Justin Interviewed by Phoenix Business Journal: Investors Driving Up Phoenix Housing Prices
Every now and then I have a media opportunity that’s too exciting not to share.
Recently, I was interviewed by the Phoenix Business Journal, complete with photo op. The Phoenix Business Journal is the leading business publication in the state with wide readership and I do not advertise in the Journal, so this was a great honor. Unfortunately, full online access to the story is limited to subscribers, so I can only include the preview.
Investors returning to Phoenix housing market, driving prices up
Real estate investors and short-term flippers are back in town — for better or worse — and once again they’re dominating the housing market for sales of less than $250,000.
Investors are buying those homes with cash, which is pushing up prices in the long-downtrodden local market, tightening inventories and squeezing out traditional home buyers.
Justin Lombard, owner of Stone House Realty of Arizona, says cash sales are starting to dominate the local housing market, preventing many buyers from finding homes.
“It’s very much like 2005 all over again at the entry-level segment,” said Justin Lombard, owner of Stone House Realty of Arizona in Phoenix.
Lombard said cash sales are starting to dominate the market for less expensive homes, as some sellers are looking specifically for …
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