If you’re in the market for a home in DC Ranch or anywhere else in North Scottsdale, there are a few ways you can prepare for the homebuying process. In particular, you should know about the latest real estate trends for Scottsdale, as well as the down payment amount each home loan requires. This information, along with a knowledgeable real estate agent, can help make your homebuying process in DC Ranch or the surrounding area go as smoothly as possible.
Choosing a Loan and Budgeting for a Down Payment
You have several options when it comes to home loans, with some of the most popular being conventional, FHA, and VA. Each one has its own requirements for applicants, so it’s likely that at least one suits your situation well.
One of the deciding factors regarding which home loan you get is the amount you can afford for the down payment. Conventional loans are now available with as little as 3% required for a down payment. People often still assume they need a much larger (i.e.: 20%) down payment to buy a house, but many loans now require much less.
For example, according to the Cromford Report, the average down payment for VA loans has been about 2%, while FHA loans tend to require just 4%. So, even if you don’t have 20% or even 10% to put down for a home in North Scottsdale, you still have a chance of buying a house here, depending on the type of loan you choose.
Scottsdale’s Homes for Sale Have Reduced in Both Size and Price
According to the home sales statistics for the summer, the average sales price per square foot has dropped by about 3.5%. But the numbers don’t tell the whole story. They are especially inaccurate for the homes in Scottsdale.
What you need to know is that the average square footage of homes for sale has dropped by about 2% to 2,771, according to the Cromford Report. The average price has been reduced along with it, falling by 10% to about $607,651.
This basically means that you can expect to see fewer large, luxury homes on the market and more homes that are moderate in both price and size. This is great news for anyone at any price point looking to buy a home in North Scottsdale.
You should also note that inventory has been decreasing, too. The Scottsdale Area Association of Realtors stated that July marked the sixth month in a row with decreased housing inventory. The amount of homes for sale totaled $9.1 billion a year ago, and now it’s just $7.7 billion, so you don’t want to wait too long to start looking for a home to buy.
Now that you’re armed with this important information, you can feel geared up to begin the process of buying a home in North Scottsdale. Call us today for help finding the home of your dreams in North Scottsdale, or for any other questions about what it’s like to live in the area.
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255