Northern Arizona's high nation pushes a large landscape of rolling hills, aromatic pine forests and snow-capped mountains. While summer season temperatures in the valleys leading 100 degrees, temps in Prescott, Payson and Flagstaff average in the high 80s. Even cold winter season days are pleasant since the high desert sun shines 300 days annually. Since of its climate, large leisure chances and low criminal offense rates, this region has seen an influx of senior citizens and second-home buyers in the last few years.

From California to the East Coast, newbies are benefiting from low, nationwide interest rates to flood northern Arizona location markets. With a lot of land locked up in National Forests and Parks, the supply of new homes hasn't kept up with demand. In less than 2 years the real estate markets in Flagstaff, Payson and Prescott have increased from 12% to 35%, and property representatives from all three towns anticipate another couple of years of boom. In spite of this bullish market, typical house costs still stay reasonable compared to other U.S. mountain towns.

Prescott:

At 5,400-feet, Prescott boasts a moderate environment with four seasons and beautiful air quality. Cultural, instructional, task and health care opportunities compare positively to those discovered in cities, but the city still maintains its small-town feel. Subsequently, newbies have flooded to the area at a enduringduiclass steady rate and real estate costs have actually almost doubled in five years. Prescott's 37,500 residents now pay approximately $360,000 for a single-family house. Although significantly above the national average, these rates haven't hindered two-thirds of citizens from owning their own homes.

According to Red Arrow Realty Broker John Clark, due to the fact that Prescott is the "most desirable location to live in Arizona," every part of the marketplace is growing. "Years earlier, it was more of a retirement home," he states. "Now they come because of jobs and development, which produces more jobs." They likewise concern purchase 2nd houses. Low rate of interest have actually permitted numerous Californians and lowland Arizona locals to refinance their primary homes, maximizing cash they then purchase second homes in Prescott. Things aren't decreasing either. "Contractors are growing homes as fast as they can to satisfy need," says Clark, "but we have more purchasers than we have sellers and inventory is not available in certain prices ranges."

Payson:

With the 7,000-foot, 200-mile long escarpment of the Mogollon Rim and 2 mountain ranges as its background, its no surprise newcomers flock to Payson. Landscapes 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 prices are ideal for retirees and second-home buyers. Around 80% of residents own their own houses.

According to Coldwell Lender agent Lori Coleman, market value have increased at rates approximately 25% in the last 18 months because of the aggressive market and a lack of readily available private land to establish. "We've seen prices go up considerably," she states. Still, she adds, due to the fact that Payson is smaller sized and more difficult to find, rates are lower than what is discovered in other American resort towns (home costs in Aspen, Colorado, for instance, are better to a million). This interest the countless Californians who want to buy 2nd homes and to the senior citizens that flood the area. Adds Coleman, due to the fact that Payson does not have industry like other locations, "people who are typically here for the long term."

Flagstaff:

Surrounded by the Kaibab and Coconino national forests in addition to canyon and desert terrain, Flagstaff homeowners enjoy stunning landscapes and a plethora of outside adventure opportunities. At 7,000 feet, this town of 56,000, which sits in the heart of the San Francisco Mountains, is the 2nd greatest established city area in the country. The city boasts the most informed population in the state and a housing market that has increased 50% in the last five years. Average house rates recently reached $403,000. In spite of raised expenses about half of citizens own their own homes.

Realty Executive property representative Pat Loven, a 26-year veteran in the field, states he's never seen such a phenomenal market. "It's not unusual to have several offers on your property," Loven says. "There's more need than there are homes." Since only 18% of the Flagstaff area is privately owned (the rest is owned by the state or appointments), development expenses are increasing and houses are appreciating at rates of 12% to 20%. And, states Loven, the future looks bright. The consistent flow of inbound trainees in addition to an infusion of retired people and second-home buyers looking to escape lowland heat will support markets for many years to come. "Even when interest rates were 17%, our market didn't decrease," Loven explains. "Investments in this area are a great concept."