How will Arizona weather the next housing market crash?
Arizona real estate is strong, but for how long? Here is what experts predict for Arizona real estate in the next housing market crash: Experts agree that the next housing market crash will be happening soon.
If you’re prepared, however, you don’t have to worry.
We’re going to take a closer look at the Arizona housing market to show what local and industry experts are predicting and give you some advice to help you decide how to face this potential crisis.
Keep reading to find out more!
When is the Next Housing Market Crash?
Although it’s impossible to know for sure, experts agree that it’s not likely to be in 2019. According to the Washington Post, the market will slow down this year but isn’t likely to crash just yet.
However, those experts are looking at national statistics. It’s important to remember that each area of the country will have its own economic changes that affect the housing market.
Arizona is expected to be largely unaffected by the national economy and to outpace the national growth averages this year.
How are Arizona Housing Prices Now?
Let’s take a look at some specific numbers when it comes to housing in Arizona.
The lowest point Arizona prices have been at was in 2011 when sale prices dropped to an average of $131,000.
Prices continued to rise from that point until today. As of January 2019, the average home is selling for $250,000.
It’s estimated that by this time next year, the average sale price will increase to $260,000.
What to do Before the Crash
Because there’s no way to know when the housing market crash may occur, now is a good time as any to invest in real estate if it’s something you’ve considered doing.
It’s better to invest now rather than wait any longer since the Arizona housing market is expected to continue to grow. Homeowners can also go ahead and buy now instead of risking spending more a year from now.
At the same time, you also want to be prepared in the event of a crash. Be sure to keep your finances in order. This may mean investing in a check stub maker if you have employees.
You should also be saving as much money as possible. Having some financial cushion will protect you and your business in the event of a market crash. And, of course, continue making wise investment decisions.
What to do After the Crash
If the crash does hit Arizona, you’ve hopefully prepared for it so you can take advantage of lower housing prices. More people also look for homes to rent in an economic downturn.
To get the most out of a crash, you should be prepared to buy more investment properties while the prices are low. It’s also a good idea to hold onto rental properties, even if you have to lower the rent temporarily.
Doing these things will set you up for success as the market recovers.
Want More Arizona Real Estate News?
Now you know how the next housing market crash will affect Arizona investors and homeowners. With this information, you can make wise decisions that will help you improve your finances.
If you want more Arizona real estate news, you can find articles full of expert advice and information, like where are the best places in Arizona to invest in.