We talked about the state of housing in the Phoenix area a few weeks ago, let’s continue that conversation!
New housing and apartments are popping up all around the valley at a crazy rate! All of the major builders have projects currently in progress or what they call “shovel ready’ projects starting any day or waiting for approval from city government.
Some of the delay is around water – imagine water in the desert is an issue! But it really is. Currently there is a restriction on new home-building due to a lack of groundwater. New projects must show the government that they have access to a 100-year water plan. Most citizens think that this is smart or cautious because as I said, this is the desert.
Water aside, you can find new developments from Pulte, Lennar, Meritage Homes, Mattamy Homes, KB Homes, Land Sea and Richmond Homes and there are probably a lot more in any section of the valley.
If you are looking for a new build, you can check out these builders’ websites to see what they are offering. Building a home from scratch is probably one of the most exciting experiences you could ever have (yes, I’m biased!). There is something so cool about deciding where electrical outlets will go and what type of flooring will go in your new home.
The resale market for homes shows an inventory shortage which means there are a lot of people looking for a home but not enough listings to meet the demand. You can still find a home, but it may mean working through multiple offers or bidding against others trying to buy a home too! I will reiterate my advice when searching for your next home – work with a Realtor!
If a home isn’t in your future, you can always look to the 131,000 new apartments in the pipeline in the Phoenix area. You can read more at the link below, these apartments are in the leasing stage, actively under construction, in the planning stage or the prospective stage. So, for the foreseeable future there will be inventory to choose from. At the end of August 2023, Phoenix ranked number 6 in the country in new apartment construction.
The other concern is of course, price and interest rates! Information released September 20th says the Federal Reserve kept interest rates steady, but the informed consumer must keep an eye on that – it’s always subject to change!
There is lots to think about as you contemplate a move – hopefully this information helps as you consider becoming
#Transplanted