Phoenix's housing market continues to impress local real estate experts
When you consider relocation to Arizona, you might want to purchase real estate in Phoenix. However, you won't be the only homebuyer looking to invest in for-sale houses in near the city. According to The Wall Street Journal, inventories are currently down 34.3 percent in Maricopa County, Arizona, where Phoenix is located. This has caused home values to increase, and encouraged many prospective buyers to enter the marketplace.
In conjunction with declining inventory rates, median single-family home prices in Maricopa County increased 25 percent on a year-over-year basis, according to Arizona State University's recent housing report. In addition to median home values, the average price per square foot rose 16.5 percent.
Phoenix may be the perfect metro area for you, but you'll need to come prepared to out-bid other prospects if you find the home of your dreams. With inventories low and the local housing market slowly improving, you may need to come backed by a lender and with your finances in order if you want to claim a home before someone else gets to it first. As the local market mends, competition for available properties will only grow more intense.