Arizona Baby BoomersWith mortgage rates being at lower and home values rising in Arizona, the housing market is seeing an influx of baby boomers entering the market. Many baby boomers are choosing to downsize and placing their current homes on the market. In Arizona, the benefits could not be clearer. In the past year, the housing market in Arizona has seen a rebound that placed them in the top 10 for the rapid recovery that has been experienced. The number of houses on the market has seen a steady decline as more and more buyers entered the market looking to purchase a new home in the past year. In addition, the home values have risen substantially in Arizona. Many homeowners who previously were either upside down or had their property sink in value are finally seeing a turnaround and positive equity. For those looking to make the move to a smaller house, the effect is a positive one for the local economy. As most selling their homes in this stage of life look to stay in the area, albeit in a smaller home, the economy in Arizona is seeing both sides of the sale.

With baby boomers looking for smaller spaces, the request for condominium style living in Arizona has seen an increase. The desire for less maintenance and space is showing condominium living to be on the way up in popularity. For the complexes that had seen lower numbers during the housing crisis or developments that had remained stagnant, the change is a welcome one.  Baby boomers are having a positive impact on the market while providing new inventory for those looking for a larger home and supporting the local economy with their new home purchase.