U-Haul customers have spoken, well actually thousands have moved, and Arizona is among the top 5 destinations for one-way moving trucks. Trends data compiled from more than two million one-way U-Haul truck customer transactions in 2020 found Tennessee, Texas, Florida, Ohio and Arizona were the most sought-after states. So there are a lot of people moving to Arizona.
Article originally posted here.
A big mystery has been determining where those trucks are coming from, but Halpern Residential recently obtained information from U-Haul, a Phoenix-based company, that answered that burning question. The top ten Arizona-bound, one-way U-Haul trucks originated from (in order):
6. New Mexico
While U-Haul migration trends do not correlate directly to population or economic growth, the company’s moving data is an effective gauge of how well cities and states are attracting and maintaining residents, and is tracked by multiple companies and agencies as valuable data points for population trends.
U-Haul is the authority on migration trends thanks to its expansive network that blankets all 50 states. The geographical coverage from more than 22,000 U-Haul truck-sharing and trailer-sharing locations provides a comprehensive overview of where people are moving like no one else in the industry.
The number of people moving to Arizona isn’t expected to slow down despite the tight supply of inventory. The Cromford Report recently noted that demand for homes in the Phoenix Metro Area would still not be met if the number of houses coming on the market quadrupled. With an average of just 31 days on market (down from 68 two years ago), to real estate practitioners and the buying/selling public, the current number of available homes feels like fighting a fire with a garden hose.
The Halpern Residential team continues to work with more and more out-of-state buyers since the pandemic started and some of the top reasons Arizona is sought-after include:
• Beautiful weather nine months out of the year
• Resort-style living
• Prestigious restaurants and shopping
• Specialty education options
• Reasonable cost of living combined with the ability to work from home
• More homes with casita options to accommodate to extended family members
• Close to hotspots including Vegas, San Diego and Puerto Penasco
• Perceived value compared to other major metropolitan areas
The best advice for out-of-state buyers is to be pre-approved with a local mortgage bank and shop under your budget to allow for negotiations, speed to lead which means be ready to make an offer as soon as a property comes to market, be prepared to buy “As-Is” but never waive an inspection, and work with an experienced agent who is familiar with the area and market dynamics.