It is safe to say that the state of Arizona continues to be one of the top moving destinations. In fact according to Arizona Business News, Arizona is ranking third in the nation and 63.2% of all Arizona moves were inbound last year. Simply put, more people are moving to Arizona than are moving out, and this is helping to cause a housing shortage.
Here are some of the top states that are driving people to move to Arizona and the city of Maricopa.
1. California, in particular Los Angeles, is one of the outbound hotspots moving to Arizona. To live comfortably in LA you need to earn at least $136,207 compared to the estimated cost of living in a metro area like Phoenix, which is $48,876, according to Arizona Business News. Simply put, Californians get more bang for their buck here.
With the greater increase of inbound movers, the housing market is finding it difficult to keep up the pace. New-builds are quoting an eight-month build time and in the West Valley lotteries have started for lot sales and there is a waiting list. Some builders are limiting how many sales can take place in a month because the trades just can’t keep up with the volume of homes being built.
It is common to see rates under 3% on conventional loans right now and buyers are cashing in on this. Sellers are cashing in on multiple offer sales prices well above list price with appraisals being waived. Knowing how to maneuver in this market can be prosperous and exciting, but now more than ever you need to understand what is happening in the real estate market and know how to position yourself to buy or sell and do it well.
In the city of Maricopa there are only 51 active resale homes in an HOA subdivision available for sale. There has never been a better time to sell your home.