Relatively Affordable Real Estate Market
While California and Florida are seen as hot real estate markets, one of the major attractions of the Phoenix real estate market is affordable real estate. During 2018 and 2019, Arizona was one of the top three states in the nation for population growth. Only Texas and Florida outpaced it, in terms of year-over-year growth. Population growth is particularly high within the Phoenix metro area. Homes in the Phoenix housing market are approaching the 2006 record. Home-price appreciation appears to be slowing a bit in the Phoenix area and most experts agree that prices will continue to climb for the foreseeable future.
According to the U.S. Census Bureau data, the population of the city of Phoenix rose by nearly 15% from 2010 to 2019. Thats well above the nations growth rate for that same timeframe. Population growth increases the demand for housing on both the purchase and rental sides. With all other things being equal, steady population growth tends to put upward pressure on home prices. The median homes value has crossed $300,000 but thats still cheaper than a starter home in coastal California. Dont forget that the large retiree market means there is strong demand for one and two-bedroom houses and condos here, and those units are a fraction of the cost of a three-bedroom home.
Homes For Sale With In Law Suite Chandler Az Real Estate Listings And House Value
View Homes for Sale with In Law Suite Chandler AZ, Real Estate Listings and House Value. When you are ready about buying or selling home in Chandler AZ, contact Swee Ng at 480.721.6253 today for complimentary consultation.
Wondering how much house you can afford? to access the Mortgage House Payment Calculator. Simply add in the price of the home you are considering and the calculator will return your estimated house payment. Change length of loan and interest rates to adjust results.
The Benefits Of Living In Phoenix Arizona
Phoenix is the capital city of Arizona, the center of the Phoenix metro area, and home to over 1,721,504 People. Boasting a healthy job market, an abundance of art & culture offerings, fabulous shopping and dining destinations, fun-filled family attractions, exciting nightlife venues, popular annual events and festivals, 4 professional sports teams, Cactus League spring training baseball, numerous parks, and scenic hiking trails. Phoenix is also one of the top golf destinations in the world with almost 200 golf courses.
Other than the mountains in and around the city, Phoenix is generally flat, allowing the citys main streets to run on a precise grid with wide, open-spaced roadways. The area is split generally between its south, central, and northern parts, with locals referring to these areas as simply South Phoenix for example. Neighboring towns like Scottsdale and Mesa to the east and Glendale directly to the west of the city often get lumped into the area.
Downtown Phoenix is rich in both historic charm and modern, cosmopolitan sophistication. In recent years, Downtown Phoenix has experienced a major renaissance with brand restaurants, art galleries, retail shops, and all types of businesses popping up – spurring a series of new developments ranging from apartment complexes to new hotels and luxury high-rises such as 44 Monroe and The Summit at Copper Square, just to name a few.
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Phoenix Housing Market Forecast 2022 2023
What could be the Phoenix real estate market predictions for 2022 to 2023? Phoenix is the 5th largest city in the country and continues to grow. New residents are drawn to Phoenix by its strong economy, relatively low cost of living, high quality of life, economic opportunity, and cultural attractions. Since 2000, Phoenixs population has grown by 20% to include approximately 555,013 households and 1.6 million people.
It is the biggest city in Arizona and the states capital. It is a minimally walkable city in Maricopa County with a population of approximately 1,442,530 people. However, Phoenix itself is massive. It is the only state capital with more than a million people. It is the fifth-largest city in the country. The Phoenix housing market is much larger than Phoenix itself it encompasses the entire Valley of the Sun, Phoenixs sprawling suburbs that are home to another five million people. That makes the Phoenix metro area the twelfth largest in the country.
The favorable living conditions have, furthermore, comforted real estate investors and buyers to invest in Arizona real estate market. The Phoenix housing market was a headline in the news a decade ago when the housing crisis of 2007 and 2008 caused home values here to fall by as much as half. The slow recovery of the national housing market has taken a decade.
