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It’s demand coupled with the high cost of building and the fact that wages have not kept up with inflation.
People are moving here but the city council is increasingly putting obstacles in the way of building new housing
I’m from Arizona and had to relocate out of state just to move up in my career so I could eventually afford a home in Arizona due to the market increasing over the past couple of years. I’m in a good position now but I need to make sure companies are paying a livable salary before I move back.
Everyone and their mom moving here in the last 20 years or so. The pandemic kicked up that growth pattern tenfold with remote workers and retirees, as well as the strong diversifying local economy. Housing supply will never catch up with the growth unfortunately.
We bought in the Phoenix area in 2020. Almost a 50% increase in value during the peak up until the last 6-8 months. Has since dropped almost 100k. We are still well above what we paid but it’ll continue to dip I’m sure. Rates suck but you can always refinance later.
Phoenix isn’t taking into account that they are doing unnecessary building of tiny apt style houses in the west valley knowing full and well they have no water rights and claim to be in a serious drought. Yet companies like SRP are releasing water in reservoirs due to being afraid of “runoff”. It seems there is poor planning across the board there are no accounts that majority of the people who live in AZ refuse to pay upwards of 2k to live in a tiny home. In most cases it isn’t a refuse it’s more so they cannot afford rental and home rates bc employers think it’s ok to be one of the lowest paying states in the nation.
When rates are higher, property values are lower. Buying now and refinancing when rates drop is that smart move. Once rates drop, house prices will soar
.I am a Realtor that works with an impressive lender who has programs for first time home buyer down payment assistance programs.
Let me know how I can help
Teresa@hsbroker.com
Sure, but earning equity is still earning.