Phoenix is in the Northeastern region of the Sonoran desert. Winters are mild, while summers are hot due to the desert climate. It is the sixth most populated city in the US. The buyer demand for Phoenix, Arizona Homes has refused to drop in this housing market despite an influx of new properties.
The median listing price is $350,000, with sales going for an average of $320,000. For rentals, an 801 sq. ft. apartment goes for an average of $1,175 and has seen a 5% increase year-on-year. Downtown Phoenix brings the highest rents at about $1,686.
Buying a House in Phoenix
During the 2008 recession, the housing market in Phoenix took a hit. Investors poured into the city, buying homes to flip them or turn them into rentals. Homebuyers still have to deal with these issues as investors keep ploughing at the number of options that fit their budgets and lifestyle.
Phoenix is projected to lead America’s real estate markets for the coming few years. Any person that has lived in the city shouldn’t have difficulty understanding why. There are a lot of outdoor activities for residents to partake in, like mountain biking and golf. The traffic in Phoenix is much less than what one would expect for a city of this size.
It is ranked as the 13th most affordable city in the US, attracting hundreds of people from all walks of life. Investing in real estate in the city is a great idea because of its excellent growth potential and very competitive property values.
Best Kinds of Phoenix, Arizona Homes to Buy
When looking for a new home to buy, there are factors you need to consider, including the following:
- The area which the house is specifically located
- Property condition
- Real estate investment strategy for the property
The best types of homes to buy in Phoenix include apartments, single-family homes, and condos. Apartments are also a great choice due to the influx of young people looking for opportunities in this city. Another driving factor is that Arizona State University, located in Tempe, just east of the city, is the country’s largest university. Buyers of property in areas around the university should be on the lookout for apartments.
Single-family homes are also great because, given the current state of the market, many families are looking to rent since they are not ready financially. Tenants like these see the rental as their home and invest in maintaining it properly. Property in Oldtown Scottsdale and Scottsdale, in particular, should be bought, keeping snowbirds and young professionals in mind. Though single-family homes may not be as hot as apartments, they are stable investments.
Vacation homes and condominiums are another excellent kind of home to buy in Phoenix. Millennials are purchasing property and renting a part of it to save money. Or perhaps you are searching for a future retirement property. If you get one in North Scottsdale or Paradise Valley, you could rent it out for the time being to recuperate your down payment and buy down the mortgage.
