Housing prices are on an upward trend in Arizona. The high prices are mostly attributed to the low supply in the Arizona housing market. However, there are still many areas in Arizona offering beautiful and affordable housing even after the onset of the COVID-19 pandemic, but the houses may not be readily available. This document will give you an idea of the cost of homes in Arizona and how best to purchase them.
The houses are overpriced
You need to be ready! The high competition to get housing with the features you want makes it hard to get a house in Arizona. Houses are often sold for more than $10,000 above the asking price. Therefore, it is important to check your finances and come up with a well-defined budget. This will help you evaluate how much you are capable of offering when looking to purchase a home in the current Arizona seller’s market.
Cash is vital
If you are asking what a home costs in AZ so that you can purchase one, you need to have cash. When you have cash, you are at a greater advantage than other buyers without cash. A seller is more likely to sell to you when you have cash because you can close the deal faster.
When you have a lot of cash you will also be in a much better position to ask for a reduced appraisal risk and the good news is that you will also have a house.
Get pre-approval for a mortgage
What does a home cost in AZ? Most homes are currently being sold at an estimated cost of around 385,000. The housing market is stronger and lucrative for sellers and real estate agents in Arizona. Most buyers are settling for lesser houses that do not match their preferences because for them it is better than not having a house.
You will find that most houses have an offer when they are posted as new listings. This means you have to be wise and get a pre-approved mortgage before you start shopping for a house. Ensure you get a pre-approval for a mortgage amount that exceeds the asking price by at least $50,000 to avoid missing the chance to get the home of your dreams because of insufficient funds.
Showing your pre-approval letter to the seller ensures they have the means to pay them as soon as possible. This increases your chances of getting the house over buyers that lack proof that they have the necessary finances to purchase the house.
Act with great speed
In the Arizona seller market, you cannot afford to take much time to think about whether or not to purchase a house. You need to be well prepared and act with great speed once you identify the home you can afford. This means that when you have the answer to your question, “what does a home cost in AZ?”, you should plan your finances and be ready to buy for the house that appears on the seller’s market.
In conclusion, now that you know how much homes in AZ cost, make sure you plan your purchase in the best way to increase your chances of buying a house. Click to learn more about the cost of homes in Arizona.