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Updated over 2 years ago on . Most recent reply
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Phoenix Real Estate: Looking to buy second home to turn rental
Looking to buy my second home and turn my first into a rental. Those of you with the knowledge of the market in Phoenix metroplex, AZ. Where and when would you suggest I look? I’m curious to start with simple single family homes or duplexes.
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People will keep moving here, so if there's a decent looking home (pretty much anything built after 2000 is in pretty good shape and may just need some paint and flooring in a lot of cases) at a good price, it'll still go fast. No more 3/2 1500 sf selling for 600k in a day kind of listings though.
I think we'll see prices dip a bit. Not many people can pay 600k with 6.5% interest for a starter house. Probably won't see a dip back to "normal" like in 2019 or anything like that as even a 25% price drop from the current median (475k) puts us at 356k, whereas the median sales price in June 2019 was 280k. We'd need to see a 59% reduction to get that low and I don't foresee that happening any time soon.