The State of Arizona, one of the four corner states and the 48th state to be admitted to the Union, is rapidly becoming one of the more popular states to buy real estate in. Having just recorded its record home sale , a 21,000-square-foot sprawling mansion with 14 bathrooms and five kitchens, all for the bargain price of $18.8 million, Arizona real estate is proving to be a market as hot as its weather. 2017 was a great year for Arizona’s residential real estate market with increased home sales, rising prices, and the number of agents completing deals at a record high.
The demand for both new and resale homes in Arizona increased on a year-on-year basis, with 7 percent more resale homes sold in December 2017, than the same time in 2016. The Arizona Department of Real Estate reported 57,454 active real estate broker licensees at the start of this year, a 4.4 percent increase from January 2017.
Maricopa County, Arizona’s largest county and home to Phoenix, had the highest population growth in the entire U.S. in 2016, gaining an average of 223 people every day , approximately half of which due to net domestic migration. So, what exactly is it that is luring people to the Copper State? Here are the top five reasons why people are moving to Arizona.
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The Weather
With 338 days of sunshine each year, the Arizona climate is one of the five ‘C’s of the Arizona economy (the others being Copper, Cotton, Citrus and Cattle). However, it isn’t just sunshine, snow-capped Humphreys Peak stands at 12,637 feet, which means you can tan in Phoenix in the morning and go skiing in Flagstaff in the afternoon.
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The Great Outdoors
Arizona has a stunning and varied array of landscapes to explore and enjoy. It’s not just skiing folks can enjoy, there is of course the wonder that is the Grand Canyon and thousands of miles of unspoilt natural parks encompassing deserts, mountains and rivers which can be biked, hiked and kayaked.
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The Housing
There are bargains to be had in the Arizona housing market. From studio apartments in the cities to luxurious mountain homesites , buying in Arizona offers a great investment opportunity. Despite rising 70 percent since 2006, homes there are still on average worth 16 percent less than they were 12 years ago, and have risen at a greater rate than the rest of the U.S. which has only seen an average growth rate of 33% in the same period.
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The Economy
Arizona has one of the strongest economies in the U.S. generating solid growth that is outpacing the rest of the country and boasting a larger economy than New Zealand, Finland and Ireland. Dozens of big businesses have expanded or relocated from neighbouring California and over 100,000 new private sector jobs have been created in just the last two years alone. Tech giants Apple Inc. invested more than $2 billion on a command center in Mesa, and more companies are following suite like Lucid Motors who are committed to spending $700 million in investment by 2022.
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The Culture
Arizona is a wonderfully diverse and welcoming state. Between 60 and 70 percent of Arizonans are from somewhere else and as well as offering foods and cultures from around the world, there are fiestas all year long to enjoy. No matter what your background or what you enjoy, there is something for everyone in Arizona.
Arizona is one of the best kept secrets in the U.S. Isn’t it about time you considered Arizona?
