If you are wondering whether or not now is the right time to buy a house in Arizona, this article will help!
When Is The Best Time To Buy A House In Arizona?
One way to make the home buying process a bit easier is to start the process at the right time. In Arizona, unlike several other markets, housing prices and mortgage rates will vary by the month. For example, Arizona housing prices were at the lowest point in the month of May during 2021. Homes were nearly $40,000 less expensive during that month than any point in the year. November, meanwhile, was the month featuring the highest housing prices. Prices during that month were $40,000 higher than the national average.
In reality, the best time to buy a house truly depends on your specific situation. The first step in the home buying process is getting preapproved by a licensed lender. Don’t hesitate to look around at as many options as possible. Even if you are preapproved, you may still be able to find lower rates that can pay dividends over the life of a loan.
The real estate market is unique in Arizona because of the harsh summers and mild winters. Most potential home buyers will find a better deal in the summer because the area is less desirable during that point in the season. Most parts of the country will hit their lowest housing prices in the winter. In Arizona, though, the exact opposite is true. Also keep in mind that right now Arizona is regarded as a seller’s market, so expect a lot of competition if you are planning to make an offer on a home.
Best Places To Buy A House In Arizona
More and more people are moving to Arizona. From the booming job market to the wonderful winter weather, Arizona is a very desirable place to live. So, which part of Arizona should you move to? Here are a few up and coming cities to consider:
Flagstaff is located in Northern Arizona, which means its geography is extremely different from much of the state. Instead of deserts and cacti, you can enjoy mountains and greenery in Flagstaff. You also won’t have to deal with harsh summer temperatures, and will get to experience some snowfall. Flagstaff’s population is nearing 70,000 currently.
Located a few hours south of Phoenix, Tucson is consistently ranked among the best places to live in the valley of the sun. This area features upscale neighborhoods and lots of diversity at affordable rates.
A suburb of Phoenix, Chandler offers a popular historic downtown area. The Chandler area is also home to some of the best golf courses in the entire country.
How Much Does It Cost To Build A House In Arizona?
Right now, new home builds run between $200,000-$625,000 in Arizona. Remember, prices can vary greatly across the valley. Higher rates in places like Paradise Valley and Scottsdale will cause the average cost of home building in the state to increase dramatically. All of the aforementioned cost factors will come into play when building your dream home in the valley of the sun.
Here is a breakdown of average costs to build a home in Arizona by square footage:
- 2,400 sq ft home: $360,000
- 2,300 sq ft home: $345,000
- 2,200 sq ft home: $330,000
- 2,100 sq ft home: $315,000
- 2,000 sq ft home: $300,000
- 1,900 sq ft home: $285,000
- 1,800 sq ft home: $270,000
- 1,700 sq ft home: $255,000
- 1,400 sq ft home: $210,000
- 1,600 sq ft home: $240,000
- 1,500 sq ft home: $225,000
Contact Hughes Development if you are interested in building a home in Arizona today!
Build a Custom Home In Arizona
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