Arizona Real Estate

Want to buy a home in Arizona? Here are 5 things to consider before purchasing:

1. Make sure you are financially secure - don't buy another home if you are at risk of losing your job, or can't meet credit requirements.

2. Buy a home, not an investment - Don't buy a house because it's cheap. Buy a home because you want to live in it.

3. Be conservative - a buyer's monthly housing payment shouldn't exceed 35 percent of their gross monthly household income.

4. Use leverage - don't be afraid to ask for concessions such as asking the seller to chip in for closing costs. You can't receive if you don't ask.

5. Check out foreclosures - Huge discounts can be had for those who have cash, but make sure you have a professional guide you through the process.

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A sudden surge in demand for new homes in East Valley cities is keeping home builders busy and bringing renewed optimism to the Arizona Real Estate market.

In Gilbert, the number of new-home permits this year is almost 1,000, which is double what officials expected. The main factor attributed to this "mini-boom" is the federal tax credit for first-time home buyers. These buyers have fueled new growth in communities such as Higley Park and Freeman Farms. The economic impact of the home-building surge also helps East Valley Cities as the permits for new home construction generate substantial revenue for the cities' general funds. Although the road to recovery is going to be a slow process, this surge is a good sign for real estate in Arizona.

More on Arizona Real Estate

Customers of SRP and APS will now be able to lease solar panels for their homes with no money down. The new Solar Phoenix program will allow homeowners to pay a monthly lease to the bank for solar panels which are expected to generate between 60-80% of power the homeowners use in a year. The lease payments, combined with their new power bill ,should be 10-15 percent lower than what they are currently paying for utilities. Visit the SRP or APS website for more information and to sign up.

If you are looking to purchase a home, you could qualify for the homebuyer tax credit that was just extended. Here are the details:

1. You must sign a contract by April 30, 2010 and close on the house by June 30, 2010.
2. Home purchase must be under $800,000.
3. Home must be your primary residence and cannot be purchased from a close relative.
3. An eligible home buyer who hasn't purchased a home in 3 years can qualify for a tax credit of up to $8,000.
4. For those who want to "move-up", and have owned and resided in a home for any 5-consecutive year period during the last 8 years can be eligible to claim a $6,500 tax credit.
5. Income for individuals cannot exceed $125,000. The income limit for couples is $225,000.
6. Those in the military have until June 30, 2011 to purchase a home and apply for the tax credit.

Now is a great time to buy a home. Please give me a call at 602-904-1496 for all of your Arizona Real Estate needs!