New property trend worsening housing market shortage, expert says
I think it does exacerbate the current inventory shortage,” a Valley real estate expert said.
PHOENIX — Phoenix’s popularity as a vacation destination has fueled the market for investment properties, based on a recent Wall Street Journal Report.
The popularity has spawned a new trend across the Valley, where people are buying properties and turning them into rentals. One real estate expert says that, while the trends favor investors, the purchases will inevitably tighten the already existing housing shortage.
Valley real estate agents are seeing a rise in people buying luxury homes to list on vacation rental sites like Airbnb. Some of the rentals are going for more than a thousand dollars a night….