There are a lot of people who love the idea of what Phoenix has to offer from elderly looking for a non-Florida environment to retire and spend their “golden years” in, to young Millennials who love the strong economy and culture. All of this results in a high demand for quality housing in the thriving community. The question is, what exactly is available for all the people who want to live, work, and play in the Phoenix area?
While there was some lull in demand that followed the tough economic times of The Great Recession, the truth is that demand for homes in the Phoenix area has often been high compared to other urban regions, and the same is true now.
The demand for 1, 2, and 3 bedroom family homes is much higher than the actual number of good houses on the markets that can actually fill that demand. This has had a really obvious effect on home prices, with home prices in many areas of the city going up 3-4% a year on average for several years now.
A strong economy, non-winter climate, and the fact that this city works as a great place for retirees and young people alike means that the demand isn’t likely to go down any time soon. While new subdivisions are being built, because of practical needs like water supply, utilities, and the factor of sprawl, there is a definite cap on how quickly any area can grow, meaning not much of a dent can be made in demand.
Another key area to focus on is the uptick in investors looking to rehab and fix properties either for rental purposes, or to flip them for a profit after 3-6 months. Often these individuals look to hard money lenders Phoenix or other bridge loan sources to accomplishes such tasks.
The Phoenix housing market is extremely healthy, and even if the economy takes another turn it is likely to stay well above average even through those rough times. It’s a great place to live – and everyone knows it.