Justin Billingsley Arizona Real Estate Predictions for 2023

From the eastern deserts to the western mountains, Arizona has long been a favored destination for travelers and vacationers alike. But it’s not just the stunning beauty of this southwestern state that attracts people—Arizona is also home to some of the most up-and-coming real estate markets in the country. So what should we expect from Arizona real estate in 2023? In this blog post by Justin Billingsley, we’ll take a look at recent trends and projections for where Arizona real estate is headed over the next few years. We’ll analyze which areas are projected to be strong markets and which could face potential headwinds in terms of growth or value appreciation. Finally, we’ll also offer an informed outlook as to how these changes will affect both buyers and sellers around The Grand Canyon State.

Projected Growth

Experts are predicting that Arizona will see a significant increase in population over the next few years. This influx of people is expected to drive demand for housing, pushing prices upwards. According to Zillow’s Home Value Index, home values across Arizona increased by more than 11% from 2020-2021 and are projected to increase another 8% by 2023. In addition, experts predict that median rent prices will also rise in the coming years due to increasing demand from new residents.

Hot Markets

Phoenix remains one of the hottest markets in Arizona for real estate investors. The city has seen tremendous growth over the past decade and continues to attract new residents every year due to its business opportunities and temperate climate. Additionally, Tuscon is becoming increasingly popular as well due to its affordability compared to other areas of Arizona such as Phoenix and Scottsdale. Experts predict that both cities will continue to see strong growth in their real estate markets over the next few years.

Affordability Issues

Although experts are predicting an increase in home values over the next few years, they are also warning about potential affordability issues if these increases become too steep. As home values continue to rise, many current homeowners may find themselves unable to afford their mortgage payments or find themselves priced out of purchasing a home altogether. To combat this issue, lawmakers should consider implementing policies that promote housing affordability such as creating incentives for developers and providing first-time buyers with assistance programs like down payment assistance funds or tax credits. 

Bottom Line

It’s safe to say that the Arizona real estate market will be an exciting one to watch in 2023. With strong population growth, increasing home values, and a handful of hot markets, investors should find plenty of opportunities for success. However, lawmakers must be sure to create policies that promote housing affordability or risk

Arizona’s real estate market is predicted to experience strong growth over the next few years due mainly to an influx of new residents looking for housing opportunities in this sunny state. While there are many positives associated with this growth such as increased property values and rental rates, there could be some drawbacks as well if these increases become too steep—namely unaffordable housing prices for current owners or buyers entering into the market late. Therefore it is important that policymakers take steps now towards promoting affordable housing options so that everyone can benefit from Arizona’s booming real estate market without being priced out entirely.

When it comes to real estate, Justin Billingsley Arizona recommends keeping an eye on the Arizona market in 2023. With strong population growth, increasing home values, and a handful of hot markets, investors should find plenty of opportunities for success. However, remember to take affordability into consideration as well, or else rising prices could put a damper on the market’s growth.

Do you need assistance buying or selling an Arizona home? Justin Billingley’s team of experts can answer all of your questions about the Arizona real estate market and provide you with the guidance you need to make informed decisions. Contact them today to get started on buying or selling property in Arizona!

Justin Billingsley Brewster NY

Investing in Residential Real Estate

Real estate investment remains one of the safest investments if you know what you are doing. Of course, though it is a means of creating wealth, absolute care is needed as there is no ‘get rich quick’ scheme involved in it.

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Professionals who have been in the residential real estate business have been able to generate profits however, making money fast in residential real estate is dependent on the experience of the investor and the dynamics surrounding the investments.

The beauty of investing in residential real estate business is the fact that there is always a market for it. People are always in need of houses either to buy or to rent and with this type of real estate, you will always be in business.  The 2007-2010 recession turned this on its head especially in some markets like Arizona. Investors who were able to ride it out now have very valuable assets again. 

