High Temps, Hot Market
Every summer brings rising temperatures all across the state, but summer also often means a cooler housing market. Fortunately for REALTORS® in Arizona, 2017 has been and is forecast to be a pretty hot year for home sales thanks to our inviting climates.
It’s no secret that one of the biggest selling points of the Grand Canyon State is our incredible weather, from the snowy winters in Flagstaff to the perpetual sunshine in the Valley. But there’s another climate that’s attracting new residents from all over the country: our political climate.
Arizona’s state government has adopted a very strong, pro-property rights approach to issues regarding homeownership and business development, with relatively low taxes overall when compared with other states. These policies are drawing people generally in two ways, by leading to job creation, and by attracting people from higher-tax, weaker-property rights states like Illinois and New York.
So while the rest of the country is expected to experience cooler home sales markets as aftershocks of the Great Recession continue to reverberate throughout our industry, Arizona and the Phoenix metro area are expected to stay hot into 2018.
According to the National Association of REALTORS® 2017 Housing Forecast, the Phoenix-Mesa-Scottsdale area will be the hottest in the country, and Tucson comes in the Top 10 as the 9th hottest. All this activity in these cities is great for the rest of the state too, as it brings in new people who may soon be looking to buy second properties in Show Low, Page, Lake Havasu, or at least rent weekend homes and cabins from your investment clients.
Source: Research.Realtor.com
As the rest of the country continues to deal with the aftermath of the housing collapse, Arizona’s housing market is making a steady recovery thanks in part to good governance. Of course, Arizona’s politicians and policy makers aren’t perfect, and we sometimes have political issues.
Last year, the state legislature almost made it illegal for REALTORS® to drive their clients to showings in their own cars. While it was just an unintended consequence of a bill, it could’ve had a huge impact on all of our members.
Fortunately, you have the Arizona REALTORS® and REALTORS® of Arizona Political Action Committee looking out for your interests. Both work tirelessly with Arizona’s political leadership, agency executives, candidates, and government staff to ensure REALTORS® are represented at every level of government.
This inviting government climate that is spurring a rebounding housing market is the direct result of the investments made by Arizona REALTOR® members, and it’s their continued investment and involvement that will ensure Arizona remains a great place to work in the real estate industry.
Help ensure Arizona is REALTOR® friendly for years to come by investing in RAPAC today.
Tags: climate, housing forecast, taxes, weather