Whether you’re considering buying your first home in the Phoenix area, or you’ve simply been away from the Phoenix real estate market for some time, it can be easy to feel leery of jumping in to today’s market. However, in working in the market as a Phoenix Real Estate agent, I can assure you that now is one of the best times to buy a home!
There are a wide variety of homes currently on the Phoenix real estate market so you’ll want to be sure to narrow down your style so you know where to begin your home search. If your style involves pristine luxury you’ll want to look at Biltmore Estates or Camelback Corridor for homes ranging from sprawling ranches to gated townhouse communities. Searching for something more historic? Willo Historic District, Encanto-Palmcroft Historic District or the Roosevelt Historic District offer turn of the century stately Spanish Colonials or Mediterranean Revivals to Pueblo styles set in charming neighborhoods.
No matter what your style, buying a home can be a stress free time if you have the right tools and know the current market in which you’re buying. Here are seven key factors I’ve gathered that can ensure your home buying experience is as smooth and stress free as possible.
1. Know when it’s the right time in your life to buy– Decide whether to buy based on your life and what makes sense for you, your family, your plans and your finances. Then, use the news about what’s going on in the market to decide how to buy: what kind of house to buy, what sort of loan to use, how much to offer, and other strategies for executing your home buying plans.
2. Get a good grip on what to expect during the homebuying process– Research as much as possible, but be sure to decide on a trusted Phoenix Real Estate agent as soon as possible. They’ll be able to give you a layout of what you can expect from buying a Phoenix home. Ask your Phoenix real estate agent when you’re expected to show up so you can take time off work, and when you’re expected to write checks so you can be prepared.
3. Learn how to prevent money surprises during escrow– When you first apply for a loan, you’ll receive a good faith estimate which is a standardized list of costs associated with obtaining the mortgage and a breakdown of the monthly mortgage payment due on the mortgage for which you were approved. Keep in mind this is just an estimate. When you close on escrow, you’ll pay prorated mortgage interest and property taxes from the date of closing till the end of the month. The date of closing can make a difference in thousands of dollars required to close. Ask your Phoenix real estate agent to help you set your closing date in accordance with the cash you have at your disposal.
4. Find the right Phoenix real estate agent– Finding the right Phoenix Real Estate agent can make all the difference! Be sure to look for the following: real estate associations and certifications, experienced in the transaction you envision, great referrals and testimonials, is a problem solver, and appeals to your personality style (you could potentially be spending a lot of time with your realtor, so you want to make sure it’s a good fit).
5. Solve the problem of how much you want to offer– This can be tricky, but there are some ways to determine the price of your offer. Your Phoenix real estate agent can provide a Comparative Market Analysis (CMA) which shows what other houses in the area are selling for. You can also determine the price by the sellers’ motivation to sell as well as the current market factors- which happen to be in the buyers’ favor right now!
6. Know the home you’re buying– You may have nightmares of coming home to a recent home purchase only to find it falling apart. Ways to avoid this are to thoroughly go over the disclosures which are required to list out issues or recent repairs within the home, get a home inspection, have contingencies in place when making your offer, maintain a home warranty policy that will cover many major malfunctions for a service call fee.
7. Know when to remove contingencies or waive objections– Removing contingencies or waiving objections usually puts thousands of dollars on the line, so it’s not a step to be taken lightly. Plus, by removing contingencies or waiving your objections, you are essentially telling the seller that you plan to close the deal — something you just shouldn’t do unless and until you are satisfied with the following items: title, disclosures and inspections, condition issues, appraisal and underwriting. Your Phoenix real estate agent can help you determine if and when you need to take this step.
If you haven’t found a Phoenix real estate agent yet to answer your questions or guide you throughout the entire home buying process; let me know! One of my passions is finding the style of home that fits my client and that they’ll be able to envision themselves living in for years to come, and I know I can do the same for you!
Feel free to contact me today to get started!
Joe Janus, real estate agent and Realtor® specializing in Homes with Exceptional Style in Phoenix, Scottsdale and Paradise Valley, Arizona