Northern Arizona's high country lies on a huge landscape of rolling hills, fragrant pine forests and snow-capped mountains. While summer season temperatures in the valleys leading 100 degrees, temperatures in Prescott, Payson and Flagstaff average in the high 80s. Even chilly winter season days are pleasant because the high desert sun shines 300 days per year. Since of its environment, large recreational opportunities and low crime rates, this region has seen an increase of senior citizens and second-home buyers recently.
From California to the East Coast, newbies are benefiting from low, nationwide rates of interest to flood northern Arizona location markets. With the majority of land locked up in National Forests and Parks, the supply of new homes hasn't kept up with need. In less than two years the real estate markets in Flagstaff, Payson and Prescott have increased from 12% to 35%, and realty agents from all three towns predict another couple of years of boom. Despite this bullish market, average house costs still remain reasonable compared to other U.S. mountain towns.
At 5,400-feet, Prescott boasts a moderate climate with 4 seasons and pristine air quality. Cultural, educational, job and healthcare chances compare favorably to those discovered in metropolitan areas, however the city still keeps its small-town feel. Consequently, newcomers have actually flooded to the area at a steady rate and real estate costs have practically doubled in 5 years. Prescott's 37,500 homeowners now pay an average of $360,000 for a single-family home. Although substantially above the national average, these prices haven't discouraged two-thirds of residents from owning their own homes.
According to Red Arrow Property Broker John Clark, because Prescott is the "finest location to live in Arizona," every part of the market is flourishing. "Years ago, it was more of a retirement community," he states. "Now they come since of jobs and growth, which develops more jobs." They also concern buy 2nd houses. Low rate of interest have actually allowed lots of Californians and lowland Arizona homeowners to re-finance their main houses, freeing up loan they then buy second houses in Prescott. Things aren't slowing down either. "Home builders are growing houses as fast as they can to meet need," states Clark, "however dwiresource598 we have more purchasers than we have sellers and inventory is not readily available in certain prices varieties."
With the 7,000-foot, 200-mile long escarpment of the Mogollon Rim and 2 mountain ranges as its background, its no surprise beginners flock to Payson. Surroundings and leisure chances aside, this town of 14,300 boasts a low expense of living and lower than national typical home costs. At $283,000 house rates are ideal for senior citizens and second-home buyers. Around 80% of citizens own their own houses.
According to Coldwell Banker agent Lori Coleman, market prices have increased at rates as much as 25% in the last 18 months because of the aggressive market and an absence of available personal land to establish. "We have actually seen costs go up significantly," she says. Still, she adds, due to the fact that Payson is smaller and more difficult to discover, rates are lower than what is found in other American resort towns (house rates in Aspen, Colorado, for example, are more detailed to a million). This attract the countless Californians who wish to purchase 2nd houses and to the senior citizens that flood the location. Adds Coleman, because Payson does not have industry like other areas, "people who are normally here for the long term."
Surrounded by the Kaibab and Coconino national parks along with canyon and desert terrain, Flagstaff locals enjoy sensational scenery and a variety of outdoor experience chances. At 7,000 feet, this town of 56,000, which sits in the heart of the San Francisco Mountains, is the 2nd highest developed city area in the country. The city boasts the most informed population in the state and a real estate market that has actually increased 50% in the last five years. Average house rates just recently reached $403,000. Despite raised costs about half of citizens own their own homes.
Real estate Executive realty representative Pat Loven, a 26-year veteran in the field, states he's never seen such an incredible market. "It's not unusual to have numerous deals on your property," Loven says. "There's more demand than there are houses." Because just 18% of the Flagstaff location is independently owned (the rest is owned by the state or bookings), development costs are increasing and houses are valuing at rates of 12% to 20%. And, states Loven, the future looks intense. The consistent circulation of inbound trainees together with an infusion of senior citizens and second-home buyers seeking to get away lowland heat will stabilize markets for years to come. "Even when rate of interest were 17%, our market didn't go down," Loven explains. "Investments in this location are a good concept."