May market news:
So, what is driving our housing market here in Maricopa county? Is it the Canadian buyer? No. The Canadian buyer is now selling out twice as fast as they are buying in according to the Cromford Report. International buyers? No. They are negligible. So where are they coming from? California and Cook County Illinois. Why? Two things: JOBS and new residents moving here to avoid the high cost of living in high tax states such as California and Illinois. Quality of life and affordability.
People in Los Angeles county are moving to Phoenix, Las Vegas and Dallas. In California the individual tax rate is 13.3%. In Arizona it’s 4.54%. California corporate tax rate is almost double Arizona. The new tax laws allow a mortgage interest deduction on a loan(s) up to $750,000. In Arizona you can have a home in Phoenix and a nice little summer cabin in Show Low. In Los Angeles, no way. The new tax law also caps the amount of state income tax you can deduct at $10,000 which also favors the Arizona resident.
Call the Verdes-Lifestyle Team if you are ready to make an appointment for a consultation and find out what your home is worth.