Arizona is considered as a hot-bed of real estate investments keeping in mind the diverse scopes it offers to the investors. The encouraging living conditions have, besides, comforted real estate investors, property promoters and buyers to invest in Arizona’s real estate market. Having the reputation of the hottest real estate market Arizona has shown invariably steady home-prices despite a drop in the sales figure due to the COVID-19 pandemic.
Phoenix is Arizona’s projected real estate hot-bed
With Phoenix having the highest population in Arizona, its housing market ranks as the fifth-largest city in the US. The demand for rental property is very high here and, it accounts for a considerable part of the city’s inventory. What continues to drive the demand graph for Phoenix’s short term rentals is its thriving tourism industry as well as several avenues of employment that attract people to live there. The city annually manages to draw in millions of tourists along with organizing significant events like the Phoenix Film Festival and the Arizona State Fair the Jackson Barrett Car Show, The Phoenix Open, Professional Sporting Events, Historical Landmarks, and other major attractions.
A reputation meant to last
Arizona holds a long reputation of being a rich bode of real estate properties with investors finding lucrative deals most often. Despite a slumping economy and a declining employment figure due to the pandemic, Arizona still managed to maintain its reputation of being the hottest real estate market. According to reports in the past ten years, the annual real estate appreciation rate here has reached to 7.46%.
Adapting to the current situation to ensure sales are met
While there has been a lot of emphasis on social distancing and lockdown measures to curb the spread of the disease, the real estate industry too, has adapted to the situation with the aid of technology. Considered as hottest real estate market Arizona, they are using technology like virtual 3-D showings, virtual visits to display homes, e-signing etc. Such measures help buyers and sellers with all their housing needs so that the real estate sector does not plummet to the succumbing crisis.
Steady demand for rental properties
Although the beginning of 2020 was a painful one for real estate investors, they did see rays of hope towards the end of May as the economy slowly started making way. As observed in Phoenix, Arizona’s real estate core, the pending home sales are climbing steadily up again. Such a steady rise indicates that the slowdown forecasted for the housing market this summer would be much less than previously anticipated.
If you are looking for a fruitful opportunity to invest in the real estate sector in Arizona, Texas or any other place in the US for that matter, talk to our team of experts at Wealth Builders Capital Investments, INC.