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Relocating to Arizona? To Buy or Rent is the Question
If you are relocating to Arizona chances are that one of the biggest questions looming in your mind is whether you should buy or rent a home. Of course only you can make that decision but there are some important factors to weigh. How permanent do you feel this relocation is? Do you have to sell a home before you buy a new Arizona home? Are home prices in the area that you are relocating to stable?
There is no doubt about it that buying a AZ home today is more affordable than ever. Low mortgage rates, higher than normal inventory levels and low home values combine to make an ideal buyers market when it comes to real estate. If you already own a home maybe renting it out until the market stabilizes or improves makes sense. If you can hold on to your current home, cover its mortgage, and qualify to buy a new home, you could be in an ideal situation.
Examine the affordability levels of your new location. Is it less expensive to rent, or would a monthly mortgage payment be the same or less than paying rent? Call Tony Marriott, a Arizona Realtor, and pick his brain. Get to know your new area and weigh the pros and cons of renting vs. buying heavily, after-all, buying Arizona real estate is a big investment. Tony Marriott can be reached at 602-445-6299 or by email today!
Click here to read a recent article from Bank-rate regarding selling vs. renting a home when relocating.
Tax Credit May Be Gone But Assistance is Still Out There
The home buyer tax credit may be gone but assistance is still out there. Potential first time Phoenix AZ home buyers have options to explore when considering jumping into Arizona real estate. One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that can be necessary for a down payment. Luckily there are options for help.
The Department of Housing and Urban Development (HUD) has many assistance and reference programs. HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area. The HUD website can be a great resource, offering a wealth of information on what is involved in purchasing a home.
The Federal Housing Agency (FHA) is another agency offering information and assistance. The FHA helps buyers buy homes with both low interest rates and a small down payment. Where a standard down payment can be anywhere from 10 to 20%, an FHA loan can require as little as 3.5% down. Standard loan fees can be wrapped into the loan through FHA as well.
If Phoenix Arizona home ownership seems like a pipe dream, it doesn’t have to. If you have a steady source of income then you have mastered one of your biggest hurdles. Contact a Phoenix AZ real estate professional, such as Tony Marriott, today to learn more about purchasing real estate in Arizona. Tony Marriott can be contacted at 888-577-6585 or by email.
Click here to visit the HUD website.
Click here to learn more about FHA.
Arizona Real Estate Update: There Are Many Bargains Out There
When it comes to Arizona real estate there are many bargains out there and if you are a home buyer this is your time to shine. The benefit of being a AZ home buyer today is that you can afford to be picky, after-all you are in charge. You may be looking at five houses, which one is best for you? Which one has the best schools, the best amenities, the best features? Maybe two of them do, you can make offers with both and see which seller will give in more. Today’s home buyer has the position of bargaining power.
Low mortgage rates, which are at historic lows and do not appear to be rising any time soon, high inventory and a continuing stream of foreclosures continue to keep homes prices at reasonable, if not bargain, levels. Low mortgage rates alone help make the cost of buying a home more reasonable than in recent years. High inventories are making home prices competitive and foreclosures, while they may have slowed, are still coming.
The bottom line is that it is possible to find a great AZ real estate bargain today. There are sellers that are motivated out there and if you are a buyer you have an opportunity to stand your ground and try to get the best deal that you can. Let Tony Marriott, an AZ Realtor, help you find your perfect Arizona home today. Contact the Tony Marriott Team at 888-577-6585 or by email to search Arizona homes for sale.
Click here to read a recent article from Realty Times regarding the real estate market and the deals that exist.
Price Matters
When it comes to Phoenix AZ real estate price matters. Most real estate professionals, such as Tony Marriott, will aim to price your home at fair market value at the onset and some sellers are on board, others are not. It has been a rough realization for many to acknowledge that it is a buyers market out there. It has been an unknown in recent months as to whether home values will continue to drop, stabilize or improve and every market is different. Regardless of what is going on, if your home isn’t selling then you may want to reduce its price.
Whether your home is seeing a lot of potential Phoenix AZ home buyers or very few, if you haven’t had an offer there could be a few factors. What is your home lacking? Can you fix what your home is lacking? Chances are that if your home is on the market for sale, you are ready to sell it and you are not going to make any large changes to it. The one change you can make is lowering the price. Money matters, more today than ever. If someone sees a home for sale at what they see as a bargain price then they are much more likely to make an offer.
Can you afford to hold on to your home until prices start appreciating again? If so keep your price where it is. If you need to sell then lowering the price could be the key to selling it now. To talk pricing matters, contact Tony Marriott, a Phoenix AZ Realtor, for more information at 888-577-6585 or email.
Click here to read an article from House Logic on reasons to lower the price of your home.
Save Money At Closing
It is possible to save money at closing. Whether you are buying a new AZ home or refinancing one you already own, closing costs can often make the process more expensive than expected. When refinancing closing costs can actually get in the way of making a change a poor financial decision. What many borrowers may not realize is that cutting some of the fees out at closing can happen.
When researching a new loan check with your current lender first. Chances are, if you are in good standing, they do not want to lose your business and will work with you to keep it. Working with your current lender may avoid a new appraisal, application fees and other charges that come along with the loan process.
Find out what a lender’s fees are well ahead of closing so that you know what to expect. By seeing the fees in writing you may also have an opportunity to do a bit of bargaining. The better your credit rating, the more a lender will want to work with you and secure your business.
Finally, look into wrapping your closing costs, or at least a portion of them into your loan. If it make financial sense it can save you money up front. With mortgage rates currently hanging out below 5% wrapping a couple of thousand dollars into a mortgage does not make too big of an increase on the monthly payment. Shop around and speak with a number of lenders before making your decision.
An Arizona Realtor team that can help you through the closing process is the Tony Marriott Team. They specialize in Arizona relocation, AZ short sales, notice of trustee sales, Phoenix luxury homes, and Scottsdale real estate. Tony Marriott can be contacted at 602-445-6299 or by email for more Arizona real estate information.
Click here to read an article from CNN Money regarding cutting costs at closing.
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