Wednesday, May 11, 2022 / by Bryan Baylon
The reported intent of buyers has changed significantly over the past year. In Maricopa County, purchases for owner occupation as a primary residence have declined 19.4% between April 2021 and April 2022. Purchases as a second home have declined by 8.1%. In contrast, purchases to turn into a rental have increased by 8.5%.
Demand from investors for rentals now represents nearly 21% of all home sales. This is sure to be an undercount. Just a cursory inspection shows us that many unscrupulous investors are marking their Affidavits of Value as purchases of a primary residence, no doubt to attract lower taxes. It is perjury to enter incorrect information on an Affidavit of Value and each of these documents are notarized. However we are yet to hear of any government agency taking action to enforce the state laws surrounding Affidavits of Value.
Market incites provided by the Cromford report.