Professional Sports & Events
For sports fans, the Phoenix area offers a wide variety of professional sports & events such as the Arizona Diamondbacks /Chase Field, Phoenix Suns , Phoenix Coyotes , ASU Sun Devil Football, ASU Cardinals Football, Phoenix International Raceway , Turf Paradise , Waste Management Phoenix Open, and The Cactus League Spring Training Baseball. Phoenix professional sports facilities: Chase Field – Home of the Arizona Diamondbacks, tours available year-round Talking Stick Resort Arena – Home of the Phoenix – Suns, Mercury, and Arizona Rattlers.
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Homes For Sale In Chandler Arizona With Casita Or Guest House
Here are the NEWEST Homes for Sale in Chandler Arizona with Casita or Guest House from our Realtor MLS UPDATED EVERY 5 Minutes! That means EVERY home from EVERY Real Estate Company that is currently for Sale.
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Phoenix Real Estate Investment: Should You Invest In Phoenix
Should you consider Phoenix real estate investment? Many real estate investors have asked themselves if buying a property in Phoenix is a good investment? 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. If you are looking to make a profit, you dont want to buy the most expensive property on the Phoenix real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Phoenix that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.
Arizona Housing Market Trends 2022
If you are considering moving to Arizona, Scottsdale, Phoenix, and Tucson are some of the top places to call home. According to Zillow Home Value Index , since the last decade , Arizona housing prices have gone up nearly 195%. ZHVI is not the median price of homes that are sold in a month within a geographic region.
It is calculated by taking all estimated home values for a given region and month , taking a median of those values, and applying some adjustments to account for seasonality or errors in individual home estimates. It, therefore, represents the whole housing stock and not just the homes that list or sell in a given month.
By this calculation, the current typical home value of homes in Arizona is $445,126. It indicates that 50 percent of all housing stock in the area is worth more than $445,126 and 50 percent is worth less . In May 2021, the typical value of homes in Arizona was around $346,000.
Arizona home values have gone up 28.5% over the past year and most likely they will continue to rise at a similar rate over the next twelve months. This also raises a bit of a concern that in Arizona wages are not keeping up with the rising costs of housing. When prices go up, some buyers can no longer afford to buy and drop out. The faster that pricing goes up, the more buyers tend to drop out, at least in a healthy market.
Here’s the average cost of a home in Arizona across all the counties
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The Growing Phoenix Rental Market
There is always going to be high tenant turnover in student housing markets. The presence of universities also influences local home prices and rents. The capital of any state will be home to its flagship university, and Phoenix is no exception. Phoenix is so large that it doesnt just host the flagship Arizona State University campus in Tempe.
There are secondary campuses in downtown Phoenix, northwest Phoenix, and neighboring Glendale. These schools alone have more than seventy thousand students. The Arizona Summit Law School, Grand Canyon University, and several others are located here. There are easily 100,000 college students renting in the Phoenix housing market. You could invest in large single-family homes or multi-unit buildings to rent to students at any of these campuses.
Phoenix Rental Trends: 36% of the households in Phoenix are renter-occupied while 64% are owner-occupied. The rents are rising and it makes sense to keep your home and rent it out. In some neighborhoods, the average rental home may rent well over $2,500 a month.
As of July 08, 2022, the average rent for a 1-bedroom apartment in Phoenix, AZ is currently $1,325. This is a 16% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Phoenix decreased by -3% to $1,160. The average rent for a 1-bedroom apartment decreased by -2% to $1,325, and the average rent for a 2-bedroom apartment increased by 1% to $1,670.
Current Phoenix Metro Area Real Estate Market Update
If you would like more information about homes for sale In Phoenix with mother-in-law suite, or to schedule a private showing, please contact the best REALTOR® in Phoenix – Cathy Carter. In todays competitive market, you need an agent with in-depth market knowledge, familiarity with the area you want to live in, and the skills and experience to lead you towards a successful transaction. Cathy is a dedicated full-time real estate agent with her finger on the pulse of the phoenix metro area market at all times. She is the first to know when new real estate in Phoenix with mother-in-law suite becomes available, ensuring that her buyers have the advantage they need in a competitive sellers’ market.
