While daily life has changed over the last few months, many prospective homebuyers in the Phoenix metro area still want to own a home. With new passions like fitness or exploring the outdoors growing, some Arizonians may be interested in a home with a backyard or an additional room for a fitness studio.
Deciding when to become a homeowner is a personal decision for everyone, but with mortgage rates at all-time lows, this may be a good time for prospective homebuyers to start preparing.
Realtor.com reported that buyer interest is growing, and the National Association of Realtors® identified Phoenix as having the highest concentration of prospective home buyers (10%). Although Phoenix home prices are currently increasing, the cost of living in Phoenix is 5% lower than the national average. Another NAR report found that over 77% of those who plan to sell believe they will do so following the end of stay-at-home orders, which means aspiring homeowners can start preparing.
Despite the changing housing industry in the Valley, it’s no secret that prospective homebuyers often struggle to come up with the upfront costs of homeownership. In fact, 69% say the biggest barrier is saving enough money for a down payment and closing costs, according to Bank of America’s homebuyer insights. However, many prospective homebuyers can afford a monthly mortgage payment.
Solutions exist to help prospective buyers come up with the upfront costs and get into their dream homes. Low down payment loans are available, along with grant programs through which, qualified borrowers may be eligible for up to $17,500 toward their dream home in Maricopa County. With a Bank of America lending officer helping you navigate the process and explaining the financial support available, homebuying doesn’t have to feel overwhelming.
How can you determine if sustainable homeownership is achievable for you?
Here are a few tips to get started:
Most current homeowners believe that owning a home is worth the challenges it took to achieve, and with some patience, professional assistance and research, sustainable homeownership is within your reach.
Editor’s note: Ms. Varley is the Area Lending Manager for Bank of America Phoenix.