The property prices in Arizona are rising steadily over the last few years. It is probably the best time for Arizona property investment. There are several reasons behind such conclusion and the prime reason is that Arizona is one of those states of US where the appreciation rate is very high and steady.
There are records of fall in sale and prices of properties in several other US states, but the scenario is different when it comes to Arizona. There are some places in the State of Arizona where the market fluctuates but the overall picture of the property investment sector in Arizona is very optimistic.
Before any kind of property investment, the prime focus should be on the economic development of the area because this is a factor, which is directly related with the appreciation rate of the property in that area. The economy of Arizona is stable and expected to flourish in near future.
The prevalence of high-tech industry and several world class universities played a crucial role in the economic boom of Arizona State. At the same time some of the best school-districts are also present in the state, which helped in the appreciation of the housing sector to some extent.
In some parts of the state like Tuscon, the new home prices are going down a bit. On the other hand, there is a rise in the resale home prices. The average price of new home has gone down by almost $12,000 and rise in resale price has been around $5000. But the experts are expecting the market to become steady very soon. On the other hand, the housing market in Phoenix is growing very rapidly. In March 2007, the average price for the old houses experienced a tremendous rise of almost 30% and the price was between $200,000 and $213,000.
All these facts are fueling the investment plans of the investors. As we all know that investments are made to help the money to grow manifold. In conclusion it can be said that Arizona property investment is a profitable proposition for all investors participating in the real estate investment.
Last Updated on : 5th July 2016