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Tuesday, November 15, 2005

Buyers gain clout as market slows

Buyers gain clout as housing market slows

Glen CrenoThe Arizona RepublicNov. 11, 2005 12:00 AM

Metropolitan Phoenix's home-selling frenzy is beginning to calm and beleaguered buyers suddenly have more power in the fight for leverage in house deals.The housing market is showing clear signs of slowing after a yearlong buying binge fueled partly by speculators. The latest evidence: The price for a typical Valley house fell last month for the first time in nearly two years.People close to the market say it has a new personality. Sellers aren't necessarily calling the shots and can no longer assume a house will sell quickly after buyers stage a frantic bidding war, pushing sale prices thousands of dollars beyond the list price.

Buyers now are gaining the upper hand, though it's too soon to call it a buyers' market. But it is headed in that direction. With more homes for sale, sellers are cutting prices. Buyers also can take more time to think about a deal rather than snatching up a house just to beat a dozen competitors.
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