Average home sale prices have increased almost 40% over the past year in Arizona.
But, will the value of property in Arizona last?
Some experts say if you don't invest now, you likely won't invest ever in Arizona's booming real estate market.
Whether you're seeking residential, commercial, industrial, or multifamily properties: Here's why you should look into Arizona property investment.
Arizona's Economy Was Stable During the Pandemic
There's no arguing that there were many business closures and residents filing for unemployment during the government shutdowns of the COVID-19 pandemic. But, relative to other states, Arizona's economy was not hit as hard. This was mainly due to the state's economic policies.
If the pandemic is over, why does it matter? Well, the pandemic isn't over. New variants continue to make the future uncertain. Arizona's response to emergencies and disasters shows its resilience during a potential crisis. This makes it a favorable, less risky market for long-term property investment.
More Corporations Are Moving to Arizona
Across Arizona, there are dozens of big development projects happening. Many of these promises jobs and a strong economy now and well into the future. For example, Red Bull North America is expanding its distribution center to create its first manufacturing facility outside of Austria.
Amazon is expanding its corporate and distribution presence in Arizona. They are also building an Amazon Robotics facility. Boeing, Doordash, Microsoft, White Claw, and Mattel are among the hundreds of massive corporations securing their presence in Arizona.
There are other offbeat projects positioning Arizona to be a state of innovation too. Bill Gates is planning a futuristic experimental city in the Arizona desert. The presence of these different influencers further establishes a prosperous future in Arizona.
Federal and State Funding is Pouring into Arizona Property Investment
This year the federal government gave Arizona $508,400,000 to create more affordable housing in the state. Pima County recently approved $3.25 in Community Development Emergency Grants. In March Native American tribes in Arizona received $88 million in housing grants. In addition to $450 million in housing assistance. This is the most money given to any tribal organization.
Besides federal funding, prominent Arizona cities are aggressively moving forward with housing plans. Phoenix, Tucson, Tempe, and Mesa plan to decrease homelessness and increase housing accessibility.
Arizona has low real estate taxes and Arizona tax incentives for builders, developers, and business owners. This further establishes it as a stable market to invest in.
Smart Property Investment in the Sun Belt
The opportunity for Arizona property investment won't last forever. Investment interest in Arizona has grown over the past decade. In 2021 the market reached a tipping point.
Once you invest in the right property in Arizona, what's next? You need an experienced property management team. One that is well versed in the market and familiar with the consumer.
Lucky for you, you don't have to look far for the dream team. You've found it! Discover why our clients love us by reading our property management reviews here.