Just like many others parts of the United States, Arizona has rebounded from the subprime mortgage crisis. According to RealtyTrac, some of the factors responsible for an uptick in Arizona's property market include decline in the number of people who own homes worth less than their mortgages as well as steady population growth. This makes Arizona a great choice for British investors who would like to buybuild properties and fit them with products bought from fireplace showroom essex.
Overview of Arizona Real Estate
Arizona has a vibrant real estate market with property prices rising steadily every year. Figures published by Trulia show that the average home listing price is 312,419 while the median sales price is 168,000 in Phoenix. However, these prices vary from one neighborhood to another. For example, the average listing price in the neighborhood of Camelback East is 588,951. In Deer Valley, the listing price drops to 245,351. Nevertheless, homebuyers and investors are snapping up properties at a frantic pace. According to Todd Gillenwater, the chief executive officer at Russ Lyon Sotheby's International Realty, the company had sold luxury properties worth more than 2 billion by the end of August 2013.
Demand for construction permits is on the rise. For example, the city of Scottsdale issued more than 7,000 construction permits in the fiscal year that ended on June 30, 2013. This is according to Scottsdale's development services director, Michael Clark. Tucson is also experiencing a real estate boom. Bright Future Real Estate Research's Ginger Kneup says the Tucson real estate market has beaten forecasts and estimates by about 10.
People who invest in rental homes can expect to make a substantial return on their investment. A study carried out by Arizona State University (ASU) and released on June 11, 2014 found that demand for rental houses in Arizona is high. In addition, rental rates are still rising because the number of people with disposable incomes is rising fast. In fact, figures from Moody's Analytics show that employment opportunities will grow by three percent annually over the next five years, which makes Arizona the fastest job growth state in the US.
Tips for Buying Real Estate in Arizona
To start with, unlike other states, Arizona allows real estate agents, escrow officers, and title examiners to draft documents related to property transactions. This means you do not have to hire a lawyer to prepare these documents. Secondly, Arizona does not have usury laws, which means lenders are free to set interest rates as they wish. Thirdly, you do not have to travel all the way to Arizona to close a real estate transaction. You can finalize everything via fax, email, or phone calls. Fourthly, an investor buying a rental property must register it with the local county. Take note an investor who lives outside Arizona must appoint an in-state statutory agent.
In summary, if you would like to invest in real estate in America, you should consider the state of Arizona. Currently, it has one of the fastest job growth rates in the US, which makes it attractive to workers. You can buy a rental property without setting foot in America and appoint a statutory agent to oversee it on your behalf.