Phoenix Real Estate: Looking to buy second home to turn rental

[Ryan Saint-Amour]

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.

[Bob Okenwa]

@Ryan Saint-Amour

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.