Arizona is home to many people who want to escape the frigid winter weather that plagues other parts of the nation. Paired with its warm climate and gorgeous landscape, it makes it a popular choice for those looking to relocate. However, before you start searching for homes in Arizona, there are several things you should know about living there.
Arizona’s housing market has been on the rise since 2012. According to a report, Phoenix, a city in Arizona, was ranked as one of the top five cities with the most significant housing price increases in 2017. There are several essential factors to consider when buying a home in Arizona.
Check Your Credit Report
Before you start looking for homes in Arizona, it is recommended that you check your credit report to check there are no mistakes or blemishes on it. If the bank and lending institution have incorrect information on your previous mortgages and loans, they may reject your loan application.
Know Your Budget
The Arizona Department of Housing regulates the real estate market in the state. According to reports, the median house value in Arizona is $323,867.
It is essential that before you start looking for houses in Arizona, you set a budget and stick to it. Even though Arizona has been voted one of the best places to live in the US, it is expensive.
You should consider all your financial responsibilities, from monthly bills to saving for retirement, before you start looking at homes.
Make Sure Your Employment Situation is Stable
Lenders will review your credit report to ensure you don’t have any outstanding debt before approving you for a loan. They will also look at your employment situation, ensuring that you have been employed with the same company for at least two years. If this is not the case, getting approved for a home loan may be challenging.
Contact Licensed and Experienced Realtors
When buying a home in Arizona, or any other state, it is essential to work with a reputable realtor. A real estate company can help you navigate the housing market and find properties that meet your lifestyle needs.
As a buyer, it’s essential to hire someone who has several years of experience and can answer all your questions about properties and neighborhoods.
Understand the Process
Most people who buy homes in Arizona will finance their purchases with a mortgage loan, so it’s crucial to understand what happens during the process and what you can expect.
Most transactions involve several parties, such as realtors, lenders, attorneys, and home inspectors that you need to hire before you close on a home.
Understand Utility Costs
It’s essential to know your utility costs before buying a house in Arizona. The climate is arid, with low humidity and high temperatures that have been recorded as high as 122 degrees Fahrenheit so that it can get scorching during the summer months. The state receives an average of just over 12 inches of rain per year, requiring more water than most other parts of the country.
Find a Trusted Home Inspector
Before buying a home in Arizona, you need to hire an inspector who can thoroughly examine the house and give you a report on any repairs needed.
It will help avoid any costly surprises after you purchase the house. Look for a home inspector who has experience with older homes and is familiar with local building codes.