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Azure Group real estate agents have gathered the following information for you when you're considering Scottsdale real estate, Phoenix real estate, or any Arizona real estate purchase. Remember, a Azure Group real estate agent provides nothing but the best service when you're considering buying real estate in Phoenix or real estate anywhere in Arizona. Not sure where in the Valley of the Sun you'd like to start looking? Let our technology guide you. We can send satellite images of nearly every part of the Phoenix real estate market. Click here to see samples. |
Finding an Arizona Real Estate Bargain
Finding a real estate bargain in Arizona is surprisingly easy, providing you're willing to put forth a little extra effort. Azure Group real estate agents, using our technological advantage, can scour the Phoenix real estate market for you if you're looking for such a bargain to minimize the extra effort. So what exactly constitutes a bargain in the Phoenix real estate market? Here's a couple of contributing factors:
- Property condition - Many sellers are unwilling, or unable, to prepare their property to bring top dollar when it goes on the market. This is the number one way to find a bargain. For the buyer, this presents the opportunity to acquire real estate in Arizona at below-market pricing. Commonly called "fixer-uppers", these properties are an excellent way to maximize the return on your investment. Azure Group real estate agents, using our advanced knowledge in technology, can find these gems faster than traditional methods, giving you the edge on getting your offer accepted.
- Foreclosure - Unfortunately, hard times sometimes hit. When banks are forced to foreclose on a property, their prime interest is getting back the remaining amount of the loan in short order. For this reason, the property would go on the market at a reduced price to sell quickly. At one time, this was an excellent way to score a bargain in Arizona real estate, and remains so today. The availability of these properties has diminished somewhat in recent years due to investors and real estate firms that specialize in acquiring foreclosures of Phoenix real estate. Azure Group real estate agents use our technological advantage to find these properties quickly, so you have the same opportunity as the specialists.
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What Loan is Best for My Arizona Real Estate?
Getting the right loan when buying real estate in Arizona is a key decision that could affect you and your family for many years. Not surprisingly, there are many different types of loans available. Here's a sampling to consider:
- 30-year fixed - The most traditional loan and one that is still widely used in the Phoenix and Scottsdale real estate markets. This loan is typically paid back over a period of 30 years with the payment being fixed at a static amount for the life of the loan. In the early years, the loan interest makes up the bulk of the payment, with the principle being more and more a part of the loan as each payment is made. Fixed loans of other durations, like 15 years, are not uncommon for those who wish to pay off the loan sooner.
- Adjustable Rate Mortgage (ARM) - An ARM is a great option for many who invest in Phoenix real estate, especially when interest rates are low. An ARM typically starts out payments at a reduced interest rate, then potentially increases as time goes on if the interest rate climbs or the underwriter just chooses to raise it. ARMs commonly come with a name like "3:1 ARM". This connotes that the loan starts at a particular interest rate that is good for three years, then can rise at a maximum 1% per year up to the maximum interest rate specified in the loan document. This type of loan is attractive if you're a first-time buyer, won't be in the property for a long period, or need to reduce your monthly run rate. The drawback of this type of loan is that if/when the interest rate starts to climb, you are tempted to refinance, thereby incurring more closing costs on the new mortgage.
- No Interest - A no-interest loan is another option for some looking to buy in the Phoenix real estate or Scottsdale real estate market. No-interest loans are useful in keeping monthly payments low, but do not pay down the principle. In an appreciating market, like the Phoenix real estate market, These can be excellent options for investors looking to get in and get out of a piece of Arizona real estate during a high-appreciation period, or someone who is not interested in acquiring the extra value of paying down the principle of a loan.
There are many other types of loans to choose from when considering your Phoenix real estate, Scottsdale real estate, or any Arizona real estate purchase. Azure Group real estate agents are happy to provide contact information for trusted mortgage specialists. For more, check our Resources. |
Common Phoenix Real Estate Buyer Mistakes We all make mistakes, but they don't have to be made when you're buying real estate in Phoenix. Real estate in Scottsdale and Phoenix can be a great investment, if you mind a few common rules to follow when considering your Arizona real estate purchase.
- Inspections - When you're considering any real estate purchase in Phoenix, Scottsdale, or anywhere in Arizona, you MUST have professional inspections done to protect yourself. Common inspections are for code compliance, square footage, proper operation of systems, wood-destroying pests, and mold to name just a few. Consult with your Azure Group real estate agent to understand what inspections are necessary and to obtain recommendations from experienced, reliable Arizona real estate inspectors. Check a list of recommended Inspectors here.
