Scottsdale & Greater Phoenix Metro Area - Real Estate News & Market Updates

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. 

March 8, 2024

The Benefits of Downsizing When You Retire

If you’re taking a look at your expenses as you retire, saving money where you can has a lot of appeal. One long-standing, popular way to do that is by downsizing to a smaller home.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve built up a considerable amount of equity. And that equity is something you can use to help you buy a home that better fits your needs today. Daniel Hunt, CFA at Morgan Stanley, explains: “Home equity can be a significant source of wealth for retirees, often representing a large portion of their net worth. Retirement planning can be complex, but your home equity shouldn’t be overlooked.”

And when you’re ready to use that equity to fuel your next move, your real estate agent will be your guide through every step of the process. That includes setting the right price for your current house when you sell, finding the home that best fits your evolving needs, and understanding what you can afford at today’s mortgage rate.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

  • Do the original reasons I bought my current house still stand, or have my needs changed since then?
  • Do I really need and want the space I have right now, or could somewhere smaller be a better fit?
  • What are my housing expenses right now, and how much do I want to try to save by downsizing?

Then, meet with a real estate agent to get an answer to this one: What are my options in the market right now? A local real estate agent can walk you through how much equity you have in your house and how it positions you to win when you downsize.

Bottom Line

Want to save money in retirement? Consider downsizing – it could really help you out. When you’re ready, we're here to to help you reach your goals. Get direct access to the Arizona Realtor Database to find your next dream home. 

From Keeping Current Matters

Posted in Retire in Arizona
March 5, 2024

8 Reasons To Retire in Arizona Verses Florida

 

Choose Arizona for retirement: stunning mountain landscapes, mild winters, vibrant culture, low humidity, local weekend road trips —read here about the Top 8 reasons to Retire in Arizona . 

While there are plenty of underrated beach town in Florida and tons of allure to spending your golden years in the Sunshine State, retiring in Arizona might be a better bet. Arizona has many cost effective & small low density communities with tons of stunning nature to explore, and a top-notch healthcare system. If you're debating between the two states, it's time to consider these factors when it comes to your retirement.

Arizona could be an excellent bet for you if you have a stuffy nose or foggy head when the pollen starts to fly. Phoenix, Arizona, is one of the best places for allergy sufferers to settle down. Enjoy the great outdoors any time of the year without worrying about taking you Claritin. Florida ranks 18th in the Wyndly Summer 2023 Pollen Report, with a pollen PPM of 701.00, whereas Arizona boasts the lowest pollen allergies, ranking 1st with a PPM of 472.00

  • Most Allergy-Free City: Phoenix
  • Reason this is a Winner for Arizona: You can explore the outdoors with ease and feel better overall.

Retire in Arizona

While you'll find plenty of galleries and exhibits in the Sunshine State of Florida, Arizona is truly special. Not only will you find phenomenal museums like the Shemer Art Center, but Arizona also has spots where you can see ancient rock art and lots of artistic communities where you can tap into your creative side.

  • Top Cities for an Artistic Experience: Sedona, Jerome, Phoenix
  • Reason this is a Winner for Arizona: Enjoy surrounding yourself with creativity in your golden years

Retire in Scottsdale Arizona

Arizona's population is substantially lower than Florida's, meaning there's much more space to spread out and enjoy yourself. In 2024, there were 7,547,837 people in Arizona, versus 23,078,331 people in Florida. If you're the sort of person who likes calm, peace of mind, and some time alone, Arizona is a good bet. 

  • Reason this is a Winner for Arizona: If you enjoy peace and quiet, you'll love the sparsely-populated splendor of Arizona

Florida might be gorgeous, but it's also one of the top states for natural disasters. Florida's position on the Atlantic Coast makes it hurricane-central, whereas Arizona has fewer weather events to contend with. In contrast to the unpredictable weather of Florida, Arizona boasts a more arid climate, providing residents with consistent sunshine and a lower risk of weather-related incidents. The state's breathtaking desert landscapes, iconic saguaro cacti, and majestic canyons contribute to a unique and serene environment.

  • Top Cities to Enjoy: Scottsdale, Phoenix, Sedona
  • Reason this is a Winner for Arizona: You don't need to worry about stocking up on flood and hurricane insurance.

 

  • Best Cities to Find Great Snow Activities: Flagstaff
  • Reason this is a Winner for Arizona: You won't find these all-season activities in Florida

Retire in Arizona

It's cheaper to live in Arizona than in Florida. The average cost of living in Phoenix is $3,269, versus Miami, Florida, which is $4,821. This means that your retirement dollars will stretch much further, and you can enjoy the perks of a work-free life, including travel and leisure activities.

  • Best Spot to Find Low Cost of Living: San Tan, Sun City, Maricopa
  • Reason this is a Winner for Arizona: You'll be able to stretch your retirement funds, travel more, and live more comfortably

Florida verses Arizona for Retirement

Arizona has some genuinely first-rate hospitals, so you don't need to worry about skimping on your healthcare when you retire here. Many of these are in Phoenix, which is also full of amazing things to do. The healthcare infrastructure in Arizona, particularly in Phoenix, not only ensures retirees have access to top-notch medical facilities but also contributes to the overall well-being of the community. Arizona secures a commendable No. 8 spot, signifying its excellence in hospital quality among U.S. states. In contrast, Florida ranks less favorably at No. 13. It is also home to not 1 but 2 locations for the Mayo Clinic!

