The real estate market in Maricopa is still a buyer’s market, but how should young couples looking to own a home prepare themselves? We went to the experts to find out.
What do you see as the biggest challenges for young couples trying to buy a home in Maricopa in today’s market?
“The biggest challenge for younger buyers seems to be having enough cash for closing costs. In addition to a down payment, they typically need $4,000 to $5,000 additional cash to pay their closing costs, unless they can convince the seller to pay the costs on their behalf. Also, the lenders will review their bank statements and stipulate a minimum amount a cash ‘reserves’ to have after closing.” – Dayv Morgan, HomeSmart Success
“One of the biggest challenges for a young couple buying a home in the Maricopa real estate market today is to make sure they budget everything into their monthly expense and not just look at the cost of their monthly mortgage and impounds. I make sure I disclose the cost of utilities so they can factor that into their total monthly expense.” – Pat Lairson, The Maricopa Real Estate Company
“The newlyweds’ biggest issue will be financing and down payment. That’s why is it’s never too early to visit with your Realtor and put together that checklist of their ‘must haves,’ wants and needs to determine what the price range may be.” – Terry Sperry, Coldwell Banker
What should be on their financial checklist before they contact a Realtor?
“Before contacting a Realtor, any buyer should make sure that they have a pre-qualification letter from a lender that has done a thorough review of their financial situation. I’ve seen many hopeful home buyers end up disappointed and without a home because they got a pre-approval based on verbal information that was incomplete, or they started looking for homes in a price range that they later found out they could not afford.” – Morgan
“A Realtor and lender can help you get a financial checklist in order so if you don’t have one first, don’t worry. Call your Realtor anyway. It is good to know your FICO score before deciding if you even want to proceed with buying a home. There is a loan bond program out right now that is perfect for couples or individuals just starting out that could help them get into a home for little or no money down. Ask your Realtor for more details.” – Lairson
“Best tips are not to change jobs or residence during the process. Do use your credit as normal but stay current on all payments. However, don’t make any large purchases or make large deposits or financial contracts without discussing first with your lender.” – Sperry
Maricopa’s January Home Sales (Excel)