Today, there are a number of reasons to be excited about the direction real estate is taking in our state.
Here are five reasons to be optimistic.
- Up in the Right Direction. We expect Arizona will see continued increases in jobs, wages and population growth, along with industry growth in the finance, data management, health care, construction and service sectors.
- From Rent to Own. The average rent on a Valley apartment is up almost 8 percent from last year. We believe continued low interest rates and eased Federal Housing Administration condo regulations will drive more renters toward homeownership.
- If You Build It… In October, the Homebuilders Association of Central Arizona reported there was a 12 percent increase to single-family building permits issued in the Greater Phoenix area from January through September. Single-family home construction remains a major economic driver in our community via both construction jobs and the service sector businesses, which ultimately follow newly created communities.
- Bubble? With increasing home prices nationally, it’s easy to see why some people may think we are heading for another housing bubble. However, when you take a closer look, home prices actually are below where they should be (even accounting for normal appreciation).
- The Cubs Won! This is great for Mesa, the spring home of the World Series Champion Chicago Cubs. We expect to see another year of record breaking attendance at Spring Training games and more Chicagoans looking to relocate or find a second home here in Mesa.
John Karadsheh is the Designated Broker for KOR Properties. He has been a Multi-Million Dollar producing agent for more than 14 years, and is an Accredited Buyers Representative (ABR) and Certified Residential Specialist (CRS). In 2014, John was voted the No. 1 Real Estate Agent in Arizona by Ranking Arizona. You can reach John at (480) 568-8684, or visit his website at KORproperties.com. KOR Properties also is the creator and one of the founding sponsors of Mesa Food Truck Fridays.