Whether you’re a homeowner looking to trade up, or someone looking to buy your first home, now is a great time to take advantage of the growing real estate market in Arizona.
A trend predicted in early 2020, that sunny and relatively affordable locations would be attracting buyers from high-cost areas, has been accelerated by the pandemic. With vaccines on the horizon providing a brighter economic outlook and an increasing number of millennials entering the home buying market, 2021 is set for big growth and potential big gains for homeowners who make smart moves now.
A Zillow-sponsored survey ranked the Phoenix area #2 in markets expected to outperform the national average in real estate values. The sunny and warm climate combined with a strong economy, low mortgage rates and buyers looking for more living space puts Phoenix high on the list of desirable places to live. Working with an agent who knows Arizona well is your best guide to navigating the buying and selling process in an increasingly competitive market.
Your choice of great neighborhoods
The expansion of metropolitan Phoenix has led to the development of many new suburban communities. Surprise offers families great recreation, shopping, and dining experiences. Sun City, Sun City West and Sun City Grand have been attracting many retirees ready to enjoy the good life they’ve worked hard for. With options to now work remotely, many young professionals are moving away from business centers and looking to communities like Buckeye, Apache Junction and Wittman to call home.
Smart choices to make now to cash in on the Arizona trend
1. Investments. Adding Arizona properties can be a great growth strategy for your real estate portfolio.
2. Rentals. With rental prices on the rise and availability low, smart owners can rent out their home for an additional revenue stream.
3. Upgrades. With mortgage rates at a historic low, trading up to a larger home is more affordable than ever.
4. Relocation. With work at home potentially a long-term reality, relocating to outlying areas doesn’t have to mean a long commute.
5. Selling. Climbing prices mean bigger proceeds for sellers.
6. Staying. People are looking to make home their sanctuary. Why not add amenities to create your dream living environment now, and potentially increase property value down the road?
Areas of your home to consider transforming:
- Kitchen. With more time being spent at home, many people are discovering the joys of cooking. Bright, spacious kitchens with chef-worthy appliances and more eating and prep space are a smart investment.
- Bathroom. Bigger bathrooms with luxury finishes and fixtures add to the feeling of sanctuary by creating a spa experience at home.
- Home theater. Streaming media has brought the theater experience home. High-res LED, 3D and Laser projector systems offer equipment options to fit most any budget.
- Home office. Those who suddenly began working from home faced an immediate challenge in creating a suitable workspace. Planning out a home office area that offers separation from family action and a clean, efficient space to work makes good sense.
- Outdoor spaces. Sun living is about the outdoors but also about enjoying it safely. Creating a sheltered outdoor space that transitions seamlessly from the interior of your home not only increases living space but incorporates the great outdoors into your sanctuary.
- Smart technology. Gadgets aren’t just for millennials and techies. Retirees also enjoy the convenience of remote-controlled and automated appliances, as well as atmospheric and security controls.
Events of the past year have made many of us re-evaluate our priorities. The best time to create our best life in the places we plan to live, work, and play in the future may be right now. (optional): Talk with a knowledgeable Arizona agent today.
By Karl Kennedy