Scottsdale, Best Home Buying Tips for 2024
Buying a luxury home in Scottsdale or Paradise Valley in 2024. I have updated this report in the last 30 days due to the ever changing housing market. . With lower volume of high quality homes for sale, there are a number of things you need to take into account when buying a home in Scottsdale, Paradise Valley or Phoenix. Yes, there are plenty of blogs on "buying a home " but absent from the ones I have read, are what I consider advanced critical points to the process. Especially for the buyer searching for true luxury homes in Scottsdale or in Paradise Valley.
* Before you skip to the TOP 12 Home Buying Tips - Of critical importance is understanding the value of using these tips, many of which may seem like common sense, yet time and time again. I see where buyers that could have purchased a nicer home, for the same or less money, do not.
- The long term net result is, when they go to sell the home "in a normal market" the home sits on the market longer and their net is less. -
It was interesting for me to note, that in 2021 and early to mid 2022 - at the height of the market, I saw a higher than average number of homes for sale that were near "busy roads".
What we, as Realtors were seeing was, 'people that had bought homes, that are normally very difficult to sell, taking advantage of the market frenzy'.
However, buyers applying the key 12 Home Buying Tips, always enjoyed varying degrees of sales success when they sold.
This point being, please let me guide you so the home you purchase is not only an excellent investment but one you richly enjoy every day.
Buying Tip - Knowing you deserve the Best !
I have had instances when a client has lost the ability to purchase a home and felt, that initial feeling of dismay... only to find another home later and exclaim" Wow, what a lucky blessing we missed out on that previous home".
Essentially because the new home we found was so much nicer.
#1. Patience and faith is key to finding the perfect home, you and your family deserve.
I say this humbly but, IF you did not deserve the best, you wouldn't have matched with a Realtor like me, who truly cares about you and your goals, and has the talent and expertise to help you. So Patience and Faith.
TOP 12 tips- Try to follow 12 guidelines for best value, when buying a home.
#2. Buy the best home you can for the money - Not the "nicest you can find while looking"- but a home
that rivals the nicest home you've seen in the last year of closed sales.
Tip #1 - Look at homes that have sold in last year - in the price point you are looking.
#3. Buy on the best lot - regardless of community or price point - every community has homes that are on the most desirable lots.
#4. Buy In a neighborhood with highest resale. Every Price point has a "Best Value Neighborhood"
#5. Buy a home with the best floor-plan (evaluate with a knowledgeable 10 years or more experienced -trusted Realtor- *A newer Realtor will simply not have the expertise. "Trusted" as for example, 'you want to know the full value impact of the one step down into living room... or '.
For additional home buying tips; including tips #6 through #12 please call me.
Buying Multi-Family residents and Investment properties in 2024 -
Homes /Small Multi units as Residential Investment Properties
When it comes to buying investment properties, (Homes and small multi units); research shows that, cities are still the best place to buy. Choosing a location for your investment depends on what your investment goal is. Price appreciation is many times a primary consideration. Larger metro areas such as Central Scottsdale have a stronger overall value appreciation. Even rent increases are much stronger in metro areas as opposed to rural.
Economists predict a 40% increase in the Phoenix Population in next 20 years. That means higher demand.. higher demand means higher rent and higher real estate appreciation. For a detailed analysis of the real estate investment opportunities; both in single family homes and multi-unit dwellings please call me. At this time - My analysis is, sorry to say, but investment dollars currently go further in many other states. The ROI in Arizona in 2024 is just not favorable, compared to other markets unless you are buying over 40 or 50 units. Those sizes are more likely to follow investment criteria.
For Buyers Using loans - Save for More - Than a Down Payment
While it seems logical, the money you save for a home should not just be for the down payment, you also want to save for additional expenses.
As a Scottsdale Realtor, #1. I can help you (with the assistance of the mortgage lender) research the total costs associated with a predetermined loan amount. #2. Find out how much extra cash will be due at closing and what other fees are associated with the purchase transaction. #3. Lenders will also often have a "preferred rate" for those putting an additional amount down, check this.
If you are paying all cash, great.. however it is always a good idea to set aside an amount of extra money for the remodel or personal improvements you may want to make to the home. Or you may want to finance a small portion of the purchase to use extra cash for improvements.
Important note re: down-payments, multi -unit complexes often have a tremendous upside BUT again only, if bought right. The down -payment on four units buildings is typically no greater than that of a single family residence. Therefore, this is still a tremendous opportunity for a first time home-buyer that wants to live in Arizona.
Look at the Entire Financial Picture
Even though you’re working with me or my team, as Scottsdale real estate specialist, IF, you are financing, it’s still a good idea to pre-qualify for a mortgage before you even start house hunting. Lenders will look at the amount of your down payment, credit score, and debt-to-income ratio. Important tip... no matter how good your credit score avoid making any big credit purchases before qualifying for a home loan and until AFTER you have closed on your home. Additionally, avoid opening any new lines of credit. The better your credit score the better your loan rate.
Get Second and Third Opinions
When looking for a mortgage company, it’s good to speak to two or three before choosing one. In the end, I hope I can earn your business as your Scottsdale Realtor - Paradise Valley Realtor. I will work hard to find you the perfect home at a significant savings. For a list of top preferred rate lenders please call me.
My goal is to be of service to you. I say it often but it cannot be said enough, "in real estate, there is a difference in Real estate professionals.” For more tips on a 'best home buy" Please call me now at 480-450-4632.
Realtor -Specializing in Scottsdale, Arcadia and Paradise Valley Arizona
Michael Chaisson - Realtor
Launch Realty -Powered by Compass
Premier Client Services
Ranked Top 1% Nationally
Circle of 26 Excellence Award Recipient
480-450-4632
Top 50 Realtors -Phoenix Magazine 2022
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