Phoenix Real Estate Veteran Navigates Market Shifts with Authentic Approach

Written by:

Steve Marcinuk

Date:

21 Aug 2025

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The Phoenix real estate market has weathered significant changes over the past few years, from pandemic-driven buying frenzies to the current more balanced conditions. For agents who have survived multiple market cycles, these shifts represent both challenges and opportunities to refine their approach and better serve clients.

Chris Dunham, Real Estate Agent at Brokers Hub Realty, who has operated in the Phoenix market for 26 years under “The Real Estate Guy” brand, offers a perspective shaped by experience through various market conditions. His journey began in an unexpected way – frustration with realtors who wouldn’t listen during his own home search led him to the industry. “No realtor listened to us,” Dunham recalls of his early home buying experience. “We met this lady named Sally, and she listened, and it was like, you know what we wanted? All of a sudden, we realized there were thousands of options.”

That experience of being truly heard became foundational to his approach. Today, Dunham emphasizes what he calls “connections before commissions,”focusing on understanding client needs before pursuing transactions.

Market Dynamics Favor Buyers

The current Phoenix market represents a notable shift from the high-pressure environment of recent years. “I actually believe this market is similar to the first market I ever got into because you have the ability, if I was showing you houses, I could take you to the same house over a period of a month three or four different times,” Dunham explains. This stands in contrast to the COVID-era market, where buyers faced intense pressure to make immediate decisions. “During COVID years, you got to buy this house now because it’s not going to be here in an hour. I didn’t like that market because it put too much pressure on buyers,”he notes.

The current environment allows for more thorough due diligence. Most of Dunham’s clients now go out two or three times before making an offer, and negotiation power has returned to buyers. Recent transactions demonstrate this shift: one buyer received $3,000 off list price plus $10,000 in concessions, while another secured $10,000 off list price with $14,000 in concessions.

However, Dunham maintains a different stance when representing sellers. “From a listing standpoint, I don’t budge. I dig my heels in the sand, and I’m like, if you want me to give you concessions, you’re offering me full list price.”

Segment Performance Varies Significantly

Within the Phoenix market, property types are experiencing different performance levels. Condominiums are struggling due to elevated HOA fees and financing challenges. “We’re seeing a lot of struggle getting condos sold. A lot of people aren’t liking the higher HOA fees,” Dunham observes. The situation is complicated by warrantability issues that emerged during COVID. “A lot of them stopped, they didn’t continue moving forward with the warrantability paperwork. There’s some buildings now that aren’t FHA or VA, even though they should be, but the HOA just let those documents fall to the wayside.”

This creates hurdles for buyers, as lenders must count HOA fees toward debt ratios, even though these fees often cover utilities and amenities that single-family homeowners pay separately.

Single-family homes, conversely, are moving more quickly than six months ago, driven by location preferences and job growth in the region.

Investor Activity Shifts

The investor landscape in Phoenix has changed. “We’re seeing a lot more investors exit,” Dunham reports, citing one investor client who sold six properties. The mathematics that previously made investor deals attractive have shifted due to longer market times and higher rehabilitation costs.

Hard money financing, commonly used by investors, becomes less appealing when properties take 90 days to sell rather than 30. This increases carrying costs and reduces returns. Canadian investors are also becoming more active due to favorable exchange rates, evidenced by increased FIRPTA documentation in transactions.

Understanding the NAR Settlement Impact

One disconnect Dunham observes involves public understanding of the National Association of Realtors settlement. “The biggest disconnect I see is people don’t realize what went down. And the ones that do realize it went down, they’re not really understanding the true dynamic of why it happened and what it was all about.”

Many consumers believe the settlement eliminated buyer agent compensation, when in reality, compensation was always negotiable. “Both sides of the transaction have always been and will always be negotiable,” Dunham explains. His consistent use of buyer brokerage agreements throughout his career means little has changed in his practice.

Creative Financing Solutions Emerge

Current market conditions have created opportunities for creative deal structures. Dunham is securing more concessions for buyers, which can be used to buy down interest rates. In one recent transaction, a buyer received $15,000 in concessions with only $7,000 in closing costs, using the difference to reduce their interest rate to 6.125%.

“The ability to get extra concessions turns around and has the ability for the lender to buy their rate down and make it a 30-year fixed, as opposed to those ARMs,” he explains.

Future Growth Drivers

Phoenix’s continued growth appears sustainable due to significant economic development. Major employers including TSMC’s semiconductor facility, Meta, and Amazon distribution centers are bringing job growth to the region.

“Arizona’s housing market has never slowed down since World War Two,” Dunham notes. “We may have ebbed and flowed, but we’ve never completely come to a stop when it comes to building homes.”

The challenge lies in infrastructure keeping pace with demand. Current inventory remains below optimal levels relative to job growth and population increases.

Adapting to Digital-First Marketing

The shift to digital marketing presents both opportunities and challenges for experienced agents. Dunham has embraced content creation, posting on Instagram for over 700 consecutive days and launching “A Moment with The Real Estate Guy” podcast.

He emphasizes authenticity over artificial growth. “I don’t believe in paying for growth and views and followers because it’s not real. When it’s not real, you’re not getting true engagement,” he explains.

His approach focuses on organic, consistent content that provides genuine value rather than manufactured engagement metrics.

Looking Forward

For Phoenix real estate, the fundamentals remain strong despite market adjustments. Continued job growth, population increases, and infrastructure development support long-term demand. The current market conditions, while requiring adaptation from professionals, ultimately benefit consumers by providing more time for informed decision-making and greater negotiation flexibility.

Success in this environment requires agents to focus on genuine client relationships, market expertise, and authentic communication rather than relying solely on market momentum or artificial marketing tactics. As Dunham puts it, “Real estate is a marathon, not a sprint,” and those who embrace this long-term perspective while adapting to current conditions are positioned for sustained success.