Don’t think you can afford to buy a Phoenix area home? YES! You Can!
Whether you’re listening to the news, radio, or scrolling online, everyone seems to be saying buying your first home is unaffordable. I’m here to tell you that you CAN buy a Phoenix area home on a reasonable budget.
Owning a home can also be cheaper than renting. As a Scottsdale community leader, I want people in the Phoenix area to hear what they CAN do with their resources. Let the rest take care of itself.
Let’s explore the affordability factors of buying a Phoenix home .
#1 Are there Affordable Phoenix Homes for Sale?
I always have a long conversation with my first time home buyers about their lifestyle and their current wants and needs for the next 5-7 years. Buying a home is a commitment. Here are some of the questions I ask first-time home buyers:
- What’s your household income? This gives me a ballpark idea on how much home you can afford
- Do you plan to live in this house for the next 5-7 years? Buying a house is a financial commitment and if you’re not sure you want to stay in the home or neighborhood, it can be a costly mistake to buy a home.
- Do you have specific neighborhoods you want to live in? The answer to this question helps me know if my home buyers are in touch with home pricing reality. There are no 3 bedroom, 2 bath townhomes with outdoor space in Central or North Scottsdale for $300,000.
- Why did you choose those neighborhoods? Often, a first time home buyer hears about a neighborhood’s desireability without checking out why it’s desireable. A young couple or a young single person with no plans to have children in 5-7 years doesn’t need to focus on good schools.
#2 How Important Are Home Buying Expectations?
The key to home-buying affordability is setting expectations. That’s my job, to help set the proper home buying expectations based on price and home availability.
We’ve all seen the house-hunting shows where the young couple buying their first home says, “I want granite countertops with white cabinets. I don’t like dark cabinets and definitely, no oak.” Or, my favorite, “The primary bedroom just won’t fit our king size bed and 3 dressers.”
It’s important to remember that you’re buying a home with a fixed amount of money. Even with the biggest budgets, home buyers have to make compromises and put money into a home to make it “theirs.”
My happiest home buyers are those that approach home buying with flexibility and an open mind. Your parents first home wasn’t perfect. They’ve likely owned several homes and built equity to get to the home they’re in now, over many years. So don’t expect your first home to look like your parents’ current home in finishings, square footage, bathrooms, or backyard.
By coming to the home buying adventure with an open mind, we can work together to get the best home for your needs for the next 5-7 years or more. It won’t be perfect, but we’ll do our best both in our home searches and in my negotiation on terms and price.
Curious about how we can work together? Have questions about the home buying process? Text or give me a call. I’ll buy you a beverage and we’ll talk!
P.S. Not sure what the difference is between wants vs needs in your home? Check out this article for a checklist!
I’m looking forward to meeting you soon!
Tom Mayer
REALTOR® and Community Leader
Phoenix Real Estate Experts