About one-fourth of the people who bought homes in metro Phoenix during April weren't from Arizona. Californians purchased 368 Phoenix homes. Buyers from Washington State were third with 146. More people from the Midwest are also investing in the Valley. Residents of Illinois, Minnesota, Wisconsin and Iowa bought a total of 332 homes.
With the strong Canadian dollar and the low real estate prices in the phoenix real estate market, it is a good combination. Interest rates are also near record lows, so the time to buy is now.
Information Market analyst Tom Ruff believes the new makeup signals an important change. Californians have long led the pack for buying Valley homes, and investors from that state are often speculating on the Arizona market. But Ruff believes Canadian and Midwestern homebuyers are less speculative and will hold onto homes they purchase in metro Phoenix for much longer than Californians.
With 340 days of sun/year, it is no wonder people want to come here. I was just on the phone with a client from the Midwest yesterday who was feeling a little down and she said that they had seen 7 days of clouds and rain and they are supposed to get 7 more. It seems like everyone you meet in Arizona is coming from the Midwest or Canada.
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