Should I Buy A House In Arizona Right Now?

When Is The Best Time To Buy A House In Arizona?

One way to ensure the home buying process is as simple as possible is to shop at the right time. Now, of course, this can be a tricky thing to figure out. Arizona, unlike most other housing markets, has varying housing prices and mortgage rates by the month. Housing prices in Arizona were at their lowest level in the month of May during 2021, for example. Homes were listed at an average of $40,000 less during May than any other point this year. November was actually the month with the highest housing prices in the valley of the sun.

Arizona’s real estate market is truly unlike any other market in the country due to its harsh summers and mild winters. Most homebuyers do find better deals in the summer because the area is less desirable at that point in the season. While most of the country has lower prices during the winter, the exact opposite is true in Arizona. Currently, Arizona is categorized as a seller’s market, meaning you’ll likely face a lot of competition when bidding for a new home.

The best time to buy will really depend on both the market and your specific situation as potential homebuyers. The first step towards home ownership is getting preapproved by a licensed lender. Even after you have been preapproved, it’s still possible to find lower rates that can pay dividends over the life of the loan. Look around at as many options as possible.

Best Places To Buy A House In Arizona

Arizona is a very desirable place to live. From its low cost of living to the fewer tax burdens, more and more people are flocking to the valley. So which areas are the most attractive for homebuyers right now?

Chandler

Chandler is home to a popular historic downtown area and some of the top golf courses in Arizona.

Tucson

Just a few hours south of Phoenix, Tucson is consistently ranked atop the best places to live in the state. Tucson has a plethora of upscale neighborhoods for affordable rates. 

Flagstaff

The population of Flagstaff continues to grow, rising above 70,000 residents recently. Located in Northern Arizona, prospective homebuyers love the fact that they won’t have to deal with any harsh summers, compared to the majority of the desert. 

Cost To Build A House In Arizona

On average, building a house in Arizona costs a total of $412,000. Prices can range all the way from $200,000-$625,000 in 2021, according to HomeAdvisor. Another way to get an accurate price estimate is to figure out square footage of the home. Typically, custom and luxury homes cost $200-$500 per square foot.

• 2,000 sq. feet: $200,000-$400,000
• 2,500 sq. feet: $250,000-$500,000
• 2,700 sq. feet: $270,000-$540,000
• 3,000 sq. feet: $300,000-$600,000
• 4,000 sq. feet: $400,000-$800,000
• 5,000 sq. feet: $500,000-$1,000,000

Benefits Of Living In Arizona

In addition to the mild winters and plethora of world-class golf resorts, these are a few of the benefits of living in Arizona. 

Low Cost Of Living

According to BestPlaces, Arizona features not only a strong economy, but some of the most affordable living costs in the country, as well. Whether you are looking to downsize or build your dream home, the chances are high that you will play less in Arizona than most other states. Your financial future is in good hands with Arizona’s booming economy and affordable housing.

Most Sun In The U.S.

The NOAA (United States National Oceanic & Atmospheric Administration) shows that Arizona receives more sunny days than any other state in the U.S. And, yes, that includes California and the sunshine state of Florida. According to a study by CurrentResults, Arizona receives 193 clear days per year. New Mexico is second in the country, experiencing 167 days of sun per year. 

Population Growth

The city of Phoenix is now the 5th-most populous city in the U.S. With 1.6 million residents and climbing, Phoenix continues to attract residents for its beautiful landscape and plethora of job opportunities. Phoenix residents enjoy 300 days of sunlight in addition to a unique food culture and light traffic. 

Few Tax Burdens

In addition to the low cost of living, Arizona residents face fewer tax burdens than most other states. The state allows residents to keep as much of their income as possible. Other states will get creative to raise funds, including unwanted higher taxes on gas and alcoholic beverages, for instance.

Booming Job Market

Arizona trails only Oregon and Utah as the best state for job opportunities. The top employment sectors in the valley are transportation, government, trade and education. Tourism-related job opportunities continue to multiply each year, as well.