Guide to Home Buying in Tucson AZ

Buy Tucson Homes For Sale

Tucson housing prices started to rebound and are expected to continue rising, it’s still a Tucson home buyer’s market. Prices remain below their peak before the Tucson AZ housing crash and mortgage rates hovering at all-time lows. If you are ready to jump in to the Tucson real estate market, here is a guide to home buying here in Tucson AZ:

The Numbers. Put together a financial plan to determine whether you can really afford to buy home here in Tucson. After all, just because it’s a good time to purchase a Tucson AZ home doesn’t mean it’s a good time for you to buy. It’s important to understand how much Tucson home you can afford and whether Tucson AZ home ownership might keep you from addressing other important financial issues.
20% for a Down Payment. Keep down-payment fund in cash or cash type accounts, so that Tucson housing market movements don’t change your plans.
“Rent vs. Buy”. Renting a Tucson home might still be the better deal in your area.
Informed Buyer. You’re not going to buy a Tucson AZ house simply because there’s a pretty photo, but you can do a lot of Tucson home price research. However, there’s nothing better than talking to people in the Tucson neighborhood for real life opinion.
Credit Report. Go to a site like www.AnnualCreditReport.com and request your free copy. It’s important that you correct any errors on the report before you start the Tucson mortgage process.
Pre-Approved. Pre-approval is a good gut check on your price range for a Tucson home. Make sure to compare apples to apples and to ask the MyOwnArizona network broker about your total costs to you at closing. You should also know that once you actually find a Tucson home, the mortgage process requires more patience. You’ll need to dig up tons of paperwork and be warned that there will be multiple requests for even more documents as you move toward closing. Eventually, you will need “commitment letter,” which details the terms of your loan approval.
MyOwnArizona Agent. As much as everyone complains about realtors, it’s tough to go through the Tucson home buying process alone. The most important qualities in brokers are honesty, experience, good connections with other agents, and good referrals from buyers like you. Remember that most agents represent the seller, not the buyer. Get a MyOwnArizona agent to represent you on your terms.
Real Estate Attorney. This is a major transaction in your life, so don’t try to save money when it comes to legal fees. Even if your mortgage company provides a lawyer, hire your own to help draft all documents and to ensure that your interests are being represented at every step of the Tucson AZ home buying process.
Appraisal. An appraisal will determine the Tucson housing market value of the property and ultimately will be used by your lender to determine the amount of your loan. You have a legal right to get a copy of this and will want a copy for your records.
Home Inspection. Think you’ve found your Tucson dream house? Maybe, but unless you have a professional walk through the premises with you, you might be buying a new roof in a couple of years. Don’t get worried if a problem comes up during the inspection; it can often be addressed with a simple adjustment in price. It’s important to protect yourself, so don’t blow off this important step.
Offer. The offer should be based on similar Tucson houses sold in the neighborhood in the past six months. Your MyOwnArizona agent will help you with the process, but the offer should include the price you’re willing to pay for the Tucson house, your financing terms and contingencies such as specifying what will happen if any problems come up during the inspection.
Homeowner’s Insurance. If you are a life-long renter, this can be an eye-opener in terms of cost. Make sure that you understand the difference between insuring the structure and insuring the contents.
HUD Statement BEFORE Closing. The government document provides basic details about the involved parties and a lot of numbers. Mistakes do occur, which is why it is vital that you review the statement and confirm that everything is correct.

Please feel free to contact us and we can provide you with additional information to Guide you through the Home Buying process in Tucson AZ. We look forward to hearing from you and working with you soon!

Our best,
Carl Pepper, Realtor
info@MyOwnArizona.com
www.MyOwnArizona.com
Tucson: (520) 822-6575
Phoenix: (480) 382-9191

Featured MLS Listing: 4700 Wonderview Drive Oro Valley, AZ 85755