News Article From: 08-21-2006
Home buyers, sellers playing 'game of chicken', from the Arizona Republic Scottsdale, reports that Scottsdale Realtor Karl Stauffer describes the local real estate market as a "game of chicken going on between buyers and sellers". Buyers are waiting for the market to correct while some sellers hold out for the kind of prices that their neighbors got at the height of the housing frenzy last year, said Stauffer, Scottsdale Area Association of Realtors treasurer and branch manager for Diamond GMAC Real Estate. "They are both waiting to see who blinks first," said Stauffer. Stauffer urges buyers to advance the market correction by making an offer on a home. The Northeast Valley area had 5,508 homes listed for sale as of Aug 11, up from 2,172 a year earlier, an increase of 159 percent. Realtors say they see signs that the market is leveling off and sales are picking up.