The Arizona housing market is expected to stay hot in 2021 and into the future. A recent survey by Realtor.com reveals Arizona home values will increase by 7 percent during 2021. Additionally, the number of home sales is expected to rise by 11.4 percent in 2021. Arizona could be the best state to invest in real estate thanks to a booming economy and affordability.
Three Reasons to Invest in Arizona Real Estate in 2021
The Arizona economy finished 2020 in better shape than most states. Through October 2020, two-thirds of the jobs lost due to the pandemic had been recovered, and Arizona appears on track to replace all lost jobs in 2021.
Notably, the primary factor for the strength of the Arizona housing market is job growth. As the service sector rebounds, the state’s traditional growth industries such as tourism, finance, transportation, health care, and warehousing and distribution will provide more jobs to the residents.
It’s a Landlord-Friendly State
When buying a property anywhere, it is good to check the landlord-tenant laws of the area. Such laws can make managing your rental property much easier or extremely difficult. Arizona has landlord-friendly laws about lease agreements, security deposits, and evictions. In Arizona, dealing with bad tenants is effortless, thanks to a fast and easy eviction process. The state also has non-compliance laws that obligated tenants to pay their rent on time and provide accurate information on the lease and application.
Airbnb Is Legal
Airbnb is a relatively new real estate trend that has caught the eyes of many investors the world over. However, some people see it as a threat, with those opposed quoting issues with platforms promoting short-term rentals such as HomeAway, VRBO, and Airbnb. The complaints have led to new laws and bans in some states that affect the Airbnb niche. The great news is that Airbnb is legal in Arizona. In 2017, a new law in Arizona was enacted to bar cities, towns, and counties from restricting short-term rental properties not classified as hotels.
Best places to buy a property in Arizona
The following are some of the places to buy an investment house in Arizona:
Tucson is only a few hours away from Phoenix and is home to several neighborhoods ranked among the best places to live in Arizona. Tucson offers affordable real estate and a range of diversification. The good weather means you will get to enjoy great outdoor activities and epic views of the gorgeous mountains and other scenery throughout the year.
Flagstaff is located in northern Arizona. It features a distinct climate and geography that is quite different from other southern cities. It also has good schools, an active cultural scene, and breathtaking natural beauty.
Chandler is a suburb of Phoenix that offers unrivaled golf facilities and beautiful parks. Some of the noteworthy outdoor activities that the city provides include the Ostrich Festival in March or the Chihuahua Races in May. The suburb is full of families and professionals working in Chandler and Phoenix.
Oro Valley is a beautiful suburb located near Tucson. Thanks to tech giants such as Sanofi-Aventis, Honeywell, and Ventana, it has become a tech hub that has set a base in the city. Oro Valley offers several opportunities for biking, hiking, camping, and golf.
If you are targeting families with your rental properties, Gilbert should be your natural choice. It is one of the safest locales to reside in Arizona and a great location to raise a family. It boasts of a reasonable cost of living and the best schools.
Get Help from Fairway Independent Mortgage Corporation
Getting a mortgage is always a big decision, but it doesn’t have to be difficult. If you’re ready to start investing in real estate in Arizona, our mortgage experts at Fairway Independent are here to help. Our goal is to act as your trusted mortgage advisor, provide highly personalized service, and guide you through every step of the loan process.