Real estate experts from all over the Valley agree that the Phoenix housing market is hot right now. The increased demand for homes and the plateauing inventory of real estate for sale in Phoenix, AZ has created the ideal market for sellers and investors.
Read on to learn more about Phoenix real estate and how you can make the market work for you.
A closer look into the local real estate market
Why is Phoenix real estate thriving? It’s because there’s a constant stream of people moving to the city every year. The more people moving into the city, the higher the demand is for houses, condos, and more.
What attracts most people to Phoenix is its strong local economy, thriving job market, and low interest rates. It’s a top metropolitan area with a more affordable cost of living index compared to other major cities like New York, Los Angeles, and San Francisco. Residents here also enjoy an excellent quality of life with incredible public amenities and lively local culture.
An excellent time to invest in rental property
The increasing prices of real estate for sale in Phoenix, AZ earlier this year has made renting a more affordable choice.
An official of ATTOM Data Solutions, a property data management company, recently stated that home price appreciation in Arizona counties has increased by 6.7% annually while rental rates have only risen 3.5%. This data took into account home prices and average wages.
This means that rental property investors can get the most out of their investment with the influx of people choosing to rent than to buy a place of their own.
There are also great selling opportunities
As of July 2019, the average price for a metro Phoenix area home was $278,000. According to the Arizona Regional Multiple Listing Service (ARMLS), it’s the highest median home price Phoenix has seen in recent years. The housing supply has also remained stagnant since last year.
For those who want an alternative investment opportunity, it’s a great time to resell homes or build ones from the ground up. In fact, the Valley’s home building industry has seen a record number of permits in July to add to the housing supply.
The current local real estate market conditions give determined buyers an incentive to buy now rather than later. It also gives sellers plenty of ways to capitalize on the recent market trends.
Even with these favorable market conditions, sellers should still enlist the help of a real estate agent to sell their home. With the limited inventory and the increasing number of buyers, it’s not uncommon to encounter more than one offer. Having a real estate agent can help you accommodate buyers and get the best deal possible.
Start your real estate journey with us at Urban Luxe Real Estate!
Ready to invest in Phoenix’s hot real estate market? Get in touch with our expert real estate agents today! At Urban Luxe Real Estate, we can help you find the perfect investment property. We also offer expert property management services so you can achieve your real estate goals with ease. Call us today at 480.359.6519 or send an email to firstname.lastname@example.org.