Last Updated on 2 years ago by Nicky Johnson
The housing market in Arizona is one of the most stable in the country, with a large number of properties available for sale and at affordable prices. Arizona has been experiencing an economic boom over the past decade, which has led to a rapid population growth that makes it necessary to have more homes built faster than anywhere else. Find out four insider tips on how to buy a home in Arizona!
Why Arizona is the Best Place to Buy a Home
Arizona is one of the best places in America to buy a home, and here’s why:
It has affordable housing
The cost of living is quite low compared with most other states. The median list price for an Arizona house was $200,000 as of August 2018. There are plenty of homes for sale The median sales price is around $255,000 as of August 2018. The housing market in Arizona has been quite stable over the past decade.
Arizona Housing Market Report
The National Association of Realtors released its May 2018 report on existing-home sales, revealing that total home sales fell by -0.33%, but that sales prices increased by 0.05%. Sales of single-family homes declined by -0.48%, while town home and condo sales increased by 0.92% and 11.73%, respectively.
Arizona Regional Market Analysis
The housing market is rather diverse across the state, ranging from small towns such as Prescott Valley to metropolitan cities like Phoenix. The median list price for a house ranges from a low of $119,000 in Kingman to a high of $659,900 in Paradise Valley.
Here are four insider tips for buying a home in Arizona.
Work with a Local Realtor
When looking for a home in Arizona, it is important to work with a local realtor who knows the area well. They will be able to help you find the right neighborhood and property that fits your needs. A good realtor will also have an extensive network of resources that can help you through the home buying process.
Be Patient with Your Search
As previously mentioned, Arizona has a large number of homes for sale and since the demand is high, it can be hard to find your dream property right away. When looking for real estate in AZ try to be patient; there are many great deals out there that require time to find.
Know-How to Negotiate a Deal
Like anywhere else, knowing how and when to negotiate is an important skill in Arizona real estate negotiations. Remember that you are not the only one trying to buy property so be prepared for tough competition. To gain an advantage over others remember these three key points: know your budget, have your financing pre-approved, and have a well-thought-out plan before you start looking at property.
Know Your Budget
This is one of the most important factors to consider when buying a home in Arizona especially if it’s your first time purchasing a house on your own. Make sure that what you’re able to pay for monthly fits within your budget. This includes your mortgage, property taxes, and homeowners insurance.
By following these four insider tips you’ll be on your way to finding the perfect home in Arizona!