Like many Americans, you might want to move to the beautiful state of Arizona. You might not realize that more than 260 thousand Americans relocate to Arizona every year. This makes finding your perfect house in Arizona a bit of a challenge.
Fortunately, this guide to the Arizona house market is here to help. Read on if you want to learn all about how to find your ideal Arizona home.
What Makes the Market Tough
You might wonder why Arizona real estate became such a challenging market for Americans looking to relocate to the Grand Canyon State. Well, in addition to all the people moving here annually, homebuyers in general struggle to lock down an offer on a house. We’ve heard stories of homebuyers offering far above the asking price on a house but still not getting anywhere.
Housing prices in cities like Phoenix soared in recent years, but average salaries did not rise at quite the same clip. This makes buying a house in Arizona tougher than you might expect.
Get Your Down Payment Ready
The first item on your to-do list is save money. Save enough to pay about 20 percent of the down payment on your dream Arizona house. Your mortgage lender will cover the rest.
If 20 percent seems impossible for your budget, consider a VA or FHA loan. These can lower the amount for your down payment to as low as zero.
Look for a Real Estate Agent
With a market as competitive as Arizona real estate, you will need a real estate agent to guide you through the process. A real estate agent helps you at every step of the home-buying journey. They seek out attractive properties, tinker with contracts, and assist you with offers and closings.
Real estate agents also know the best service providers in the area. If you need an inspector or title company, a good real estate agent can recommend you the best.
Get Pre-Approved ASAP
In the Arizona housing market, you need to get pre-approved for your mortgage before you start looking at houses. Make sure you take care of that as soon as possible.
Do your best to raise your credit score while you save money so you can get that pre-approval letter from a mortgage lender and be on your way.
Make an Offer
Say you found your perfect Arizona home. Now is the time to talk to your real estate agent about putting in an offer. An Arizona house sells faster than houses in other states around the country, so you want to be bold and make an appealing offer to a seller as soon as you feel ready.
Stand out from the crowd by using an offer strategy. Consider options like waiving contingencies or making a cash offer if that works for your situation.
First-Time Homebuyer Programs in Arizona
The Arizona house market can appear intimidating, but there are programs for homebuyers that make the buying process easier. In fact, Arizona boasts multiple programs intended in particular for first-time homebuyers. Programs like Home Plus and Home in Five Advantage assist first-time homebuyers in Arizona enter the market with minimal stress.
Home Plus assisted 32,000 first-time buyers move into their Arizona home and Home in Five Advantage secured mortgages for new homebuyers in Maricopa County. These programs have qualifications for eligibility, so make sure you do your research before applying.
Where to Buy Your Arizona Home
A crucial decision waiting for you is where in Arizona you want to live. Research neighborhoods in Arizona cities that appeal to you and make sure you buy a home in the neighborhood that meets your needs.
Arizona cities boast many wonderful neighborhoods you and your family will love. If you look to relocate to Phoenix, for instance, check out the neighborhoods of Encanto, Paradise Valley, Deer Park, Ahwatukee Foothills, and Camelback East.
Popular Arizona Cities
Arizonans love their cities. Do your research and find a city that meets your needs. Arizona cities have plenty to offer families, young professionals, or anyone else looking to relocate to Arizona and enjoy the beauty of the Grand Canyon State. Here are just a few of the beautiful and thriving cities of Arizona you might consider.
Phoenix, Arizona is a very popular city for Americans looking to relocate. The average length of time a Phoenix house remains on the market is just eight days. That’s thanks to the city’s proximity to the great outdoors, its amazing food scene, and the easy commute downtown.
If you want to live in a city with the feel of a small western town, look no further than Tucson, Arizona. Tucson boasts a thriving arts and culture scene, as well as more affordable homes than neighboring cities.
It’s no secret that plenty of people want to live in Scottsdale. That is the main reason average home prices in Scottsdale are high and getting higher. But the popularity of Scottsdale is for good reason: it’s a beautiful city with hiking trails and nightlife, and it’s close to Phoenix.
Buying a Home in Arizona
Don’t be intimidated by the competitive Arizona house market. Remember, it’s competitive because so many people want to live there, and you should, too! Don’t give up on finding your dream Arizona home.
If you’re a first-time homebuyer looking to relocate to Arizona, you have plenty of options and resources at your disposal to ease the burden of the process. Save your money, hire a real estate agent, and look into first-time homebuyer programs like Home Plus. You’ll be living in the perfect Arizona home in no time!