What is going on with AZ Real Estate?!
We've all been watching outrageous prices on houses for sale around us. If you're like me, you've dug further and analyzed how quickly those home prices are jumping over the past few months. No matter how in-depth you've gone, I'm positive you're scratching your head and are thinking "Is this going to stop? It has to end soon!"
Well, I'm here to tell you - it's not!
Seeing some new license plates?
If you haven't been seeing more license plates from CA, NY, & WA lately, then you just haven't been out of the house much!
Several people are coming out here in droves for several reasons. But they are used to high home prices and are LOVING the prices out here!
Average Home Prices:
CA = $717,930
NY = $652,012
WA = $397,900
Companies Expanding/Moving to AZ
Have you heard about Amazon building 11 new sites, creating over 3,000 job opportunities - which they're still fulfilling?
Link to article HERE
What about Intel's $20 billion expansion, being the largest private-sector investment in state history, which so happens to create over 3,000 jobs. An Intel official stated, "We chose AZ...because AZ is the largest U.S. manufacture site that is supported by strong ecosystems of innovation and our deep ties to this community.
Link to article HERE
See, a global investment and research firm designated Phoenix and Tempe as two of the top cities for tech company real estate in 2019. I think we know why tons of tech companies have been making arrangements to either move their entire headquarters or just expand their footprint out here in AZ!
Link to article HERE
We need to WAKE UP & SMILE AZ! :)
Even though we've enjoyed our low prices for purchasing, it's time we enjoy our values increasing due to our state becoming highly desirable. As mentioned, lots of people moving out here are used to higher home prices. So, this explains why they are willing to throw extra cash above list-price and even waive appraisal contingencies - as well as the 17.1% growth in real estate - being the highest annual growth ever recorded!
For the pre-qualified home buyer, yes - this is extremely frustrating times. But, I promise after you land that contract and look back in 6-12 months, you'll be smiling ear to ear from the increased equity in your home!
Increased equity = potential to drop MI, tap into the equity and pay off debt, do home improvements, build that pool you've always wanted, fund your kid's college. There are endless possibilities.
So, let's all SMILE and be thankful for the jobs that are coming this way and our economy in AZ becoming amazingly strong! :)