.
“There is a healthy upswing in Valley real estate market right now,” said Jeff Sibbach. “Our team tripled
sales year over year. Last August are total sales were $7 million. Demand is up in the marketplace and
volume is up by 10 percent. We believe interest rates are going to rise soon, making it a great time to
purchase a new home.”
Inventory has remained historically low because of two main reasons. The first main reason Sibbach has coined “Frozen”. He explains that the home buyers from 2005, 2006, 2007, and 2008 that still own their homes, meaning they did not walk-away from it during the foreclosure or short sale years, still don’t have enough equity to justify selling. This is different from being upside-down. They don’t necessarily owe more than it’s worth however they don’t want to sell it for at or below what they paid for it over a decade ago. As values continue to rise we’ll see more listings coming to market because this pent up demand of people that want to downsize or upsize will be able to swallow the current market value.
The second main reason is the simple fact that the market is rising. Investors do not like selling assets that are on the rise. Until we see a change in demand, whether it comes from interest rates, governmental changes, or a black swan, we expect the upswing to continue. We have several investor clients that are polishing their crystal balls trying to predict the best time to list their home. Once this gate opens Sibbach expects inventory to pick up very quickly.
Sibbach feels his biggest objection is the national rhetoric. He says, “There are people concerned on a national level what is happening with housing on the coasts and in the southern areas, but the greater Phoenix marketplace has been grown by over 100,000 people in the last 12 months and they only expect those numbers to increase. Affordable housing and predictable weather are the reasons our business is up.”
About The Sibbach Team
Led by Jeff Sibbach and Phil Sexton, The Sibbach Team – Realty One Group is ranked in the top 1% of REALTORS® in Maricopa County based on sales volume. They sell homes 2.32 times faster than the average real estate agent. The award winning Sibbach Team is experienced, knowledgeable and focused on delivering the best service in the industry to buyers and sellers. To learn more about the #1 Real Estate Team in Arizona, visit: www.Sibbach.com.