If you live in the north, you are probably already a little sick and tired of the cold weather. There’s a chance that we’ll experience another winter storm this weekend in case if you’re wondering. While the weather is a little bit on the cold side here, it’s a completely different story in Arizona. With its seasonally warm winters, Arizona, and Phoenix in particular, is a popular destination for retirees and other people who are looking for a respite from the cold.
Now I know what you’re thinking. Wasn’t there a housing bust in Phoenix during the Great Recession that caused many people to go under or lose more than half the value of their house? Yes, actually that is true, but as quickly as things went sour, they appear to have rebounded just as quickly. Let’s take a look at the numbers to get an idea of how much Phoenix has experienced a boom.
In 2006, the median housing price for the Phoenix area was $111,000. This was the bottom-out price. Today’s price for the average home in Phoenix is all of the way up to $185,000, which is more than 60% what it was seven years before. Still, even if it’s up by so much, a home in Phoenix is actually relatively a pretty good deal. Before the Great Recession, homes in Phoenix were well over $250,000.
If you’re tired of the cold or have to relocate because of a job, education opportunity, or other reason, there are many things to consider when looking at homes. Here are several tips to keep in mind:
See How Much Home You Can Afford
The reason for the housing bust in the first place was because of people going under because they couldn’t afford their homes. Sub-prime mortgages were a big no-no. Today, it is much tougher to get a mortgage, but that doesn’t mean you can’t go under if you do get a mortgage. It’s important to get your credit score and credit report to see if there are any errors. In addition, try to have at least 20% down for a down payment.
Know What to Look for in the MLS Listings
Searching for a home can be an intimidating process. It’s best to pinpoint your search in any way possible, so you can focus on specific homes. A few things to consider are the number of bathrooms, square footage, specific neighborhoods, school districts, garage/basement and more. It might be advantageous to start looking for specific realtors who have home listings in the Phoenix area, so they can help you with your search
Get an Idea of Arizona Climate
Phoenix is gorgeous right now, but it can get a little hot in the summer. You’ll hear the phrase “dry heat” often. You can probably leave the parka with relatives or donate it to Goodwill. The weather also brings with it interesting landscaping conditions. It’s best at least for the first year to look into a landscaping service for your Phoenix home. Otherwise, you might have some irrigation problems. You could always just get cacti.