Americans still place a high value in home ownership as numerous studies have indicated. According to the 2010 NAR Profile of Home Buyers and Sellers, 85% of all recent home buyers consider a home purchase a solid investment, and 76 % of them believe owning a home is as good as or better than an investment in stocks.
Below is an overview of the 9 Steps to Buying a Home in Fountain Hills, Scottsdale, Carefree and Cave Creek Arizona
1. What Is Your Motivation ?
This is a biggie, without motivation there is no urgency to buy. You need to ask yourself why are you looking to purchase, are you downsizing? Do you need a larger home? Are you relocating because of a job transfer? What is your timeline? Is this property an investment property or primary residence?
2. What Is Your Lifestyle?
Buying a home is more than just the number of bedrooms and baths. Do you want to be near shopping, restaurants, hiking, golf, or close to schools. How far do you want to commute for those conveniences? “Different strokes for different folks”
3. Are You Financially Prepared?
I can’t stress enough the importance of talking with a lender to get a pre-approval. This should be the first thing you do before you start looking at homes in person. The lending standards are very tight today and getting a loan is not as easy as it once was. Your purchasing power is determined by your credit score, monthly income, debt ratio, down-payment and savings. Nothing is worse than finding that perfect home to later find out you can’t qualify to buy it! If you are buying with cash you will need a proof of funds, either a letter from your bank or a copy of your bank statement showing you have the money available.
4. Search for homes on RealEstateFountainHills.com
My website provides a detailed home search, the same as us Realtors use when looking for available homes for sale. You can search by specific communities, and school districts. You can set up a saved search to have listings delivered right to your inbox as soon as they hit the market.
5. Now The Fun Begins..Show Me The homes!
Review your favorite homes along with a few of my recommendation and I will schedule appointments for showings. Initially we will see 7-10 homes the first time out, anymore than that it tends to get confusing and they all start looking alike. Take good notes so you can remember what you liked and disliked about each house. Rating them on a scale from 1-5 works well.
6. The Perfect Home, Now What?
You knew the moment you walked in this was the right home, so now what? I will help you determine a fair price for your offer based on comparable homes which have sold in the last 3-6 months. I will prepare the contract and explain all the details, present the offer to the selling agent who in turn will present to the sellers. There may be some back and forth negotiations before we get an accepted contract signed by the sellers.
7. Getting Your Inspections Done In A Timely Manner.
You have 10 days from contract acceptance to have your home, pool, termite and any other inspections completed. If the inspections turn up any unexpected repairs, that is something we can negoitate with the sellers to fix prior to closing.
8. The Waiting Game.
Now we are just basically waiting for the appraisal, loan approval and other various documentation to be finalized before moving forward to the final step.
9. Closing Day, Yipee!!
Depending on the lender and type of loan, the typical time frame to close escrow is 30- 45 days. It can go quickly if paying cash but the process is the same. You don’t sit around a closing table here in Arizona like you do in some states. You will arrange a time with the title company, usually 3 days prior to your closing date, to sign your paperwork. On the closing date once the loan is funded and recorded you will receive your keys to your new home! Congratulations and welcome to home ownership!
