I have been in residential real estate in the Phoenix area for over 30 years. My dad, Herb Lieb, moved to the Phoenix in 1964 and owned Kagel’s, a women’s fashion store in Park Central Mall, Herb’s Underground (Phoenix’s first nightclub), and The Jockey Club Nightclub. I have to thank him for introducing me to the Phoenix area.

Rabbi Stephen Kahn of Congregation Beth Israel in Phoenix said in an email to members Sunday evening that the events of the crisis “leave us all” with a variety of emotions.

The Phoenix Business Journal ranked me the number one residential real estate agent in Phoenix in 2017 (based on sales volume as an individual agent not part of a team) and I average about 115 home sales per year specializing in Phoenix and Paradise Valley but I have sold homes throughout my career. In 2005, some of you experienced the peak of real estate prices before the debacle of short sales and foreclosures for the next five years. In 2021, we surpassed 2005 values, and home values ​​will continue to rise in 2022.

I have never seen such a crazy real estate market in all my years of selling homes.

I recently had a client who made 10 offers on different homes. Even though they offered more than the asking price, we lost several offers each time. The house he ended up buying had four other offers. Fortunately, the listing agent (who was also the owner) worked at HomeSmart and we had done several other transactions together over the past four years. Even if she had received a higher offer, she knew that I would close this house with my client and she did not believe that the other buyer would end up closing.

Last year I listed a house in Paradise Valley for $2.4 million. On the first day of registration, I had 15 visits and received three offers, one of which was cash. The other two deals required financing, which meant they had to qualify for a loan. The person with the cash offer waived the inspections and made the security deposit non-refundable, so the house was sold on day one. I have known the agent for 15 years and I have a lot of respect for her. Money usually wins out, but again I tell agents “don’t burn bridges with your fellow estate agents” as it may come back to hurt you later with another property.

I teach a monthly continuing education course in Marketing Basics/Agency Law for Realtors. The one thing I say repeatedly is to have loyalty and respect for your fellow real estate agents, even if sometimes we compete with each other.

According to the Cromford Report, which provides detailed information to track the history and current state of the Greater Phoenix residential resale market and offers unique insight into its future direction, several analysts are commenting on what they interpret as a very high demand for housing. This is a serious mistake. Although demand is above average, it is not exceptionally high. What is unusual in today’s housing market is the chronic and extreme shortage of available homes. It sounds like “high demand” when buying a home, because there are way too many buyers for every home.

In 2022, the situation will get worse. Paradise Valley is at an all-time high of just 93 single-family homes available for sale, down from 160 this time last year. Scottsdale now has just 344 single-family homes for sale and there were 569 this time last year. Mesa is down to 314 single-family homes and they were at 483 as of October 3, 2021, and Phoenix is ​​down to 777 single-family homes and there were 1,095 available for sale just a month ago.

The bottom line is whether you are looking to buy or sell, hire an agent who is an expert in the geographic area. Especially if you are looking to buy, these agents may know of homes that are not yet on the market. jn

Bobby Lieb is part of the HomeSmart Elite group and can be contacted at centralphx.com.