In June 2021, Phoenix home prices were up 27.0% compared to last year, selling for a median price of $381K. On average, homes in Phoenix sell after 22 days on the market compared to 41 days last year. There were 2,755 homes sold in June this year, up from 2,482 last year. As your agent, Cathy can help educate you on the most desirable neighborhoods and communities in Phoenix, the types of homes and features offered, the top builders in the region, school districts, private schools, surrounding area amenities, nearby attractions, local community developments, and so much more. Get started on your home search today by calling Cathy directly at 4804598488 or send her an email.
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Phoenix Area Outdoor Recreation
The Scottsdale-Phoenix area provides an abundance of outdoor recreational opportunities for all age groups. Hiking, biking, climbing, horseback riding, and golfing are among the most popular activities in the region and can be enjoyed year-round. In Phoenix, McDowell Mountain Regional Park offers spectacular features spectacular views, and more than 21,000 acres of pristine desert, with miles of hiking, biking, and horseback riding trails. South Mountain Park & Preserve, the largest municipal park in the U.S. includes over 51 miles of trails for horseback riding, hiking, and mountain biking for all ability levels. Salt River also provides plenty of recreational fun with bike paths and picnic areas that surround the lake.
Camelback offers some of the best urban hiking in the U.S. and attracts over 300,000 hikers every year. Some of the best trails can be found around Lost Dutchman State Park or Desert Foothills Park. Youll also find some great local park options like Echo Canyon Recreation Area or Phoenix Mountain Preserve. The Best hiking trails in Phoenix can be found at Piestewa Peak / Dreamy Draw, South Mountain Park/Preserve, and Papago Park.
Some of the best trails in Scottsdale include:
Phoenix Arizona Real Estate Investment Markets
Investing in Phoenix’s real estate can be a worthy investment due to a steady rate of appreciation. Its only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. The Phoenix housing market is one of the hottest markets for 2020. Dont let memories of the Great Recession bust that cut home values in the Phoenix housing market keep you away. There are plenty of reasons to invest in the Phoenix real estate market, only ten of which weve provided above. Have a look at the Phoenix real estate investment prospects we have provided from various real estate sources and make the best possible decision for yourself.
Good cash flow from Phoenix investment properties means the investment is, needless to say, profitable. The three most important factors when buying real estate anywhere are location, location, and location. The location creates desirability. Desirability brings demand. There should be a natural and upcoming high demand for rental properties. Demand would raise the price of your Phoenix investment property and you should be able to get a good return on your investment over the long term. The neighborhoods in Phoenix must be safe to live in and should have a low crime rate.
Consult with one of the investment counselors who can help build you a custom portfolio of Phoenix turnkey properties. These are Cash-Flow Rental Properties located in some of the best neighborhoods of Phoenix.
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The Major Wave Of Renovation In Downtown Phoenix
The section of Phoenix wedged between Seventh Street and Seventh Avenue is undergoing a wave of commercial redevelopment, fueled by more than five billion dollars invested to date. High-rise developments and mixed-use projects have been built, and several more are underway. Public transit in this area is significantly improved. That is making this area and neighborhoods bordering it an excellent place to invest in the Phoenix housing market. Phoenix isnt just redeveloping downtown to create a dense, walkable urban core. It is cultivating fifteen complete walkable communities across the metro area with strong public transit, denser housing, and locally provided services. This is a radical shift from the suburban sprawl the area has long been known for.
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High Rate Of Appreciation Due To Short Supply
Although Phoenix has experienced consistent population growth, the housing market has not grown at the same rate. An Up for Growth study found that between 2000 and 2015 Arizona underproduced 505,134 housing units. This underproduction has caused a housing shortage in Phoenix. For example, in the last 30 years Phoenix produced approximately 220,000 new housing units, however, the population has grown by 820,000 people. Phoenixs housing production has not kept pace with population growth.
This underproduction was magnified when construction virtually shut down during the recession of 2008. Since that time, construction has slowly increased but has not reached the level of production achieved before the recession. The current shortages of housing supply, relative to demand, are a primary reason housing costs are increasing. A significant increase in housing supply is necessary to keep pace with current and projected housing demand.
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