The Real Estate Market in Arizona has become highly lucrative and thriving in recent years. With the rapid growth, its thriving economy, minimum unemployment rate, investing in the Arizona real estate sector has become a very competitive venture.
The supply of property can hardly equate to the huge demand by buyers. The reason for this monstrous demand is not far-fetched as Arizona and Phoenix are some of the best places to own a home in the United States. Professionals in Real Estate forecast that Phoenix will become one of the leading real estate markets in the whole of America in 2021. Notwithstanding the increase in Mortgage rates, demand keeps peaking every day.
A great likelihood for a sustained upward price trend exists since no fall in price, or corresponding demand is improbable for these first few months of the year.
BEST REAL ESTATE MARKETS IN ARIZONA
If you consider investing in the Real Estate Market in Arizona, below is a list of the best picks and relevant information you need about them before starting.
Phoenix real estate ranks as one of the best of the best in Arizona’s real estate investment market. Over 5 million people have made their home in the Phoenix Metropolis. It provides a conducive environment with lots of employment opportunities. Phoenix is a good investment any day for your residential rental property, Industrial Rental Property, or even for your vacations. The ambiance it offers, the serene nightlife, and the attractive social environment make it a fantastic choice. The prices are affordable, and it is better to get into the market now than later.
Scottsdale is another great market for real estate investments in Arizona. Its steady growth over the years has stirred the interest of several investors in its direction. With Scottsdale’s booming economic and social environment, the market has a great future. It is important to state that Rents are relatively higher in Scottsdale, making it a good short-term rental realty market. However, Scottsdale is still an awesome market to invest in despite the high price to invest in, especially in condos, single-family apartments, and duplexes.
The watchword for property in the Tucson market is excellence. Although relatively smaller, Tucson has a lot of potentials. Its thriving economy and wonderful public schools make it a desirable residential area for families. Its affordability is another great perk to note.
If you are a professional and desire an environment that offers little or no contrast to your work environment, Prescott is the place to choose. Close to 90% of its residents are professionals. Also, because it is a university town, there is an influx of students year in, year out. These make it a good market to invest in Real estate for both residential and commercial purposes.
IS ARIZONA A BUYER’S OR SELLER’S MARKET IN 2021?
Buyers understand that there is almost no likelihood of the price reducing; this makes them budget more cash than before. Their strategy of beating the high mortgage prices is putting down more than 20% of the price to avoid paying mortgage insurance.
Buyers are actively working at reducing their mortgage and interest rates. For Sellers, this is a good move, especially in a season they are reviewing so many offers.
Things are no longer as they used to be with the onslaught of Covid-19. Many buyers understand this, so they have adjusted to the new normal, which involves working from home, making the house both a home and an office.
The supply of homes is at an all-time low, and there is rife competition amongst buyers for the available ones. Supply has dipped to about 77% below the usual rate.
The first half of 2021 shows the Arizona real estate market as a seller’s market. Thus, we encourage buyers to utilize listings that suit their needs. This would mean multiple offers for sellers as inventory drops. However, the second half of the year’s trajectory may change as demand and price are expected to drop due to an expected boost in new listings.