Recent real estate news may tell you that the real estate market is cooling. The Phoenix Business Journal will beg to differ. They just marketed Phoenix a spot as one of the “hottest places for millennials to live in 2019.” They credit a hot job market and booming tech sector as an appealing to our younger generation, not to mention its safe neighborhoods for growing families, great school districts, as well as some of the top colleges in the nation.
The real estate market has been hot since late 2015. With prices almost doubling. Many California families have fled the state to seek more affordable real estate in Arizona. So whether you are buying a home Arizona to live in, purchasing properties or land for sale to flip, Arizona is a hot market for all. Predictions for Arizona real estate include real estate in the Phoenix region to increase three to four percent in the next year.
Many real estate articles focus on millennials and the younger families looking for affordable housing but let us not forget our 75 million baby boomers entering or who have entered their golden years. One of the recent baby boomer trends is to “age in place”. However, there are many boomers who have worked hard their whole lives to retire in style and to build the home they envisioned. They will flee their empty nests and unused square footage and to create new memories in the home of their dreams. They seek to build their dream home on the vast land available for purchase. There is some land for sale arizona from the mountains in Northern Arizona, to the red rock in Sedona, down to the southern border. With the suburbs of Phoenix, Scottsdale, Flagstaff and Tucson spreading due to population growth, flipping land is a growing trend. One can purchase land for sale on the outskirts, old it and sell to developers for a profit.
You can purchase land for sale in Arizona by the owner or there are currently developments helping in building your own dream home, putting your personal touches on your new home while working with local architects and builders to assist you. If you are not quite ready to start building your home, you can always purchase the land and build later, with many developments, there is no time restriction to build.
But why should the baby boomers have all of the fun? Millennials, too, can take advantage of the land for sale and build their own dream home. Two homes in one is a fast-growing movement in home building. Millennials are no strangers to space sharing and living in smaller quarters as they are the largest population, men and women, to attend college and obtain a degree.
The National Association of Realtors expects home values to continue to rise. This may be at a slower pace, but still, rise. It is a good time to buy a home or land to build your home. So whatever generation you are in, Arizona is a booming real estate economy whether you seek to buy in tract homes or purchase the open land for sale and make you real estate dreams come true.