Despite what the real estate news may lead you to believe, the Central Phoenix real estate market is quietly but undeniably booming. In a world where real estate headlines can often focus on the national or even global trends, the heart of the matter is what’s happening right here in Central Phoenix. It’s no secret that high mortgage rates and low sales numbers have made many fearful to take action in real estate. Though, many cities like Phoenix are experiencing rapid growth and have creative solutions for buyers & sellers creating a more harmonious market than meets the eye.
Ways Phoenix is Quieting Booming:
#1 U.S. Relocation Hub:
Phoenix has been crowned the #1 city for relocation in the US, attracting over 200 new residents every single day. With particularly high numbers of new residents from Seattle, Los Angeles, Tucson, and Chicago. The allure of this city, with its rich culture and vibrant community, is undeniable.
Economic Momentum in North Phoenix:
In North Phoenix, a significant transformation is taking place, thanks to a burgeoning community of chip manufacturers. This development is poised to bring in over 100,000 jobs in the next five years. The ripple effect is palpable, with a surge in both residential and commercial construction, as well as local community growth. It’s an exciting time to be a part of this dynamic area.
Downtown Phoenix Development & Revitalization:
The heart of the city, Downtown and Midtown Phoenix, is receiving substantial investments with park expansions, captivating art installations, and neighborhood revitalization efforts, complemented by visionary architects, developers and creators pouring millions into new devlopment and housing throughout our urban landscape.
Steady Real Estate Value Growth:
The Central Phoenix real estate home values have been on a consistent upward trajectory. Home values have continued to rise and are anticipatedto continue to slowly increase in the coming years. This stability offers confidence to both buyers and sellers, making it an opportune time to invest in this thriving community.
Buyer-Friendly Mortgage Rates:
Phoenix homebuyers are often securing mortgages with 5% rates from sellers offering concession mortgage rate buydowns. Sellers are also offering loan assumptions with 3% rates to buyers. These trends are making homeownership more accessible for those looking to make Phoenix their home.
High ROI For Seller’s:
Phoenix home owners are selling with high ROI, and at times are offering loan assumptions & mortgage rate buydowns to help buyers.
Entering a Neutral Market:
We are entering a neutral market. Inventory is low. Some homes are getting multiple offers. Fair deals are being made. Providing a balanced and advantageous environment for both buyers and sellers.
In summary, Central Phoenix’s real estate market is brimming with life, characterized by a unique blend of factors that create a welcoming atmosphere for both buyers and sellers. The quiet but undeniable boom is not just a momentary phenomenon but rather a testament to the enduring appeal and resilience of this captivating city. Whether you’re considering buying, selling, or investing in Central Phoenix, the future holds exciting opportunities. The real estate market here is a hidden gem waiting to be explored, where you can be part of an ever-evolving story in the heart of the Valley of the Sun.
For more information please view our Central Phoenix Market Reports.