Affordable Homes in Chandler Arizona- Should I Buy or Should I Wait?
This is a question I often get. With so much information in the media, determining whether to buy or when, especially because there's so much affordable homes out there, continue to rent or consider investment property can be confusing at best!
The fact is there is a great selection of affordable homes today. In Chandler you can purchase affordable homes under $ 120,000. With today's interest rates your payment could be under $ 600.00 p.i. and for the same home your rental would be close to $ 900.00 monthly in this market, making affordable homes that much more affordable. Once you understand the current market you can make an educated buying decision whether you're looking for luxury properties or affordable homes, there are three very important factors to keep in mind.
•1- Can I qualify for a loan?
•2- How long will it take from the time I make an offer until I can move in?
•3- Do I have extra money for any repairs or updating that may be needed.
The first step is talking to a lender to understand how much house you qualify for and determine if there is any reason why you wouldn't qualify for a loan.
The 2nd & 3rd question can be answered depending on the type of property you chose to purchase. When looking for affordable homes you can be assured in today's market, your money will purchase more home then it could 3 years ago or even 5 years ago and depending on how good your Real Estate professional is, you could purchase affordable homes for less than it would have cost you 10 years ago, yes 10 years ago and interest rates were nowhere near the below 5% range they are today.
Traditional Sale - close in 30-45 days*. May be in great condition, could need some updating.
Bank owned - close in 30-45 days*. May have condition issues, i.e. needing paint, flooring, updating or landscaping or the affordable homes you're looking into may be in great condition! Every property varies.
Short Sale - May take 3 months to 6 months (or more) to close. Whether that property you're looking to purchase is a luxury property or affordable homes they may have condition issues, i.e. need paint, carpeting, updating or landscaping. These affordable homes could take months. The bank may not approve a short sale and you may have to start the process over on another property, luckily there are a few luxury properties and affordable homes to choose from! What you need to remember is every bank varies.
Flip -usually close in 30-45 days. This type of property has been purchased by an investor as a short sale, foreclosure or Trustee Sale and the owner has often painted, updated flooring and appliances making the house move-in ready.
*These are usual dates, specific dates can vary depending on specific conditions of your transaction.