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Phoenix real estate outlook in midst of pandemic

Arizona realtor Holly Henbest stressed it is still too early to make any firm, long-term projections.
Credit: Joe Raedle/Getty Images
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PHOENIX — Leading up to the coronavirus pandemic -- it was a seller's market in the Valley. Inventory was incredibly low and demand was incredibly high. 

"So we started with an excellent foundation here in Arizona. In terms of what happened in the last week, we've been continuing to sell homes," said Arizona realtor Holly Henbest. 

According to Henbest, the market does appear to be shifting though...back in favor of the local buyer.

"This is candidly a great time for locals to take advantage of the market because we have lost a lot of our vacation homebuyers," she said.

At the same time, Henbest does think the AirBNB, VBRO type homeowners will see an impact. 

“If they’re not getting their typically high season rent, they may choose to make some changes to their rental amount. Or they may choose to sell," she said.

A shortage in appraisers and inspectors could be on the horizon should anyone get sick or not want to enter homes. And sellers may not be able to vacate if they are ordered to isolate. 

So, Henbest is encouraging all realtors to have a protocol.

"I know we've been using not only hand sanitizer, but we walk through the house with Clorox wipes or Lysol wipes," she said.

One final note -- Henbest stressed it is still too early to make any firm, long-term projections. For example, she says iBuyers -- people who by directly from the owner and then refurbish the home – are out…for now.


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