@Josh Young Thanks for reaching out. Gilbert is a great area for a lot of reasons.. it's where I grew up and its really grown! Thanks for the advice as well, to get an agent that is an investor also. Also congrats on your real estate success so far. A friend of mine just recommended me an agent whom I am going to inquire about, but I will not forget about you!
I am relocating to Phoenix in a few months for work and am looking to House Hack into my first rental property. With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:
Demand for both buying and renting property remains high due to the city's strong economy and growing population.
The median home value in Phoenix as of April 2023 was $368,657, which is a 23.5% increase from the previous year.
The limited housing supply has resulted in increased competition among buyers and higher prices.
The rental market in Phoenix has seen significant rent increases over the past few years, which has led to affordability challenges for many renters.
Some renters are choosing to relocate to more affordable cities within the Phoenix metro area.
The Phoenix real estate market remains strong and is expected to continue growing in the coming years.
This is what my research showed me about the market, but two things should be duly noted here. First, conducting thorough research and due diligence before making any investment decisions is crucial. Second, working with a local real estate professional who has experience and expertise in the Phoenix market can be helpful in navigating the current market conditions.
Hope this helped out some, Kyle, and I look forward to connecting with you in the future!
I live near Phoenix and looking to invest locally. Is Phoenix a good market?
Hi Kyle. With the right purchase, any market is a good market. Phx has it's own challenges and rewards. It depends on what you want to invest in. STR's? MTR strategy? LTR's? multifamily? SFH rentals? Commercial/offices? Mobile home parks? And countless other options. Some investments give better ROI in Phx, such as multifamily, and some generally perform better in getaway destinations (Sedona), for STR's, etc.
I live near Phoenix and looking to invest locally. Is Phoenix a good market?
Hey Kyle, take a look at Redfin's market data for Phoenix and you can see the strong migration to Phoenix from affluent parts of the country like the Pacific North West. It all depends on your strategy, Phoenix is primarily a single family state so small-multi family is competitive with low supply. STR's can be very profitable in certain areas of the state, and rental demand is growing rapidly. Connect with local professionals who know the market will be the most value added in your investing journey.
I am relocating to Phoenix in a few months for work and am looking to House Hack into my first rental property. With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:
Demand for both buying and renting property remains high due to the city's strong economy and growing population.
The median home value in Phoenix as of April 2023 was $368,657, which is a 23.5% increase from the previous year.
The limited housing supply has resulted in increased competition among buyers and higher prices.
The rental market in Phoenix has seen significant rent increases over the past few years, which has led to affordability challenges for many renters.
Some renters are choosing to relocate to more affordable cities within the Phoenix metro area.
The Phoenix real estate market remains strong and is expected to continue growing in the coming years.
This is what my research showed me about the market, but two things should be duly noted here. First, conducting thorough research and due diligence before making any investment decisions is crucial. Second, working with a local real estate professional who has experience and expertise in the Phoenix market can be helpful in navigating the current market conditions.
Hope this helped out some, Kyle, and I look forward to connecting with you in the future!
Thanks for the compliment on my research, it's nice to have some open dialogue with someone familiar with the Phoenix market!
The strategy I'm following for my first house hack is to acquire a multifamily property (duplex, triplex, quadplex) or SFH w/ an ADU (or potential for an ADU) as I am mainly looking to simultaneously acquire my first property and subsidize my mortgage payment. Hope this helps!
@Cameron Gomez What's your time frame on acquiring your first property in Arizona? What has kept you from pulling the trigger thus far? I'm in the same boat. I'm interested in buying a property this year in the Phoenix-Metro area and house hacking as well. It'll be my first property and my biggest hurdle is analyzing deals. I'll probably get an agent to do that for me. Do you know any good ones in the Phoenix area?
There are a lot of us here that are Investor Friendly Agents in the greater Phoenix metro. I like to always recommend that you choose an agent who is also an investor maybe a few years ahead of where you want to be. I went from renting a room in a house at the start of 2016 to owning over $2M in real estate in under 6 years right here in Gilbert. This market is amazing and there are still great opportunities to buy properties. I’d be happy to talk with you and help you analyze deals, and if I’m your agent that’s great, if not that’s okay too, just make sure you pick an agent who owns rental properties themselves if that’s what you are trying to do.
@Josh Young Thanks for reaching out. Gilbert is a great area for a lot of reasons.. it's where I grew up and its really grown! Thanks for the advice as well, to get an agent that is an investor also. Also congrats on your real estate success so far. A friend of mine just recommended me an agent whom I am going to inquire about, but I will not forget about you!
I live near Phoenix and looking to invest locally. Is Phoenix a good market?
Hi Kyle. Phoenix is a great market to invest in for some things and not for others. What are you thinking about investing in? Spoiler alert- Phx is quite a saturated STR area, and many STR's (although some are doing great) are having major occupancy issues.
Would love to hear an update on your Real Estate journey, @Kyle Barnhart. Did you make that leap to invest in Phoenix Real Estate? If so, how do you feel about the property you chose?