9 Questions You Might Have as a First-time Homebuyer

9 Questions You Might Have as a First-time Homebuyer

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Buying a home can be a daunting experience. Many first-time homebuyers don’t have a reliable road map to follow. So, we’ve pulled together some information that (we think) you’ll find useful.

What are home prices doing in Phoenix?

Millennials have it tough. They’re caught between rising rents and home prices. Realtor.com predicts Phoenix will be the top housing market in the U.S. this year. And a recent report from Belifore Real Estate Consulting found new-home sales are up 22 percent, which means prices are likely to increase as well.

Is Phoenix affordable?

The Valley remains one of the most affordable metro areas in the country, even with rising home prices. Why is that? Land. That’s something metro Phoenix has plenty of for building homes. A homebuyer needs to earn about $46,000 to afford a median-priced home in the Phoenix area. The big question is: Can Phoenix’s relatively low cost of living and abundance of sunshine attract a highly skilled workforce?

Where can I get help with a down payment?

As a Millennial, a down payment may be the only thing standing between you and home ownership. But it can be tough coming up with money for a down payment. The median sales price of a home in Maricopa County is about $247,000. That means a 20 percent down payment would be almost $50,000. Fortunately, you might not need to cough up an entire 20 percent. FHA loans and other housing programs can help ease the burden of a large down payment. Here are a couple resources to check out:

What does Trump mean for homebuyers?

A new president can bring new programs and priorities. So, what does President Donald Trump mean for first-time homebuyers? It depends. He moved quickly in the early days of his administration to make changes in the housing market. Here’s what you should know:

Are rents skyrocketing? If so, why?

First-time homebuyers are often renters before taking the plunge into homeownership. But, just because you’re renting doesn’t mean the next step is buying a home. Don’t feel pressured. Homeownership isn’t right for everybody. The Phoenix area is brimming with new apartment complexes, and if renting is right for you, right now is a good time to find a deal.

Should I opt for a condo instead?

Condos are gaining in popularity for developers and Phoenix-area buyers. Since last year, condo sales throughout the Valley have almost tripled, while prices are up 17 percent. Condos are attracting Phoenix-area Boomers and Millennials in particular. Why? It’s all about lifestyle.

Property taxes? What gives?

Paying taxes is a drag, but you’ve got to do it. In Maricopa County, property taxes are up 6.6 percent from last year, according to the Treasurer’s Office. Don’t fret, Arizonans’ tax burden is less than average, according to a recent study.

Is there help for Hispanic buyers?

The number of Latino homebuyers in metro Phoenix is expected to grow at triple the rate of other buyers through 2020, according to a recent State of Hispanic Homeownership Report. However, Latino buyers face unique hurdles when buying homes.

I’m a veteran. What options do I have?

Veterans are flocking to the Phoenix area, settling down and buying homes. If you’re a veteran, you qualify for a Veterans Administration guaranteed mortgage. What does that mean? Well, VA loans have low-interest rates and non-down payment requirement.

Source: http://www.azcentral.com/story/money/real-estate/2017/06/10/10-questions-you-might-have-first-time-homebuyer/385797001/