Buying your first home is exciting, but it can also feel overwhelming, especially in a fast-moving market like Arizona. From understanding the local housing market to navigating closing costs, there is a lot to consider before making such a big investment.
To help make your first home purchase a smooth experience, here are five key things every first-time homebuyer should know before buying in Arizona.
1. Arizona Has a Competitive Market, So Be Prepared to Move Quickly
In many parts of Arizona, especially in popular cities like Phoenix, Scottsdale, Gilbert, and Chandler, homes can sell quickly. It is not unusual for houses to go under contract within days of being listed. Before you start shopping, it is smart to get pre-approved for a mortgage. This shows sellers you are serious and allows you to make strong, timely offers when you find the right home.
2. Closing Costs Are Higher Than You Might Expect
Many first-time buyers are surprised by how much closing costs can add up. In Arizona, closing costs typically range from 2% to 5% of the purchase price. This includes things like lender fees, title insurance, inspections, and taxes. Be sure to factor these costs into your budget so there are no surprises when it is time to close.
3. Property Taxes Are Relatively Low
One advantage of buying in Arizona is that property taxes are lower than the national average. While they vary by county and city, you can generally expect property taxes to be about 0.5% to 1% of your home’s value per year, which helps keep your monthly costs manageable.
4. You May Qualify for First-Time Homebuyer Assistance Programs
Arizona offers several programs designed to help first-time buyers with down payments and closing costs. Depending on your income and location, you might qualify for assistance through programs like the Arizona Industrial Development Authority’s Home Plus Program or local grants and incentives. A good real estate agent can guide you through these options and help you access available resources.
5. A Local Agent Makes a Huge Difference
Buying your first home comes with a learning curve, and working with an experienced local real estate agent makes the process much easier. A knowledgeable agent can guide you through every step, from finding homes that fit your budget to negotiating the best deal and navigating inspections and closing.
Ready to Buy Your First Home in Arizona?
If you are ready to take the next step toward homeownership, Wentzel AZ Real Estate is here to help. As a trusted local expert, Jacob Wentzel will guide you through the process, answer your questions, and help you find the perfect home for your needs and budget.
Reach out today to get started. Your Arizona dream home is waiting!