Residential real estate is more in demand in most markets than other types of real estate which means a more consistent cash flow. In addition, growing a residential real estate portfolio is an easier process because a savvy investor can find a way to buy up residential properties below their market value.

Understanding and maneuvering the residential real estate market is also less complex and demands less attention to detail like commercial real estate where there are a lot more variables at play.

This is not to say that residential real estate investment doesn’t require a certain level of knowledge and experience. It does and it is very easy to make dangerous mistakes.

While investing in residential real estate, you will need to consider parameters like the following listed below:

  • Consider the location where the property is

For starters, if you are planning to acquire a piece of residential estate, you might need to consider the property’s location. Some locations command higher fees in rents and purchase value when you are selling.  If you want families as renters and indeed in many cases single family homes must be occupied by a family, not multiple renters then you need to look at the schools and facilities for children in the neighborhood.  How close is the local park, are there great pediatricians in the area, can older children bike to school etc.. 

Some other areas might be experiencing depreciating real estate property value. If you plan on investing in residential real estate in any location, it is important to identify if this is the case here to avoid buying into a property that has no appreciative value in a long time to come.

  • Consider the stability of the market

It is important to consider the stability of the residential real estate market before investing your hard-earned funds. If the market is experiencing a lot of downgrade, it might be a sign for you to invest for the future.  Making money in residential real estate can be achieved either by fixing and holding on till better days or fixing and flipping but if you must sell quickly after buying and repairing, it is important you have a property you will be buying with the funds. No bank will pay you the same interest that a property that appreciates in future will pay you.

  • Weigh the cost of purchase, renovations and expected profit

As an investor, it is very important you consider the cost of purchase, renovations and expected profit from any residential real estate you plan to invest in before getting committed in it. It will be disastrous to find yourself running short while in the middle of acquiring and restoring your new property.  Remember if you have had a property for several years and took the depreciation on your tax return you may face a hefty tax bill on the proceeds when you sell.  Always use a reputable CPA when dealing with investment tax issues. 

  • Carry out a professional appraisal

Having a professional property appraiser check out the residential property you are planning to acquire is an important step in residential property investment you must consider. Since you are not a professional in this regard, it will be very foolish for you to move on a property before proper evaluation to know the actual worth and what exactly you are getting yourself into.

  • Prospecting around

In residential real estate investing, it is important to remember that there is a lot of demand in this market. People must live in homes so residential real estate is a hot line of real estate investment and there are opportunities abounding in many different locations.

Prospecting around other locations in your region will present you with more investment opportunities. You might come across residential properties you can buy off at far below the market value with strong potentials for appreciable potential in the nearest future.

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The Magnificent Meteor Crater in Flagstaff, Arizona

Many of those who grew up in Arizona have fond memories of family trips going up to Flagstaff, Arizona. It is fascinating how you can drive up from an arid desert to a vast pine forest in just a two hour drive up the I-17. Camping trips and visits to the Grand Canyon are common. But the meteor crater often sticks out in my mind.

The meteor crater is a vast meteorite impact crater. It is around 3,900 feet in diameter and around 500 foot deep. I am always in awe when I take a visit there. I believe early childhood visits to the meteor crater site are what ignited my passion for astrophysics and all things space.

At the site, you have the option to go through the small space history museum inside the main building. I recall this small exhibition having interactive educational stations and a small chunk of a meteorite inside.

    Once you step outside, that’s when you’ll see the depth of this sight. The crater is huge and undeniably shocking. If you are going up to Northern Arizona, consider taking a visit to this educational spectacle and ignite the science-lover in you.

The Effects of New Technologies on Customers

Developments in technology over the years have changed the way that businesses interact with their customers. Gone are the days when a customer relationship management (CRM) program took care of all customer interactions. Social media has become a major influencer with the development of review sites and the sharing of information. Mobile and other touch devices are also changing the way we interact. This is all influencing the way that business is carried out and the way we interact with our customers.

