You’ve heard it before. The key to selling real estate boils down to three things: location, location, location. Phoenix, AZ has become one of the Top Ten United States real estate markets primarily because the growing employment rate and a huge increase in new construction. There is not only the location factor, but also a fantastic rate of growth that is benefiting the real estate industry in terms of investment potential. However, when you are selling a home in this type of market there are several things you need to consider:
Job Growth Spurs The Economy
According to the Bureau of Labor Statistics, the total non-farm employment in jobs across the country such as professional and business services, health care and social assistance, food services, and transportation and warehousing increased by 217,000 jobs in May 2014. The unemployment rate is Phoenix is lower than the national average and has decreased to 5.3% in April 2014 from 6.5% in 2013.
As people begin to secure more jobs they will need somewhere to live. This makes Phoenix more likely to be a seller’s market because there will be more people looking for houses to buy.
New Construction Creates Jobs
Wherever there is an influx of people, there is an opportunity for profit. The Phoenix economy is growing so there are all sorts of entities looking to capitalize on that growth and that includes builders. Construction in local markets is a major factor in determining growth because builders go where people want to work and live.
Nationwide, the construction rate grew 8.7% from 2013 to 2014 according to the United States Commerce Department. Forbes.com indicates the construction industry alone added 10,000 new jobs in the state of Arizona. Once again, this indicates with an increase in construction, whether it is building roads, bridges, office buildings, hotels, houses, etc., someone has to do those jobs and those people will need somewhere to live.
Bright Future for Homeowners
With these market factors showing growth now and in the future, Phoenix homeowners should feel more confident about the ability to sell their homes. Once again, it boils down to location, location, location. The Phoenix market is a great place to live which is showing an upward trend in both employment and construction growth.
Are You Ready To Sell?
Buying and selling a home is still one of the biggest transactions people will make in their lifetimes. It helps homeowners to know that Phoenix has so many positive market indicators pointing toward a growing economy. If you’re interested in selling your home, now is a great time to get the process started while the market is on your side. Please don’t hesitate to contact us if you have any questions about selling your home, we would love to guide you along in the process.