The House Price is critical to the question
Sellers are in absolute control of the metro Phoenix housing market at lower prices, like under $250,000. Buyers are in a similar position at upper prices, like over $750,000. This chart for “Months Supply verses Price” makes this fact very clear.
At under $250k, if no additional homes were listed for sale, every listed home would be sold inside of 60 days … going down to just 36 days for the $120 to $125,000 price range (1.2 months x 30 days/mn). The smart move here for a quality property is to buy ASAP. Despite rising interest rates, prices are very likely to be significantly higher this time next year.
Despite the very high demand at lower prices, buyers are very stratified in terms of the nature of the properties of interest. The vast majority do not want to tackle any significant condition issues. This is reflected in the chart by the months supply going up at prices below $125,000, which is going to be because of poor condition in most cases. But if the property is in “move-in ready” condition, there are typically multiple offers within a couple days of being listed.
At $1 million, the current inventory would take 11+ months to sell, going to 3+ years over $3 million. In this price range, transaction timing is generally not a manner of choice, so the seller is smart to be able to get on his/her way elsewhere, and the buyer is smart if he/she got the property wanted and at a good price.