PHOENIX — While some fields are struggling because of the pandemic, real estate is not one of them in Arizona. The demand for homes right now is even surprising long-time realtors.
And for many first time buyers, like Megyn Neff and her husband, buying their first home was not the experience they hoped for.
"There were days where I had to throw my hands up and say, I can't do this today, it's too much," Neff said.
Even though it was very challenging, they're grateful they found a home in Phoenix in October, after months of hunting.
"Every situation was a multiple offer bidding war situation," Neff said. "We just lucked out on this house because it was a coming soon."
Del Rounds has been selling homes for more than 25 years in the Valley. He owns seven Remax franchises and says even he's surprised by the market.
"We have such a lack of inventory it's crazy," Rounds said. "Even when you go back to 2005, the market for sellers, even though it was good, it's better today than what it was then."
It's a market Rounds says is good for both buyers and sellers. He points to low-interest rates, more people moving here from out of state to work and COVID-19 as reasons behind the demand.
"Now we're doing everything there," Rounds said. "It's now our gym, it's our office, we're school teachers. So, the home has become very important."
And that has made it really hard for first time home buyers like Neff and her husband. Rounds advises that first-time buyers have to be on their A-game.
"When a house comes up, you have to be on it," Rounds said. "The asking price is really the start of the bidding price, unfortunately."
To seal the deal he recommends having your pre-qual letter ready, a good amount of earnest money, a letter from the heart and like in Megyn's case, motivation to see homes fast. "Being one of the first people to put an offer in to see the house and put an offer in, I think is a huge advantage," she said.
