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The cost of living is a factor here. Check out the latest US stats, and discover when you should buy or sell. In many ways, the real estate market in Phoenix, Arizona is behaving like the COVID-19 pandemic never even happened. Many variables could potentially impact the value of a home in Phoenix in 2021 (or any other market) such as big changes in the distressed, new-construction, or luxury home segments. Distressed sales accounted for 0.4% of total sales, the same as the previous month. The typical home value of homes in Phoenix is $283,594. Maryvale, where renters pay $926/mo on average. https://armls.com/docs/2020-APRIL-STATwith-commentary.pdf The Motley Fool Canada » Coronavirus » The Housing Market Could Fall Very, Very Sharply by 2021!. #1: A recession is possible in 2020, and likely by the end of 2021; but it won’t be caused by the real estate market this time. https://www.bizjournals.com/phoenix/news/2017/02/15/exclusive-airbnb-hosts-in-arizona-earned-51m-in.html, Low taxes They’re choosing to rent over buying a single-family home or an apartment. The median home’s value has crossed $300,000 but that’s still cheaper than a starter home in coastal California. Similarly, if you are an investor, Scottsdale has a track record of being one of the best long term real estate investments in the nation. It was quite unusual for the number of listings under contract to be higher on October 1 than September 1, but this what the pandemic has done in 2020. There are currently 316 properties in Phoenix, AZ that are in some stage of foreclosure (default, auction, or bank-owned) while the number of homes listed for sale on RealtyTrac is 2,496. After all, a buyer’s market is characterized by both rising inventory and dropping prices. The median sales price in Maricopa County for Q1-2020 was $309,990, up by + 12.7% from last year. However, Phoenix itself is massive. Demographic factors reflect the impact of slow population growth (driven by reduced natural increase and international migration) and slow household formation on demand for housing. This can be compared to 2020 when around 6 million of the population failed to pay their rent. This means that many snowbirds end up staying permanently in the Phoenix housing market. This growth fueled by job growth has finally consumed the glut of re-sale housing created during the bubble years. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. Renter-friendly rules like requiring a landlord to return a rental deposit within two weeks are not a burden. The accuracy of this forecast for Phoenix is 74% and it is predicting a positive trend. In other words, there’s not enough supply to meet the demand. Meanwhile, hiring activity in the labor market continues to stall. https://metrorealtyphx.com/phoenix-real-estate-market-report-this-month This amounts to an annual real estate appreciation of 9.14%, which puts Phoenix in the top 10% nationally for real estate appreciation. Phoenix real estate appreciation rate in the latest quarter was at 1.90%, which equates to an annual appreciation rate of 7.83%. And the city is almost certain to approve it because they want denser development. https://armls.com/ On average, homes in Maricopa County, AZ sell after 45 days on the market. The need for many retirees to sell their second homes when they can no longer travel or live independently provides an opportunity to snap up properties at a bargain rate. These 13 housing crash factors will shape the housing market. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. For 2022 and 2023 Hamptons predicts the housing market to go back to its “longer-term growth path” with property prices expected to increase across all regions by 2.5% and 3.5% respectively. If this Housing Market Forecast is correct, home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. Joseph Goodhue 310-980-0571 JoeG@AlphonsoBjorn.com Hilton & Hyland DRE02006693 Good cash flow from Phoenix investment properties means the investment is, needless to say, profitable. In short, there are a lot more buyers in the market right now than there are homes available, and that’s putting significant upward pressure on prices across the Phoenix metro area. The prediction is that the upward price trend will continue for the near and medium-term, making any price reductions in 2021 rather unlikely. The location creates desirability. Population growth is a key factor in this. It’s a hot housing scene as of fall 2020, and that could be the case for the foreseeable future. Arizona, unlike California, allows landlords to serve an unconditional quit notice. This can have an adverse effect on the housing market as many people will call you to make their rent or mortgage payments. However, it was quite expected that social distancing, higher unemployment, and lower overall economic activity would constrain real estate activity in the near term. In Numerology, the year 2020 is a year of vibration 4. A new report predicts home prices across Canada will drop in 2021, as high unemployment and lower incomes due to the COVID-19 pandemic keep buyers from returning to the market. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2020. Let us know which real estate markets you consider best for real estate investing! That means there are even fewer properties for sale today than there were a year ago. All of which bolsters home values. As with any real estate purchase, act wisely.
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