The latest housing market forecast by Zillow shows that the median home value in the Arizona real estate market has increased by 5.3% since 2019 and is currently at $254,600, according to Mashvisor. If you have been contemplating investing in housing within Arizona, this is the perfect time to do so. With housing market predictions pointing to a 2.1% increase, you can be sure of earning high returns on your investment. However, to enjoy a good ROI, you need to invest in the right housing market.
Currently, Phoenix, Tucson, and Scottsdale are hot spots for property investment. Purchasing the standard apartments in Old Town Scottsdale, for instance, guarantees a high return considering the property value in this region is expected to increase by 1.6% within the coming year. Nonetheless, there are other upcoming real estate markets that are just as worth your investment.
Payson
Payson, located in Gila County, should be a top consideration, if you want a serene and beautiful surrounding. This area features luxury properties with a median value of $457,580. However, you can find a house selling at $200,000 and become a homeowner in a golf course home community.
Homes are built within a golf course, providing a panoramic mountain view of the city. This makes buying a property in Payson worthwhile. Not to mention, the resale value will continue to increase.
Maricopa
According to realtor.com, the median home cost in Maricopa, Pinal County, is $216,700. Potential homeowners can find an assorted listing of homes from luxurious houses to inexpensive condominiums and urban townhouses. Maricopa’s residential property market provides a perfect opportunity for first-time homebuyers to own spacious homes with appealing designs.
Most townhomes have 2-3 bathrooms, walk-in closets, three bedrooms, low maintenance patio on front and backyard, modern-designed kitchen, living and dining rooms, and a two-car garage. Condominiums have extra features, including a community spa, pool, and workout facility or recreation rooms.
But before investing in any property, make sure you know how to calculate home affordability. Knowing how much you can afford will help you choose the right house that fits your budget.
Sierra Vista
The estimated median listing price in Sierra Vista is $204,950, according to Zillow. Depending on your preferences, you can choose ranch-style homes, which feature an open floor plan to create more space for comfort. Ideally, the flow in these homes will give you freedom, as you won’t feel enclosed. You can also spend time outside in the well-maintained patio.
Alternatively, you can invest in Spanish-adobe designed homes. These properties have a square look from the outside but feature modern luxury interior décor and a Spanish-Mexican touch that creates unique spaces.
Investing in the real estate market is a sure way of building wealth and diversifying your portfolio. However, you need to identify the best market. A thorough search in the housing market is essential to determine if you should invest in hot spot locations and up-and-coming areas in Arizona.