Moving to a College Town
With universities going back in session, students and parents alike are deciding to make the big move to be closer to campus. With late night sports games, lots of restaurants, and a downtown feel, this is an appealing and convenient option for most. Here are some things you should know before moving to a college town.
Buying vs. Renting
Currently the market in the Greater Phoenix area is a sellers market; the demand is high, the supply is low, but the interest rates are also great for buyers. Tempe specifically, the central hub of Arizona State University, has been teetering between in favor of sellers and buyers this summer more than other cities. When buying a home in a college town, most often it is an investment. You buy for yourself or your child to live in for the duration of the college years, and then have the opportunity to rent out to college students in the future. This currently is the best way to go. With the average monthly rent up 42% since 2006, and the average purchase price down 9% since 2006, you can purchase a house for lower than what your return rate will be. Being centrally located in Tempe is key if you are buying for a college student or buying to rent out to college students.
What the Market Says
Tempe is ranked number 14 out of 17 cities in the Greater Phoenix area for a seller’s market. Throughout the entirety of the summer, it has fluctuated consistently between learning more in favor of buyers versus more in favor of sellers. This data shows that right now it would be a great time to buy in Tempe, with the only trial being finding homes. If you are looking into buying a home as an investment opportunity you want to be as close to ASU campus as possible to get the most bang for your buck, and these homes are slim in the current market.
Interested in the status of the real estate market? Every Monday, we post a Monday Market Update on our Facebook!
Things to Be Aware Of
If you are buying in a college town it is key to understand what you are moving yourself into. The downtown feel with a clear spirit for the college team is great but can sometimes come with the drawbacks of more traffic, late night noise, and higher cost of living. There are many factors that should be taken into consideration when moving to these areas. Make sure to do your research on what life is like at all times of the day in your potential home.
Have any questions on what would be the best option for you? Give us a call and we would love to talk through it with you!
Tempe features some great places for all ages in the heart of the city. With Tempe Town Lake and Tempe Center for the Arts being obvious fun locations for the adventurer or for family outings, Mill Ave has great restaurants, shopping, and bars for the younger crowd as well. Tempe Marketplace and the Phoenix Rising FC Soccer Complex are also just a short drive away. Tempe has a lot of activities and great places for everyone all closely surrounding Arizona State University.