According to a great article by Irene Snyder and Justin Lum of Fox10 Phoenix, real estate experts say the housing market is booming in Phoenix despite the COVID-19 pandemic and for sellers, it’s a time to capitalize as offers get hotter.
What is Causing the Price Increase?
Arizona is booming with people moving in from out of state, creating a much higher demand for the available inventory.
The ratio of buyers to sellers is currently around ten to one and the supply of homes for sale continues to drop.
How Has This Affected the Phoenix Housing Market?
Housing inventory in Maricopa County is down at least 55% compared to this time last year, all while there’s an influx of migration into the Valley.
The city of Phoenix has gained more than 80,000 residents in 2020. That’s the biggest net inflow of metro areas across the country, according to Redfin.com.
The pandemic is also a factor for people working remotely. They move here, planning to keep a well-paying job while paying lower taxes by moving to Arizona.
Is There Any Affordable Housing Left in Phoenix?
However, with supplies low and demand great, home prices are soaring to the point that make buying a house unaffordable for many. Thankfully Trellis works with local and state governments to renevate existing properties and to build new communities that are zoned as workforce housing. These homes are specially priced to allow middle-income workers to actually live near their places of employment. One such community is Trellis@Colter, consisting of 20 new, modern townhomes between 15th and 19th Avenues on West Colter Street.
Get the Help You Need!
If you need finding affordable housing or the right financing packages to purchase a home, Trellis can help. For 45 years, Trellis has been assisting the most vulnerable and under-served in our communities with financial education, affordable housing, and loan programs, including down payment assistance for those who qualify. If you would like to talk with one of our knowledgeable and caring counselors, please complete and submit the below form: