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Is Arizona a good place to buy a home?
Jul 3, 2023 · From navigating local regulations and financial considerations to finding your perfect abode in a downtown Phoenix condo or a serene house in Gilbert, this Redfin article will serve as your comprehensive guide to buying a house in Arizona.
Oct 17, 2024 · Absolutely Yes! Arizona is one of the most popular destinations amongst Canadians when it comes to buying a secondary home in the USA. According to the NAR, 58% of Canadians buy homes in the US for vacation purposes. 11% of Canadians invest in residential rentals. 16% buy primary residences.
- Step 1: Save For A Down Payment
- Step 2: Find A Great Real Estate Agent in Arizona
- Step 3: Get Pre-Approved For A Mortgage
- Step 4: Choose The Right Location
- Step 5: Start House Hunting in Arizona
- Step 6: Make An Offer
- Step 7: Inspections, Appraisals, and Financing
- Step 8: Close on Your New Home!
- Why Trust Us?
Your down payment is the first part of your home's purchase price that you pay at closing. Your mortgage lender pays the remaining balance. A down payment can be up to 20% of the home's final price. In Arizona, that could mean paying up to $91,600 for a $431,500 home. If you put less money down, your mortgage lender will typically require you to ...
Whether you're actively house hunting or just starting to browse homes on Zillow, it's never too early to find a great Arizona realtorto guide you in your search. An experienced agent can help you navigate a tricky local market, explore your financial options, and negotiate the best deal possible when buying a house. In addition to finding and show...
Mortgage pre-approval is a lender's conditional offer to lend you a maximum amount of money to buy a home. Most sellers in Arizona will ask for a mortgage pre-approval letterbefore showing you their home. It demonstrates that you're financially qualified to make an offer and can give you an advantage over buyers who don't have one. Pre-approval can...
Start zooming in on the best neighborhoods where home prices fall within your budget, and consider what you want out of your home. If home equity is most important to you, search where home values are rising the most. But don't forget about local culture and amenities that fit your lifestyle.
Searching for homes in Arizona is the fun part of the home-buying process! You'll get to look at a variety of available listings and discover what you really want in a home. But before you start actively house hunting, it helps to determine when the best time is to buy a house in Arizona, based on your priorities — price, housing inventory, and mor...
Once you find a house in Arizona that you love, it's time to make an offer. Your real estate agent will help you write a compelling offerthat will give you the best shot at convincing the homeowner to sell. Talk to your real estate agent to work out all your contingencies and concessions so you can act quickly and make a strong offer that gives you...
Once the seller accepts your initial offer, you must do due diligence before officially purchasing the home. Buyers order inspections to evaluate the home's condition fully, and lenders use appraisals to determine value and decide the final loan amount. If something unexpected pops up or if the home's appraisal comes in below the purchase price, yo...
Final walk-through
Before you close on your new home, you and your real estate agent will do a final walk-throughof the property to ensure that it's still in the expected condition. You'll want to check to make sure: 1. The appliances are in working order. 2. Any agreed-upon repairs were handled by the seller. 3. There was no damage to the home when the seller moved out.
Closing day
On the closing date, you’ll meet at the title company to review lots of important paperwork. You'll need to read and sign several documents, including: 1. The final loan application 2. The deed transfer 3. Various disclosures Before signing anything, ask your agent or closing attorney about any questions you have to make sure you fully understand each document. After completing the paperwork, you'll have to pay for closing costs. The title company will collect the total amount you owe for var...
Data sources
To create this home-buying guide, our team gathered historical housing data from Realtor.com, Redfin, and Zillow, mortgage rate data from Freddie Mac, and home loan information from multiple government websites. As our primary sources update, we refresh the data in our series accordingly. As always, we recommend consulting with a real estate agent to learn more about local housing data and developments within your market.
About Clever Real Estate
Clever strives to provide our readers with the most up-to-date, accurate, and useful information. We’ve earned buyers’ trust with a 5-out-of-5-star rating on Trustpilotand over 3,000 customer reviews. Our team of industry-leading researchers is committed to making homeownership more accessible by educating buyers through guides like this one. We've spent thousands of hours analyzing publicly available data, surveying consumers, and interviewing industry experts. Our research has been featured...
Nov 22, 2023 · Choose the Right Location If you have the flexibility to choose where to buy a house in Arizona without being tied down by work or other commitments, it’s a smart move to compare housing prices and the overall cost of living in different cities within the state.
- Syndie Eardly
- Assess your readiness. Before you start looking for homes in Arizona, you want to determine if you’re ready to purchase one. Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs, maintenance, property taxes, and more.
- Saving for your down payment. The median home price in Arizona is $492,000, as of August 2022. So, expect to spend somewhere around that number depending on what part of Arizona you’re purchasing in, the home’s age and condition, and the size of the property, among other factors.
- Get preapproved for a mortgage. Getting preapproved for a mortgage will help you determine how much you can afford, which will then inform your home search.
- Research the market and determine where you would like to buy. Now that you know more about preparing to purchase a house and down payments, it’s time to decide where you want to live.
Dec 19, 2022 · How to buy a house in Arizona. Buying a house in Arizona is much like buying a home anywhere, with a few additional considerations. 1. Assess your finances. Purchasing a home is a major investment, so it follows that it requires major financial planning. Your first step to buying a house in Arizona is to review your finances with a fine-toothed ...
Whether you’re a first time home buyer, or it’s just your first time buying a house in the sunny state of Arizona, there are a few things to look out for as you navigate this unique housing market.
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