Should You Invest in Southern Arizona Real Estate?
Arizona has had the stigma of being a retirement community in the desert, much like that of Florida. The real estate industry in the state has matured and offers a variety of possibilities with more lucrative options, ideal for investing compared to neighboring states. The demographic has broadened and strengthened the demand in real estate throughout the state.
Job growth in Arizona has steadily risen to twice the national rate in areas such as healthcare, retail and financial sectors. The strong economic growth has led to an increase in buying versus renting, which recently was as high as 40%.
Home prices in the Arizona went through sharp highs and lows in the real estate bust, which saw a small boom with vast foreclosures. This fluctuation has run its course and left a more reliable market in Southern Arizona. It is expected that home prices will rise approximately 25 percent in the coming years, which makes it critical for anyone looking to buy or invest to do it now.
The expected rising home prices in the next few years make real estate a strong investment, with the potential of rapid equity growth. With home prices in line with average community incomes the risk of investing in real estate is greatly reduced.
Population growth in the state has added to the potential in the industry. Options available to buyers are at an unprecedented level not seen in years.
If you are looking into or planning on buying real estate in Arizona, the time is now due to the expectation of rising prices over the next few years. The investment potential is substantial, especially in relation to the neighboring state’s real estate markets.