Arizona is beloved by snowbirds and year-round residents alike. However, the real estate market is different than most of the country due to the harsh summers. Discover the best time to buy a house in Arizona, along with tips to help you get the best deal in the best areas.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Arizona, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year listing prices for homes in Arizona were lowest in May. On average, homes were $38,319 less expensive. While in November — the month with the highest prices — the listing prices were $41,822 more than the annual average.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying a house in Arizona.
Best Month For
6.2% lower than average
34.4% more homes to choose from
2.92% interest for 30-year mortgage
Realtor.com data (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
Best Time of Year to Buy a Home in Arizona
Because of the harsh summers and mild winters, the real estate market in Arizona is unique compared to the rest of the country. Instead of looking to buy in the spring and summer, you'll do better if you look in the fall or even in January and February.
Because of the hot summers, summer can be a time for bargain-hunting in the Arizona housing market. Where most of the country sees fewer homes on the market and rock-bottom prices in the dead of winter, Arizona sees these in the heat of summer.
On the other hand, you'll find more homes on the market during the moderate January and February months, with sellers hoping to entice snowbirds to stay long-term. Overall, the market is busiest from late fall to early spring.
Keep in mind that most of Arizona is in a seller's market, meaning that during the busy season there will likely be a lot of offers on the homes that are available. This might drive up the price during those months.
Best Places to Buy a Home in Arizona
Where should you move to if you plan to buy a home in Arizona? If you already have a job or family in a specific area, your choices may be limited, but if you have options, consider these great Arizona cities.
Tucson. Tucson is a couple hours' drive south of Phoenix and several of its neighborhoods are ranked among the best places to live in Arizona. With affordable real estate and a lot of diversity, you'll also enjoy the gorgeous mountains, outdoor activities, and growing food scene.
Flagstaff. Located in northern Arizona, Flagstaff is a climate and geography that's distinctly different from the major cities in the south. With a population of 69,903, you'll discover breathtaking natural beauty, good schools, and an active cultural scene.
Chandler. A suburb of Phoenix, Chandler offers world-class golf facilities and a historic downtown area. The area is full of families and professionals, and you have access to the various companies of Chandler and Phoenix for work while living in a beautiful suburb full of parks and coffee shops. Don't miss the Ostrich Festival in March or the Chihuahua Races in May!
Oro Valley. Located near Tucson, this suburb has become a tech hub with employers such as Honeywell, Sanofi-Aventis, and Ventana Medical Systems. There are opportunities to go hiking, biking, camping, and get in a few rounds of golf. The median income is $79,458 and the median home price is $288,400.
Gilbert. This suburb of Phoenix is the safest place to live in Arizona and is a great place to raise a family. The schools are excellent and the cost of living is affordable. The median income is high, at $81,485, while the median home price is $231,100. There are hiking trails and places to ride horses, along with The Riparian at Water Ranch which features the opportunity to see over 250 species of birds.
4 Ways to Get a Great Deal On a Home in Arizona
Now that you know when to buy and where you might want to look for a home, it's time to get some tips on how to get a great deal. Here are four things to keep in mind.
Find a Great Arizona Real Estate Agent
Every area of Arizona has a different real estate market, price range, and the best and worst neighborhoods. An experienced full-service real estate agent can help you find exactly what you want for a price you can afford. With a professional by your side, you can have help avoiding “lemons,” negotiating a great price and finding the gems in the desert.
Learn More: What Does a Real Estate Agent Do for a Buyer?
Assess Your Needs and Lay Out Your Goals
Once you have an agent, you can start to think about what your exact home needs are. What features are essential and what are simply nice to have? Do you need a short commute to a specific company, or are you looking for an area where work is easy to find once you arrive? You'll also want to work out your budget. Your agent can help you understand what is realistic in your target area and help you get the best price.
Find a Lender and Secure Financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Arizona, interest rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates could save you tens of thousands of dollars over the life of your loan.
For example, in Arizona a typical house is worth $297,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,060. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,002.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
It’s easy to start your home buying journey – answer a few questions to get instantly matched with a lender who works in your area.
Negotiate For the Best Possible Price
Putting in an offer quickly will help you win the purchase, but further negotiation may be needed if the owner counteroffers. Your real estate agent can help you know the right price to offer and how to respond during negotiations. After the inspection, you may need to negotiate further if repairs are needed. This stage is where a full-service realtor really shines!
Next Steps to Buy Your Arizona Home
If you're ready to get started buying your dream home in Arizona, we're here to help. When you work with a Clever Partner Agent, you not only get a great full-service experience, you can even get a cash rebate of $1,000.
Don't wait! Fill out our online form and we'll be in touch to answer your questions and set up a no-obligation consultation with a realtor.