Buying a house in the Greater Phoenix Area’s highly desirable luxury market is surely something to aspire for, but it can be a daunting endeavor for the uninitiated. If you are looking for experts’ advice and insights on how to navigate the high-end real estate market in locations like Phoenix, Scottsdale, or Paradise Valley, you have come to the right place. This comprehensive home buyer’s guide is the perfect resource for your needs. From getting your finances in order to close the deal for your dream home, this step-by-step guide will keep you on the right track toward your Arizona real estate goals.
Finding your dream home in Phoenix, Scottsdale, or Paradise Valley is always a smooth and rewarding process when you work with The Carol Royse Team.
If you are serious about buying a house in Arizona’s most desirable locations, use this buyer’s guide to keep you on the right track:
- Prepare your finances
Before shopping for your new house, find out how much you can spend. Secure your credit reports, bank statements, wage and tax statements (Form W-2), and other financial records early.
Plan for your down payment, earnest deposit, and miscellaneous closing expenses on top of the asking price of your target property. Closing fees can include payments for inspectors, appraisers, title companies, and movers.
- Get pre-approved for a mortgage
Even if you plan to pay cash, a mortgage pre-approval provides notable advantages:
- Getting pre-approved gives you a lender’s official estimate of how much you can borrow for a home loan.
- If you are planning to finance the purchase with a loan, this early process allows you to research and review the various lender options serving your area.
- The pre-approval letter is an official document you can present to the seller as proof of your capacity to pay and as a means to outbid competing buyers.
- Look for an experienced and trusted local real estate agent to work with
From keeping you on track and on schedule to staying on top of all the requirements for buying a house in Arizona, working with a local expert will streamline your entire experience.
Find an agent with expertise in luxury properties. In addition to understanding the nuances of high-end transactions, luxury home specialists can connect you to exclusive listings from high-profile property owners who prefer to sell privately.
- Set clear home-buying goals
Define your home-buying goals, expectations, and limitations to avoid wasting your time and resources on unrealistic targets.
Evaluate your immediate needs against additional features that you can upgrade to a few years down the road. Maximize your purchasing power to secure your absolute, non-negotiable requirements first. You can always add your preferred bells and whistles later.
Consult your agent about zoning and building codes in your area. What might look like the perfect house at first might not deliver the experience you want if local regulations prevent you from making your preferred changes in and around the property?
- Get thorough with your home search
Choosing the best home takes more than just looking through listings on the internet or taking your agent’s top recommendations.
Visit the property firsthand to get a closer look at the structures and living spaces. Get a more personal feel of the area – proximity to important community amenities and services, traffic, and local attractions, for example – by driving around the neighborhood.
Chat with other residents and local business owners, too. Their experiences and stories can provide priceless insights about the living conditions and lifestyle in the area.
- Prepare a compelling offer
Work with your agent to craft a strong offer package. Lead with a fair and reasonable price based on the asking prices of comparative properties in your area. Add a note or letter that explains why the seller’s property is your ideal choice for a new home.
If a seller responds with a counteroffer, trust your agent to look after your best interests at the negotiation table.
- Be clear with what the purchase deal does and does not include
With help from your agent, examine every detail of your purchase agreement with the seller. Look for state-required disclosures that guarantee that the property is in good, livable condition upon purchase.
Review what is included in the final deal terms. For instance, will you get the appliances and furniture that you saw in your viewings when ownership of the property is transferred to you?
Look into your responsibilities and obligations in the closing process. Be clear about who will shoulder the necessary expenses and fees that this stage entails.
- Get the property inspected and appraised
An inspection and an appraisal from qualified professionals are essential steps required before you can finalize the purchase.
The home inspection will help you identify immediate and potential long-term problems that can affect your living experience as the new owner of the property. If any issues are found, ask the owner to fix them before closing to avoid shouldering additional costs. You can also renegotiate toward a more favorable final purchase price, or even renege on the deal if the problems are too serious.
The appraisal is required by lenders to ensure that you are paying a fair price for the property.
- Have the property title reviewed
Your lender will facilitate the review of the property’s title to ensure that the seller is the rightful owner of the property before it is transferred to you. At this stage, you and your lender may discuss securing insurance for the title.
- Close the deal
When all contingencies are met, you can close the deal with the seller. Your escrow agent will facilitate this final process, disbursing your earnest money deposit and any discussed closing fees to the seller and officially transferring ownership of the property to you.
Learn more about buying a home in Greater Phoenix
- Are you ready for a home of your own? Here’s how to know
There is no greater accomplishment than finally being able to buy a home of your
own. However, much as there is that need to buy one, the eager home buyer
should first make sure that this is a decision they are well-equipped for. That is
the basic theme behind this article as it tackles in detail all the factors one should
look at to know if they are ready to take the plunge into homeownership. It’s not
simply a case of financial readiness but also one about personal accountability
and responsibility. Do take the time to read this before starting on this particular
real estate transaction.
For more advice and resources that will help you buy your dream home in the Greater Phoenix area, contact The Carol Royse Team. Call 480.776.5231 or email Carol(at)CarolRoyse(dotted)com to get started.