Arizona Buyers Agents

Buying a home in Arizona—what to know.

• Property taxes: Arizona homeowners benefit from a lower-than-average property tax of around 0.65% of the assessed value, approximately $1,150 per household annually. Keep in mind that rates vary by county, with Pima County, home to Tucson, having the highest property taxes in the state.
• Dual agency: Like many states, Arizona permits dual agency, which means that your real estate agent might also represent the seller in your transaction. However, the agent is required to get your consent if that’s the case.
• Seller’s disclosure: The state requires home sellers to complete a disclosure form outlining a range of information about the property. Read this document carefully to understand any potential warning signs about past roof leaks, problems with the HVAC system, and more.
• Closing costs: In 2021, closing costs in Arizona averaged $4,701 — or 1.2 percent of the purchase price of the home — according to data from Closing Corp. This figure does not include lender fees, so some new homeowners may pay more to cover origination or underwriting fees.
• Attorneys: You are not required to hire a real estate attorney under Arizona state law. However, it is smart to consult one: Real estate transactions involve loads of money and a lot of complicated legal language. So, unless you’re a pro at sifting through contract details, a lawyer is a wise use of your money.
• Climate and weather: In Arizona, embrace the desert sun’s beauty, but be aware of risks. In 2020, over 2,500 wildfires scorched 980,000 acres. Surprisingly, floods, numbering 40 to 100 annually, also pose a threat. When choosing homeowners insurance, prioritize extra coverage to safeguard your investment.

Arizona buyers agents provide Key Tips for Homebuyers in Arizona in 2024:

Arizona is known for being a popular state to move to after retirement, but there are still plenty of families that also call Arizona home. Those living in Arizona get to experience natural beauty, great weather, and plenty of entertainment.

However, no matter if you’re planning on moving to Arizona from another state or if you already live in Arizona, there are certain factors you’ll want to consider before buying a house in Arizona.

Keep the following in mind if owning real estate in Arizona is on your mind: 

• Arizona temperatures will vary – Keep in mind that Arizona has a monsoon season, which starts in June and ends in September. However, Arizona still doesn’t get as much rain as Florida does in the summertime.
• Do your research on locations – When people think of moving to Arizona, some of the first places that come to mind are Phoenix or Tucson. However, there are plenty of other smaller cities and towns you can consider.
• Take a look at the entertainment – For folks who like spending time outside, there are plenty of locations to hike and explore, including the Grand Canyon. And despite Arizona’s barren atmosphere, it has an active art scene. From museums to live performances, there are plenty of entertainment opportunities.
• Know what the housing market looks like – Arizona has reasonably priced housing and a growing economy, which is good for individuals considering moving there. Keeping an eye on the housing market is always recommended, in case there are any changes.
• Have an idea of what you want – Know what type of house you’re looking for before you start talking to a realtor. House styles will vary depending on location. Contemporary homes with neutral color palettes, mid-century homes with open floor plans, Spanish Mission homes with stucco, and Mediterranean-style homes with red-tile roofs are just some of the styles you can expect.

Is it worth buying a house in Arizona?

Yes — Arizona is projected to be an attractive state for new residents for a long time. A recent study conducted by the state forecasts more than 700,000 new jobs by 2030. Another study forecasts that Arizona’s population will increase by 26 percent between now and 2040. So whenever you’re ready to buy, it seems safe to say you will be able to find a qualified Arizona Buyers Agents down the road.

Is 2024 a good time to buy a house in Arizona?

It’s a seller’s market, but there are signals that Arizona is starting to look a bit better for buyers right now. More than 40 percent of listings had price reductions in July 2022, and fewer homes are receiving offers above their initial asking price, according to Redfin. It’s a better time to buy in some cities more than others, too. For example, the average home sits on the market for 36 days in Tucson, giving buyers a bit more time than in Flagstaff, where the average home goes to contract in just 17 days.

Arizona Real Estate Market Statistics

• Average Home Prices: The average median home price in Arizona is $434,700, up by 0.4% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 98.1%, with a decline of 0.6 pt YoY compared to September 2022.
• Home Sales: As per September 2023 data, home sales decreased by 39% YoY! In September 2023, 7,339 homes were sold, down from 8,687 in September 2022.
• Average Rent Prices: Rental costs vary statewide. An average tenant in Phoenix pays $1,558, while the one living in Flagstaff pays $1.968.
• Median Days on Market: The median days on the market for homes for sale was 41 days, up by 5 days YoY.
• Pending Sales: The number of homes for sale dropped by 39% YoY compared to 2022. Currently, there are 41K homes for sale in Arizona.
• Months of Supply: The average month of supply is 2 month. Arizona’s inventory won’t last long if interest rates drop. It is worse than the national housing market.

Arizona Housing Market Predictions 2024

Homes in Arizona, guided by experienced Arizona Buyers Agents, continued to sell at eye-popping prices last month. In September, Arizona’s median home price rose 4.6% to $434,700, with 7,339 homes sold (1,348 less). Homes selling above list price increased by 20%, and only a 2-month supply remains. Is Arizona still a seller’s market? Let’s find out.

In September, Phoenix homes sold for a median price of $440,000, a 2.33% YoY increase. Meanwhile, Flagstaff homes sold for a median price of $630,000, reflecting a 7.8% YoY rise. Notably, prices in Arizona markets mostly rose, with exceptions in Buckeye and Prescott.

• Arizonans have survived the shockwaves of skyrocketing mortgage rates and rising home prices of 2023. Here’s what we predict for Arizona’s housing market:
• Home Sellers Will Return to the Market in 2024: Sellers on the sidelines in 2023 will return, driven by new jobs or a desire for affordability. Analyst Whitney, accurate in predicting the 2008 crisis, forecasts up to 30 million housing units added by downsizing baby boomers.
• Mortgage Interest Rates Will Stabilize by the 2nd Half of 2024: Mortgage rates hit 7.79% in October 2023, the highest in 23 years, but eased to 7.35% in November amid economic and labor market slowdown. We expect stabilization above 6% in the second half.
• The Number of Home Buyers Will Rise: The historically high interest rates averted buyers in 2023. But mortgage demand rose after the interest rates lowered to 7.35% in November. The easing inflation and stabilizing rates will bring back house hunters. Arizona Buyers Agents are always on the go.
• Home Prices Will Continue to Rise: Home prices rose steadily in the top metros across AZ YoY, reaching $408K in September 2023. Experts predict home prices will continue to rise until the low supply-high demand dynamic changes.

If you are a home buyer:

You can avoid bidding wars and avail seller concessions if you buy a home now. The 8.5% interest rate and mortgage payments are significant, but rates are unlikely to drop in the next few months. If they do, you can refi.

If you are a home seller:

You can lock in Arizona’s high home prices. Homes listed on MLS sell faster and for 17.5% more than off-MLS homes. That could be thousands of dollars in additional proceeds if you sell via Houzeo.