Arizona has always been a destination point for thousands each year due to our year-round sunshine and exceptional weather conditions. Sure, it’s hot for a few months, but that hasn’t deterred the valley’s growth, even in a down market. When the real estate market was sky-rocketing, the natural demand that we experience also shot through the roof, sending prices higher and faster than most areas of the nation. Florida, Las Vegas, and Arizona, all prime destinations, fell just as hard when the bubble burst.
Nearly 80% of the Valley is severely upside down, leaving home owners with few options, and often leading to foreclosure, or discounted sales known as Short Sales. The entire city is on sale right now, which explains why a majority of the homes being purchased are done so with international cash buyers.
Unless we run of water, it’s likely that Phoenix will continue to be one of the leaders in the nation’s real estate markets.