  • Top Places for Exceptional Healthcare: Sun City, Phoenix, Scottsdale
  • Reason this is a Winner for Arizona: You can rest easy in that you're getting the best possible health care and hospital access

Regarding median real estate taxes, Arizona boasts a lower effective property tax rate than Florida. The median real estate tax in Arizona is $1,707, saving $631 annually compared to Florida's $2,338. This disparity stems partly from Arizona's Proposition 108, which caps the total property tax rate on owner-occupied homes. Additionally, Florida's higher median home values contribute to the larger tax burden. This cost advantage for Arizona residents can translate to increased housing affordability and potentially influence decisions about where to purchase property. Property Taxes hover around 1/2 of 1% of the average sale price on homes in Arizona.

  • Top Places to Purchase Property: Scottsdale, Cave Creek, Gilbert, Goodyear, Surprise
  • Reason this is a Winner for Arizona: 37% lower property taxes than Florida, thanks to smart caps and savvy savings

Get direct access to the Arizona Realtor Database to find your dream retirement home.

Jan. 3, 2022

Shift Coming - From Extreme Seller's Market - Inventory Increasing

Sellers’ grip on metro Phoenix’s housing market is starting to slip.

The supply of Valley homes for sale has steadily been climbing for the past few months, giving buyers worn out by bidding wars and new monthly home price records a better chance to close on one.

Drops in listing prices are on the rise too.

Valley home listings are up almost 43% since late February, according to The Cromford Report. And price reductions in homes listed for sale have jumped 102% since mid-February.

It’s also taking a couple days longer for Valley homes to sell because buyers have more choices.

“We are seeing a shift from an extreme sellers’ market,” Tina Tamboer, senior housing analyst with Cromford, told hundreds of real estate agents at Bobby Lieb’s HomeSmart Elite meeting last week. “It’s still a sellers market, but buyers should have a little more hope.”

She said home prices won’t fall as the market gets back in balance, but they also won’t keep appreciating at 3.5% a month.

Tamboer emphasizes markets conditions can change quickly, and she is not making long-term predictions. 

Best metro Phoenix areas for buyers

Anthem in northwest Phoenix is seeing the fastest shift away from a sellers’ market, according to Cromford.

Tamboer said demand and supply could be back in balance in Anthem within the next five weeks, and sellers should take that into account when pricing their homes.

Farther-out metro Phoenix communities are expected to shift from giving sellers the upper hand the fastest.

Here is a look at what areas will strike a balance between supply and demand first, and how long it is expected to take, based on listings and sales:

  • Laveen: 1.9 months
  • Avondale: 2 months
  • Fountain Hills: 2.2 months
  • Gilbert and Queen Creek: 2.5 months
  • Peoria and Casa Grande: 2.7 months
  • Surprise: 2.8 months
  • Buckeye: 3 months
  • Tempe: 3.4 months
  • Scottsdale: 4.2 months
  • Phoenix: 4.5 months
  • Chandler: 4.7 months
  • El Mirage and Mesa: 4.9 months
May 14, 2021

Phoenix Made #1 Top Metropolitan City For Inbound Migration for 3rd Straight Year In A Row. Why is that? See Article below!

Phoenix has maintained its ranking the top metropolitan area in the nation for net migration for a 3rd consecutive year, according to the latest data from the U.S. Census Bureau.

Moving to Phoenix Arizona

Multifamily landlords and homeowners welcomed the nearly 89,000 people who moved to the Phoenix market between July 2019 and July 2020. The influx of new residents, which amounts to an average of about 244 people per day, has supported robust demand for housing, generatinunwavering apartment rent growth and single-family home price appreciation.

With a population of just over 5 million people, Phoenix is the 10th largest metropolitan area in the country. The Valley of the Sun has achieved tremendous growth, and the value proposition that is attracting new residents and businesses to the market has strengthened. Last year, Phoenix’s population grew by 106,008 people, outpacing the market’s 10-year average of 85,562 people.

Since the pandemic, more people have been leaving expensive, dense and highly regulated cities for more affordable markets that enable them a higher quality of life. New York, Los Angeles, Chicago and San Francisco recorded negative net migration last year, while Sun Belt markets, such as Phoenix, posted the largest gains. The increase in remote work policies since the start of the pandemic has also made for a more mobile population that has attracted more people to Phoenix.

Apartment developers have been active in the Phoenix market attempting to keep pace with demand for housing. But last year, new supply fell short of demand, and vacancies have compressed to a record low. The supply and demand imbalance is present in the single-family sector as well. Low single-family housing inventory has forced new Phoenix residents who would potentially be homeowners into the renter pool, which is supporting rent growth. Multifamily rents have climbed 11.8% over the past 12 months, placing Phoenix second only to the Inland Empire for rent growth in the nation among large markets.

It’s not only housing that is benefiting from the population growth. The industrial market recorded its best year for demand in 2020, as the growing consumer base required more warehouse and logistics space to store and transport goods to Phoenix homes.

Retail leasing also picked up late last year as tenants expanded to areas of the market that are experiencing the most substantial household growth.

While the office sector has struggled during the pandemic, businesses continued to make job announcements in Phoenix last year, citing the large and expanding labor pool as a key driver for their location decision.

Aug. 16, 2019

JULY 2019 SCOTTSDALE-MARKET UPDATE

July 31, 2017

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Posted in Market Updates