Arizona’s real estate market has been challenging for buyers this year, with many homes flying off the market in less than a day, high listing prices, and multiple offers. While the market is beginning to slow down, it is still very much a sellers market.
Those who are buying a home are left having to make split decisions and sometimes compromise on homes that may not be their first choice due to the fear of the competitive market and missing out on another home.
When purchasing a home, avoiding rash decisions is key. Homebuyers should sit down and iron out what factors are most important to them, so they are happy in the long run. However, it can be hard to decipher what is worth a compromise and what should be non-negotiable especially when the inventory is low and searching can go on longer than expected.
Here are five things to consider when buying a home in Arizona.
1. Stay Within your BudgetWhen purchasing a home, it can be tempting to spend outside of your comfort zone to get all the amenities that you want. However, this could lead you to a higher mortgage payment than you can afford. Use a mortgage calculator and balance it with your other expenses, such as food, health, travel, and entertainment — giving you the ability to enjoy your home and live the lifestyle you want within your budget.
2. Consider All the Factors When Choosing LocationThere are many factors to consider when selecting the location of your new home. These factors may include what city you want to be in, specifics like proximity to work/how long of a commute it will be, amenities like grocery stores, restaurants, and gyms nearby, as well as what school district the home falls in and what the outside noise is like. Answering these questions can help determine if the location is right for you.
3. Don’t Get a Fixer-Upper Just to Save on PriceDespite how easy it looks on HGTV, realistically, it takes a lot of time, money, and hard work to renovate and fix up a home. However, this doesn’t necessarily mean that your home must be 100% turn-key. Determine which features of a home are most important to you and take into consideration how much time and resources you have for renovating. Start with quick, fun projects that can be done in a short amount of time, rather than big renovations that can be costly.
4. Select a Home With a Floorplan that Makes Sense for Both the Present and FutureWhen buyers are shopping for a home, it’s important to select a home that reflects the future they wish to build. Make sure you select a home with enough bedrooms and bathrooms for your growing family or the amount you need for an empty nest. Factors such as a big backyard, a pool, etc. are also important to think about if you plan to have family and friends around.
5. Work With a Real Estate Agent to Help you Navigate the Search and PurchaseIt’s crucial to find the right real estate agent to help ensure that you find a home that fits your non-negotiables. Your real estate agent should not only be an expert in the industry and market but also someone you can relate to and trust.
At Homie, we strive to provide excellent customer service and our agents are experts at what they do. When you purchase a home with the help of a Homie agent, you can keep up to 50% of our buyer’s agent commission* when using 50/50. Based on current median home prices of $405,000 in Arizona, buyers can save an average of $6,075 in buyer agent commission when using 50/50. These savings can be used toward closing costs or to make a higher offer to win the home.
*Subject to terms and conditions outlined in the Buyer Broker Agreement.