Over the past five years, the Phoenix real estate market has been a whirlwind of bidding wars, waived contingencies, and breakneck competition. Sellers often held all the power, while buyers scrambled to make over-asking offers on homes that barely stayed on the market for a weekend.
But according to Keith Mishkin, real estate broker and founder of Cambridge Properties in Phoenix, that seller-dominated era is shifting—ushering in a long-overdue market correction that’s healthier for everyone.
In a recent AZ Big Media article, Mishkin outlines the market’s return to balance, where supply and demand are aligning more reasonably and where real estate professionals, buyers, and sellers can operate with a greater sense of clarity and confidence.
It’s Not a Crash—It’s a Correction
Despite alarmist headlines, Mishkin emphasizes this is not a repeat of 2008. “What we’re seeing isn’t a crash—it’s a correction,” he explains. Today’s market is defined not by underwater mortgages but by strong equity positions. Over 90% of homeowners in the U.S. have positive equity, according to the National Association of Home Builders, which means they’re not being forced to sell under pressure.
Many sellers are simply taking advantage of the opportunity to cash in on appreciation or pivot to their next life chapter. Rising inventory is providing buyers with options—and that’s changing the dynamic.
Buyers Have More Breathing Room
The Phoenix metro currently has around 25,000 homes on the MLS, and that increased supply means buyers can slow down, evaluate options, and make informed decisions without the fear of being immediately outbid. This is especially true in communities like Encanterra in Queen Creek, where a healthy mix of resale and new construction options are creating a more diverse inventory.
While demand remains steady, inflated pricing and unrealistic expectations are no longer driving the show. For the first time in years, pricing strategy and condition really matter again—and homes that are priced right are still moving quickly.
Sellers Must Recalibrate
For sellers, the message is clear: price your home for today’s market, not yesterday’s. “Those who hope to set a new record for the neighborhood may find their listings sitting,” Mishkin notes.
That doesn’t mean you can’t sell for a great price. It simply means strategic pricing, presentation, and marketing are more important than ever. And that’s where working with an experienced real estate team—like TJ Kelley and Alina Suprak of Shea Preferred Realty Group—can make all the difference.
The Role of Good Real Estate Professionals Has Returned
In a frenzied seller’s market, the role of an agent was often undervalued. Today, knowledgeable agents are once again vital. From advising on timing and pricing to managing buyer expectations and navigating negotiation, your agent should be your strategic partner—not just a door opener.
At Shea Preferred Realty Group, we believe this balanced market is an opportunity—not a setback. Our team is ready to guide you through the process, whether you’re planning to buy your first home, move up, or make a strategic sale in a community like Encanterra or the greater Queen Creek area.
Final Thoughts: It’s a Healthy Reset for Arizona Real Estate
While some may see the slowdown in bidding wars and rapid-fire sales as a cooling market, seasoned professionals understand that this is simply a reset to a more sustainable pace.
Mishkin puts it best: “A balanced market is one where no one feels like they ‘won,’ but both sides walk away feeling good about the deal they made. That’s where we are today—and frankly, it’s where we should be.”
Source:
By Keith Mishkin, AZ Big Media | Blog summary written and adapted for local readers by Shea Preferred Realty Group
