Your Real Estate Options When Retiring To Arizona

The real estate options when retiring to Arizona are not limited to well-known, exclusive and sometimes expensive independent living or continuing care retirement communities. Those considering retiring in Arizona will want to become informed about Arizona’s housing market.

Buying a New Home in Arizona

The entirety of the southwestern United States was hit hard by the financial and housing crisis that came to a head in 2008, and Arizona was no exception. As a result, housing prices dropped drastically. This can be considered a positive fact, if you have the financial resources either to buy a home outright or make a sizable down payment.
If your budget will only permit you to seek out a home financing plan with a lower down payment and lower monthly mortgage payments, you may find buying a new Arizona home more difficult. Many realtors in Arizona will require prospective buyers to put up higher down payments than could be expected when home-buying in other states.

Buying Foreclosed and Short-Sale Properties in Arizona

This home-buying option may be the way to go for retirees looking to purchase an Arizona home for their retirement. Properties that have been foreclosed on, or given up by their owners through a short sale, will often be less expensive than the value they’d bear in a more optimal housing market.
If you’re looking to buy a foreclosed home or one that’s been subject to a short sale, you’ll want to keep a few concerns in mind. Chiefly, foreclosed homes may have languished on the market for long periods of time, during which they are usually unoccupied and under-maintained.
As a result, some of these properties may have fallen into varying levels of disrepair. Additionally, many lenders and realtors are new to the short sale process, since the issue was not as prevalent a concern before the 2008 housing crisis, and this may lead to a process that’s intricate and difficult to maintain.

Renting a Retirement Residence in Arizona

Renting may be the right option for those considering retiring to Prescott, Arizona, or one of the state’s major cities such as Phoenix, Tucson or Mesa. While it can be quite expensive to buy a home in these metropolitan areas, rental options for apartments, homes and condominiums may be much more reasonable.