Buying a home in the Greater Phoenix area is an exciting time, especially if you’re a first time homebuyer!  We’re glad you’ve decided to jump into the Phoenix Real Estate market as now is an ideal time to buy a home!  There are many beautiful homes and condos currently on the market, and with historically low interest rates and home prices; you’re sure to find a great home that fits your budget.

In living and working as real estate agents in the Greater Phoenix area for many years, we have a keen sense of each unique neighborhood and can help you find an area that will compliment your lifestyle.  We can also guide you through each step of the home buying process and help you navigate smoothly through the Greater Phoenix Real Estate market.  

We understand that buying your first home can seem overwhelming, but it doesn’t have to be!  Below are 10 tips that will get you on the right track to home buying success.

1. Check Your Credit Score- Lenders will put a lot of weight on your credit score, so you want to make sure to have your credit in order. They will determine how much you qualify for in a mortgage based heavily on your credit.

2. Create a Housing Budget- Have a clear understanding of your budget each month, and do not spend more than 30% of your gross monthly income on your Greater Phoenix home. This includes your interest, principal, homeowners insurance and taxes. You don’t want to put yourself in a financial bind that you are constantly struggling to maintain each month.

3. Save Up- Begin to save the difference between your monthly rent now and what you plan on your monthly mortgage being. This will prepare you for what the monthly payments will look like once you move into your home and help you make any needed lifestyle adjustments now.

4. Determine Your Needs and Wants- You’ll want to make two separate lists based on your needs and wants. Your needs should be those things you absolutely need in your Greater Phoenix home. Your wants will be those items that you would prefer, but are willing to compromise on. Narrowing down and sorting out your needs and wants will help immensely when searching for a home. You’ll have a clear picture on what you are willing to let go of, since you will most likely not find a home that has absolutely everything you would like. Know when to give and when to stand firm. You’ll quickly narrow down your home search this way!

5. Find a Reputable Greater Phoenix Estate Agent- You’ll want to find a real estate agent who has experience in the Greater Phoenix Real Estate market.  An agent who has years of experience in the area will be a great asset in helping you find a neighborhood and home that best fits your needs and lifestyle.

6. Find a Lender- It is easy to want to begin searching online for your home, but without a sense of how much you qualify for; it’s easy to waste time looking at homes you might not be able to afford. Meet with a lender before you begin looking at homes and get pre-qualified. You’ll be able to search more effectively online and when you begin working with a Greater Phoenix Real Estate agent to find a home.

7. Choose a Neighborhood- We feel that any you can’t go wrong in any neighborhood in Greater Phoenix that you choose! However, we also understand that each neighborhood does have a unique atmosphere and things to offer, so you’ll want to find the area that suits you the best.

8. Make an Offer- Your Greater Phoenix Real Estate agent will be able to give you a list of comparable homes in the area, and can help you determine an offer that is fair for the market. They will also make sure that you are being dealt with fairly as a first time home buyer.

9. Have a Home Inspection- This is very important! Even if the home looks perfect inside and out; there is no way of knowing what issues there may be without a home inspection. You don’t want to buy a home only to find that it needs the roof replaced or there is water damage. Having the home thoroughly inspected allows you to know exactly what you can expect in the home you buy.

10. Finalize- Once the contract is signed; you’ll still want to stay in touch with your agent and lender. There are always last minute finalizations that need to be made.

We hope these tips give you insight into what you can expect throughout the home buying process and will help you better prepare to buy your first home.  As always, if you have questions about buying a home in Greater Phoenix or are ready to begin your home search; please let us know!  Our team of experienced Greater Phoenix Real Estate agents will guide you and make buying your first home a positive experience.  You’ll be enjoying your new home in no time!  

We hope to hear from you soon!

The Russo Team
Greater Phoenix Real Estate Experts

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