Technology influences customer’s attitudes and behaviors. Opportunities exist and unfortunately dangers are lurking out there too. This requires a change in marketing focus as it should include the influence that emerging technologies have on customer behavior.

Customers are much more likely to have a direct influence on the marketplace as they have immediate access to information and are also immediately able to share their experiences. Social networks such as Facebook and Twitter are enabling customers to have an influential voice.

The humble computer is no longer the tool that customers use to decide on purchases – they use smart phones, iPads, and laptops to gather immediate information and use social portals to debate and question their potential purchase. There is no longer a restraint on time or place where this occurs.

There are opportunities that arises from this change in behavior. Businesses must move away from established strategies and adapt and embrace developing technologies. This will enable heightened levels of customer interaction and increase business reach and lead generation. Customers are the lifeblood of any business and this is the perfect time to intensify your relationship with them.

CJ Blackstone is a journalist and business writer who covers topics like social customer complaints software for financial and news sites.

New Space Race is a Supernova of Investing Opportunity

space investingFor people who are interested in both space travel and investing, now would be a good time to look into putting some money into the stocks of some of the major players in the space travel business.  Lockheed and Boeing have always been two big names that give government contracts to develop parts for NASA’s rockets.  Recently, however, there are even more companies in which to invest, as we are at the dawn of a new space race.

This space race is not between countries, so much as, between companies; private companies experimenting with ways to bring space travel to the ordinary people.  Companies like Planetary Resources, SpaceDev, Orbital Sciences, and Virgin, among several others, have begun privately funded space projects.  Check with your broker or online stock service to see which space-travel-minded company or mutual fund would be best for your investing strategy.


Texting and Driving – A Modern Lethal Practice

By: Anthony Cervezes

While social media has been a fantastic way for the automotive industry to connect with it’s clients and enthusiasts, there is a more sinister side to the otherwise innocuous and fun time-waster: texting while driving.  Texting while driving makes you 23 times more likely to get in an accident, not to mention that in the US it has been made illegal in 30 states.

What’s worse is that texting while driving is, according to several studies, worse than drunk driving.  Car and Driver ran an independent test to determine the reaction time of a drunk driver versus that of a texting driver.  The results were clear, showing that the texting driver reacted 10% slower than the drunk driver.  It was all done on a closed course, so don’t get any ideas.  However, the message is still clear: texting while driving is downright dangerous.

Texting and driving is definitely a problem, but it is mostly a problem with the younger crowd.  Teenagers are the obvious culprits; with only a few months to a year of driving experience under their collective belt, they tend to be more accident-prone, reckless, oblivious, or all three than a seasoned commuter.  Coupled with younger people’s affinity for technology means that they often split their attention between driving and telling their online friends that they’re driving.

The natural question is, “what can be done about this?”  There are advertisements all over the place reminding us not to text while driving, but that isn’t always enough.  The National Highway Traffic Safety Administration has a few helpful ideas though.  The first is keeping your phone out of sight.  Keeping it someplace where you won’t be constantly looking at it is a great way to keep you from playing with it.  For teens that means potentially leaving it at home, or keeping it in the back seat where it is difficult to reach.

The NHTSA also recommends turning the phone to silent, which will prevent you from worrying about whatever text or call you just received.  Or better still turn it off. Everyone can attest to the massive willpower it takes to avoid checking your phone after hearing it sound off.  A designated texter can also help—with somebody in the passenger seat to handle communications it is a lot easier to keep your eyes on the road.  There are also some apps that will help prevent you from using your phone’s texting feature while driving.  Think of it like putting your iPod on hold to prevent in-pocket button presses.  There are a ton of apps out there and a few are even free.

As far as teens are concerned, they will do what they will do, but with a little vigilance on the parent’s side in explaining how bad texting while driving actually is, the consequences of it, and the ways to avoid it, we can all drive on safer roads.

This hard hitting video covers the risks of texting and driving

Anthony Cervezes is an automotive blogger and social media strategist and a regular contributor several automotive  blogs.