- Not Using a Real Estate Agent - Buyers pay nothing to have a real estate agent represent them, so it makes no sense to forego the expertise of an agent when considering your Arizona real estate purchase. Phoenix real estate agents know the market, local laws and regulations, and can act on your behalf to save enormous amounts of time and money. An Azure Group real estate agent can save you even more by leveraging our technological advantage. When you're considering buying real estate in Phoenix, real estate in Scottsdale, or any Arizona real estate, using a TechRealtyAZ real estate agent is a must.
- Not Getting Pre-qualified - When you're considering your Phoenix or Scottsdale real estate purchase, financing is likely going to be part of the transaction. Working with a trustworthy lender is critical, and getting pre-qualified before you begin looking for properties in Arizona is a must. This prevents the crushing blow of heartache when the deal falls out of escrow because the lender declined. Check a list of recommended mortgage specialists here.
- Liens - Lien law in Arizona can be complex and tricky. A thorough search for liens is part of the due diligence of any buyer. Of course, your real estate agent can be a big assistance in this effort.
- Verification of the "SPDS" - SPDS, the Seller's Property Disclosure Statement, is a document filled out by the seller that is supposed to disclose material facts to the buyer. While most sellers are honest, ommissions can occur through unwitting error or outright misrepresentation. Your Azure Group real estate agent can help guide you when evaluating the SPDS and make recommendations based on its contents.
- Insurance - No investor or homeowner of Phoenix real estate wants to lose their investment through a disaster, legal matter, or any of the problems that can reduce the value of the investment. Proper insurance is a must. Check a list of recommended insurance agents here.
This list is not exhaustive. Work with your Azure Group real estate agent to make sure your Phoenix real estate transaction is smooth and easy, with no unpleasant surprises.
Buying Phoenix Real Estate Buying real estate in Phoenix, or any Arizona real estate, is a sound investment. Values in Phoenix and Scottsdale real estate have appreciated considerably for an extended period of time. The information below will help you evaluate your options, rights, and responsibilities if you're considering a purchase of Phoenix real estate. The list is not exhaustive, but does cover the major topics a buyer should consider. More information is available at http://www.re.state.az.us/.
1. Find a Real Estate Agent - While Azure Group would love to be your only Arizona real estate agent, a smart buyer will shop around. Pick two or three agents and interview them. Consider the time it takes them to respond to your requests, and what methods they use. Azure Group provides many communication channels, including good old-fashioned direct mobile contact, email, text, chat, fax, and more. We stay up on the latest technologies to help you make your decision with the least amount of effort on your part.
2. Get Mortgage Pre-Approval - The process takes 20 to 30 minutes over the phone, on line, or in person. This step determines whether or not you can buy real estate in Phoenix and how much home you can afford. This step sets up the entire process all the way through closing. Get a list of recommended mortgage specialists here.
3. Pick The Location - Downtown, suburb, desert rural, westside, eastside, near work, near recreation, near a religious institution. There are so many choices to choose from when buying real estate in Arizona. Your Azure Group real estate agent can help you decide using our technological advantage, which provides Google Earth Pro snapshots of the neighborhoods you're considering. We can provide aerial photographs overlaid with schools, churches/synagogues/mosques, golf courses, restaurants.almost anything you can imagine. Request a sample here.
4. Pick the Style - 2 stories, Ranch, Basement, no basement, Split Level, Cape Cod, Bungalow, Log Home, High Rise Condo, or Townhouse. There is a huge variety of choices in Phoenix and Scottsdale real estate. Talk with your Azure Group real estate agent for recommendations and helpful information that will help you decide.
5. Amenity Selection - Eat in Kitchen, Formal Dining Room, Fireplace, Air Conditioning, Jacuzzi, 2 baths, 3 baths, 3 car garage, Patio, Deck, Screened Porch, Wooded Lot, Level Lot. Decide what you want, and what you need. Your Azure Group real estate agent will locate only those properties with your selections included, negating any wasted time viewing properties in Phoenix or Scottsdale that lack your wants and needs. If, for example, you have a particular style of fireplace in mind and want to see it before you make the trip to view the house, let us know and we'll visit the property and have a photo of the fireplace in your inbox or cell phone in minutes. Service is our promise, and technology makes it easy for you.
6. Schools - Public School, Private School, Parochial or Religious. How about distance from the home, busing options, and school ratings. We can provide all of the information you need to make a smart decision for your children.
7. Commute - Commute times in Phoenix can really cut into your quality time with family and friends. We use our superior technological advantage to shorten or eliminate commutes.
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