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    Just How Insane is the Real Estate Market in the Phoenix Metro?

    Red Sold For Sale Real Estate Sign in Front of House.

    PHOENIX (3TV/CBS 5) — Home prices in the Valley are skyrocketing. Even hard-to-sell homes are getting offers above the asking price. Get this; it’s so insane there’s a house underneath a freeway with a price tag of nearly a million dollars.

    “It’s whatever the buyer will pay,” said Realtor Carla Magee. 

    With inventory low and demand high, Magee with My Home Group Commercial said the market value is taking on its own meaning here in the Valley.  

    “At this point, you can’t blame the seller for saying, hey, if I can get that for my house right now, sign me up for that,” said Magee.

    There’s a house near downtown Phoenix turning a lot of heads with its listing price. At 1,300 square feet, the 2 bedroom, 2 bath, sits right underneath the I-10 freeway. The asking price? $800,000.

    Dylan Doherty with Keller Williams is the listing agent.

    “The home was appraised at that number. It has “floor to ceiling full Italian marble, it’s definitely right underneath the freeway, no doubt about that, but it’s also located in Historic Phoenix,” said Doherty.

    “In a traditional market or balanced market, you would have a very tough time selling properties like ones that are underneath a freeway, but in a market like this where we are in such an intense sellers’ market, now is the time to sell,” said Magee.

    The same goes for commercial real estate like a 7 plex in Mesa listed for just over a million dollars.

    “It’s got two bedrooms and great for investors, and it’s next to a trailer park, but even the rental market is so short right now,” said Magee.

    But where does this leave buyers?

    Carla says to limit your contingencies, which can add time to the process and give someone else a chance to swoop in and take the home. And be prepared to make an offer that’s competitive, on average 10-20% above the original asking price.

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