How To Invest In Arizona Real Estate
Why Invest in Arizona Real Estate?
For years Arizona has been known for its condominium and townhouse real estate market. Arizona has recently had an increasing number of single-family investment properties which can mean Big Returns for an investor working with an Experienced Investment Real Estate Agent.
Arizona is home to a number of famous landmarks, such as the Grand Canyon, Hoover Dam, Lake Powell, Tombstone, Sedona and the Petrified Forest. These famous landmarks are one of many reasons Arizona gets millions of tourists each year, which supports both job and rental real estate markets. Trade, business and hospitality services are some of the strongest sectors, and they have contributed to a strong increase in employment throughout the state. As a result, Arizona has become an extremely desirable place for investing in real estate.
How To Invest In Arizona Real Estate and Considerations for Arizona Real Estate
- Affordability of homes – The average price of an Arizona home is currently $239,000, which isn’t a lot higher than the average price for the rest of the United States which is currently $216,000. The more expensive states, such as Hawaii and its median price of $755,000, Arizona is capable of accommodating all budgets. In fact, Phoenix (the capital) has been ranked as the 13th most affordable city in the US. For Arizona real estate investors, this means you can enter the real estate market at significantly lower cost.
- Metro Phoenix Has a Growing Economy – During 2018, Phoenix added over 51,000 new openings to the job market. This is an amazing 140% increase from 2008. The increase was made possible by many large companies relocating to the Metro Phoenix Market Area and affecting not just the growth of employment, but the investment real estate market as well. Since the Metropolitan Phoenix Market Area is now in need of both residential and commercial investment real estate, it makes the Phoenix Area and surrounding cities a highly desired rental real estate market. As a real estate investor in Arizona, it is critical to work with an experienced Real Estate Agent who know the investment market and solid investment cities and neighborhoods.
- High demand for housing units in the Phoenix area market –Thanks to the Phoenix area’s fast growing economy and favorable living conditions, Arizona is being flooded with new residents in search of affordable homes to rent. As a result, the demand for rental housing units is a lot higher than the existing supply. This makes it harder for real estate investors to secure good investment opportunities. On the other hand, developers are working toward meeting the demand, which is why new home supply already increased by nearly 10% during 2018. This housing market trend has continued in 2019 as more and more people seek affordable rental homes. For real estate investors, this means you will likely to see an increase in appreciation for your investment property in Arizona.
- Suburban development in the Phoenix market area – While it is among the top 20% of American cities in affordability, the Phoenix area is still experiencing a rise in real estate prices. This is why we are looking at the beginning of a new shift – first-time home buyers looking for properties in suburban areas. This makes it the best time to invest in a home in one of the many Arizona suburbs. However, you as an investor need to be careful when choosing a suburb to invest in. Using a Realtor® with years of experience working with investors will ensure a successful real estate investment.
How To Invest In Arizona Real Estate and the Best Markets to Invest in
With an increasing number of young residents moving to Arizona, the state is experiencing a considerable shift regarding real estate. While Phoenix presents enough opportunities in itself, suburban and luxury markets seem more promising with each passing day. Arizona is proving to really be bouncing back and offering more and more very solid investment opportunities. If you would like to get in on highly lucrative Arizona Real Estate investing, call the expert in this field Jay Mecray – or Email now for a FREE home investment search.
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How To Invest In Arizona Real Estate