Arizona is widely known for its sunny weather, stunning landscapes, endless outdoor opportunities and other features that make it an attractive place to call home. While those considering buying a house in Arizona can expect all these things and more, it’s important to understand what the home-buying process looks like in Arizona, so that the experience is as smooth as possible.
Here are the tips and steps for a successful home-buying process according to Redfin’s Ultimate Guide to Buying a House in Arizona, which explores local regulations, housing market insights, ideal living locations, financial considerations and more to help buyers find their perfect home in the Grand Canyon State.
Look at the Current Market
When it comes to finding the perfect location in Arizona, looking at the current housing market is a good place to start. Arizona’s median home sale price in 2023 was $436,100, a 6.2% decrease from 2022. However, Arizona’s housing supply witnessed a 4.7% decrease year-over-year in 2023. This may create implications for buyers who are considering moving to more popular cities experiencing significant growth and, therefore, competitive real estate markets, such as Scottsdale, Chandler and Gilbert, as well as Pinetop, Flagstaff and Cottonwood.
Features & Amenities
Arizona features a diverse range of landscapes, so each area will offer different amenities and recreational services. Therefore, it’s important to consider which cities will best align with your lifestyle preferences, as well as your budget. Arizona’s five most popular cities, in order of most to least affordable, are Tucson, Mesa, Phoenix, Flagstaff and Scottsdale. Despite their competitive markets, these cities are great places to consider when buying a house in Arizona due to their attractive features, such as picturesque hiking trails, sports events and urban attractions, rich cultural scenes, golfing, resorts and more.
Consider the Climate
It’s also important to note the climate and weather of Arizona’s different environments. Desert cities, such as Tucson and those in the Phoenix area, can exceed temperatures of 100 degrees Fahrenheit during summer months but are popular for their mild winters and sunny weather. Up north, cities like Flagstaff and Sedona feature a cooler climate with snowy winters and less intense summers.
Understand the Home-Buying Process
Once prospective buyers land on a specific city, the next step is to understand the home-buying process in Arizona. Homebuyers should start by assessing their credit score and ensuring that they qualify for favorable loan terms before determining a budget by considering factors like down payment, closing costs and monthly mortgage payments. It is suggested to then obtain pre-approval from a reputable lender to help set a realistic budget and gain credibility as a buyer. After that, buyers are ready to connect with a local agent who can provide insight into specific neighborhoods, markets and trends.
Go House Hunting
When options are narrowed down, the next step is to begin touring homes while considering personal living requirements. If a house meets all requirements, it’s critical to make a competitive offer by considering the listing price, property condition and local market trends. An offer should include the purchase price, any contingencies, and the buyer’s preferred timeline for inspections, financing and closing. Lastly, the closing process begins during which all paperwork and money transfers are finalized, giving the buyer ownership of the house.
Now that you understand the buying process in Arizona and know where you would like to live, you can be confident when it comes time to buy your new home. Read Redfin’s full article here.
