Arizona residential real estate prices continue to rise and inventory continues to decrease. In times like this, you need an experienced real estate agent to aggressively pursue your interests. Ranch Realty has almost 50 years of experience and expertise in Maricopa County, AZ. real estate.
Ranch Realty has been selling, leasing and managing residential real estate if the greater Phoenix area since 1974. We specialize in the cities of Scottsdale, Fountain Hills, Tempe, Paradise Valley, Cave Creek, Carefree and many others.Zip Codes we serve include: 85251, 85257, 85250, 85258, 85260, 85262, 85255, 85253, 85266 and many others.
In a hearing last week, Arizona’s senior senator raised the issue of housing affordability and a looming homelessness crisis as she called on officials to find solutions.
At a hearing of the Senate Banking Committee last Thursday, Sen. Kyrsten Sinema addressed her concerns about a lack of affordable options for those in need.
“We have a lot of work to do to expand opportunities for first-time homebuyers and ensure that there’s sufficient affordable housing to Arizonans,” Sen. Sinema said.
Her assertion is borne out by data, at least in the rental home market, according to a joint report from the National Low Income Housing Coalition and the Arizona Housing Coalition.
The coalitions’ analysts reported the Phoenix market now has only 47,620 affordable rental homes — but there are 182,652 “extremely-low” renter households needing accommodation. That amounts to an estimated 26 available units for every 100 households in need.
Record-low supply paired with record-high demand has made it difficult for all but the best-qualified buyers to participate, according to multiple reports.
Sen. Sinema said while the market may favor sellers, those looking to buy are up against stiff competition.
“The state of the housing market in Arizona is particularly challenging right now,” she said. “It’s a very hot market and I’m hearing from my friends and neighbors that a home will go on the market and receive dozens of offers within 48 hours.”
With more buyers competing for fewer homes, those with the most cash to spend have a decided advantage.
Contact one of our licensed, professional and friendly agents today!
Ranch Realty, Since 1974
Ranch Realty, Since 1974, your Valley of The Sun real estate experts!
Photo: Tempe Town Lake in Tempe, Arizona