Like many other states in the nation, mortgage interest rates are on the rise in Arizona. When combined with the 50% increase in house prices in 2005, it is predicted that home sales will be down in 2006. Keep reading to find out how you can purchase a home in Phoenix despite unfavorable conditions.
Quick Phoenix Housing Facts
Percent of Homeowners in Phoenix: 68%
Percent of Renters in Phoenix: 32%
Median Phoenix Household Income: $40,558
Average Phoenix Credit Score: 657
Best City to Live in Arizona: Scottsdale
Median Phoenix Home Value: $125,000
How Much Real Estate Can I Afford in Phoenix?
It’s the question on every prospective homebuyer’s lips: “will I be able to afford the home I want to buy?” While we can’t necessarily change your economic situation, we can certainly help you understand your economic situation in the housing market. First, we recommend that you answer the following questions:
- How much can I afford to pay in mortgage payments each month?
- What kind of payment plan will work well for me?
- What are current interest rates in Phoenix?
- What are property tax rates in Phoenix?
Once you have answers to these questions, its time to number crunch. Check out our mortgage calculators and find out what kind of mortgages you will likely be offered. After you have completed these two steps, you should have a good idea of where you stand in the housing market. Do you need to wait until your credit scores rises before you purchase? Are you ready to contact a realtor? Are you ready to make a bid on a house? Whatever your next step will be, you will know that you have made a sound and educated decision.
Refinancing in Phoenix
Refinancing is a popular economic tool across the nation, and Phoenix is no exception. Homeowners refinance their mortgage loans for many reasons. Sometimes they want to take advantage of lower interest market rates, and sometimes their credit scores have improved, thus qualifying them for lower rates. Whatever the reason may be, refinancing can be an excellent economic decision when the situation calls for it.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.