According to a recent article, Phoenix is expected to be one of the five top housing markets in the United States in 2020. Maricopa County’s employment sector has shown significant gains in the tech, healthcare bioscience, manufacturing, business, and financial services industries, and the economy is booming. As more residents arrive daily, housing demand is high, and the market is competitive. If you are looking into the area you may want to know: Is 2020 the year to sell or buy in in Phoenix?
2020 Phoenix Real Estate Investment
Both commercial and residential real estate in and around Phoenix are selling and renting at record highs. In the residential market, buyers wanting to acquire property inside metro Phoenix will have to be ready to compete. Supply continues to be limited, and with a surplus of buyers, it continues to be a seller’s market. Activity is also high in the commercial market. Business expansion continues with no signs of slowing. For example, just weeks ago, Phoenix-area developer True North Studios signed a deal with game maker Atari to build a hotel in the city. There are indications that the market is expected to remain steady in this region, and that values will continue to rise.
Selling in the 2020 Phoenix Real Estate Market
Selling in an upmarket can be a boon in some situations, such as when the owners have a great deal of equity and are looking to downsize. However, if you are not in the right position, even in a seller’s market, giving up your property could make life more complicated for you. For instance, selling when you don’t plan on moving out of the area will mean having to pay more for a new home in a competitive market. Any money you make on your sale is likely to have to be applied back into moving and closing costs and your new mortgage. You also need to consider how moving will impact matters such as your work and family’s lifestyle. Whether you own real estate in Phoenix or another Arizona city, its important to consider whether selling fits your life circumstances.
Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise to help you navigate your real estate transaction. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.