Looking to invest in a Legend Trail property? According to Forbes, Scottsdale is one of the best real estate markets to invest in this year. The Phoenix, Mesa and Scottsdale market ranked in the Top 20 of the “Best Buy Cities” list recently compiled by Forbes. Based on various metrics used to predict market growth, Phoenix and Scottsdale showed a positive forecast for 2014 investors.
Forbes used Local Market Monitor to track home prices and economic growth in over 300 real estate markets across the country. After compiling data from 100 of the largest metropolitan areas (those with populations of 575,000 or more), Forbes selected the 20 best markets, focusing on factors such as job growth, home prices and population. Cities such as Phoenix and Scottsdale boast high job growth and low housing prices. The Scottsdale market is still under-valued, despite the recent spike in home prices.
Forbes analyzed each market using what is called “Equilibrium Home Price,” an approximation of the average home price in a given market under ordinary circumstances—basically what the home price would be if distortions in local income and conditions such as the housing collapse weren’t present.
In the Phoenix and Scottsdale market, the Equilibrium Home Price was estimated at $216,373, with the actual average home price far below at $196,035. This means that investors can expect a good return on their Phoenix and Scottsdale homes. In addition, Forbes measured a 41 percent 3-year growth forecast and a booming population of 4,364,094 for Phoenix.ren’t present. This metric was used under the assumption that actual home prices will rise to meet the Equilibrium Home Price over a period of time.
If you are interested in learning more about the Scottsdale market, you can find more local data on our Scottsdale Real Estate Trends page. You may also give us a call at (602) 791-0536 with any questions or if you are ready to schedule a showing of Legend Trail homes.
Realtor | Attorney
Trillium Properties, LLC
8755 E Bell Road, Suite 108 | Scottsdale, AZ 85260
Cell (602) 791-0536
Direct (800) 300-0263