Phoenix, Arizona, is the 6th-biggest city in the United States and the 2nd-biggest western city. Not only is it a large city, but it’s also one of the best cities to live in terms of quality of life, career, and home values.
If you’re thinking about buying or selling property in the Valley of the Sun, you should start by studying the real estate outlook. The tips below will help you learn more about Phoenix real estate and all of its trends and facts you should be aware of.
The State of Phoenix Real Estate
Right now, experts note that the real estate market in Phoenix is beginning to cool. This is after an extended period of the market being active, with buyers and sellers turning over properties quickly and consistently.
The market experienced powerful performance in 2021 and 2020. The cooling period is considered more of a natural progression rather than a cause for alarm. It is particularly good news for people or companies looking to land a new piece of real estate, as it’s shifting toward becoming a buyer’s market.
The real estate market in Phoenix is healthy for both buyers and sellers, and there are incredible deals to be had all over the city.
The Best Phoenix Neighborhoods
Next, consider the neighborhoods when you’re doing research on Phoenix real estate. Observing the neighborhood will help you figure out where the best properties in your price range are located. You’ll also be able to explore schools, attractions, and areas that have the most reasonable property tax rates.
You can break the city down by zip codes or look into the most attractive established districts and neighborhoods. Some of the best neighborhoods in Phoenix you can explore include:
- Paradise Valley Village
- Downtown Phoenix
- Deer Valley
- Desert Ridge
- North Central
Do your due diligence in learning all of these neighborhoods so you can figure out where you’d like to live next.
A Glimpse at the Housing Prices
In Phoenix, the median home price is approximately $460,000. This is a sign of a healthy market while still remaining affordable when compared to other major cities of similar sizes.
Knowing the averages will help you shop around until you find something within your budget range. Make sure to consider the age of the home, the year it was built, and other details.
Arizona Real Estate Market Trends
Make sure to zoom out and take a look at how real estate trends are playing out in the entire state of Arizona and not just Phoenix. In the most recent reports, real estate is up by more than 5%. People are flocking not only to Phoenix but also cities like Mesa, Scottsdale, and Tucson.
The real estate market is healthy in the state, and many people are choosing to move here for the warm weather and close proximity to many western hotspots.
Understanding the Housing Supply
Inventory is one of the most important real estate metrics to key in on when you are trying to understand the state of the market. Phoenix happens to have one of the healthiest real estate inventories out of any market.
This means that there are plenty of opportunities available to both buyers and sellers. You can expect to see a lot of traction in the market no matter which side you’re on. Inventory growth is expected to remain solid, despite inflation and rises in interest rates. That is a good sign for anybody looking to make a transaction.
Trends for Phoenix Real Estate Investors
When you explore the Phoenix real estate market, it’s important to look at it from the standpoint of an investor. Investors in Phoenix are pleased with the growth of the population and the influx of people looking into rental opportunities.
It’s also a great time for buyers looking to make a flip. These investors are purchasing properties low and selling them at a profit after doing some upgrades. We’re also living in an era where so many investors are getting into Airbnb. Phoenix happens to be home to some of the best tourism available due to it being a major sports city, featuring a thriving nightlife, and home to nature and plenty of attractions.
One of the best ways to get into real estate investing in Phoenix is through multi-unity properties. You can invest in a duplex and house two different families or live on one side and house a tenant on the other. Either way, it’s an excellent way to get a bigger return on investment (ROI) while even having your tenant pay your rent or mortgage for you.
How to Buy or Sell a House in Phoenix
Whether you’re looking to buy a house in Phoenix or find a buyer, you need to understand the process. If you’re buying, start by getting copies of your tax returns for proof of income, your credit report, and at least 6 months of bank statements. Sellers will need to provide title deeds and will likely get the help of a real estate agent to assist.
Look for companies that buy houses for cash to make sure you’re exploring all options in front of you.
Get What You Need From Phoenix Real Estate
These tips will help you when you are interested in learning more about Phoenix real estate. The market is rich with opportunity if you know where to look.
There’s good news We Buy Houses has helped plenty of homeowners looking to find a quality deal. If you’re ready to get a cash offer today, contact us online or call us at (602)888-7346.