July 21, 2024

A Quick guide to buying a house in Prescott, AZ

3 min read
buying house guide

With its trademark small town charm and great mix of modern amenities, the small city of Prescott often feels like home right from the get-go. The balance between the area’s natural beauty and steady-paced urban development is a big draw for several home buyers looking for a welcome change of scenery. If you’re a prospective buyer eyeing houses for sale in Prescott, AZ, below are a few key steps to keep in mind.

Get pre-approved for financing ahead of time

Prior to an in-depth home search, buyers should ideally approach a lender to secure financing. While this step can be done later on in the process, it’s best to get this checklist item resolved as soon as possible. Why? Things often move fast in real estate. Someone may beat you to a particular listing you found during a cursory search because the seller prioritizes inquiries from pre-approved buyers. The sooner you gain pre-approval, the sooner you can make a serious inquiry or an initial offer on that dream home.

Get a good grasp of the real estate market

Home prices in Prescott, AZ, tend to be relatively lower compared to the hottest housing markets in the country. As of writing, the median listing price of homes is around $630,000. You can find a range of properties priced for as low as $200,000 or as high as $8 million. From single-family homes to condos and townhomes, there’s also a good mix of property types to choose from. Additionally, you can get more information on specific listings and the housing market in general from sites like Realtor.com, Zillow, Redfin, and others.

Work with a real estate agent

To gain a deeper understanding of the local market, as well as the competition, hiring an experienced agent is the best move. These seasoned professionals put you in the best position to carefully consider your real estate decisions. Whether it’s home prospecting, examining financing options, or negotiating the best deal, a real estate agent can guide you through all the crucial phases of a home Purchase.

Be thorough during the home inspection

This inspection is an opportunity to properly assess the condition of the property. Some buyers are fine with waiving this right, but it may prove costly later on. While a professional home inspector is the one who officially conducts the inspection, it’s still important for you to be cognizant of what needs to be Assessed. Consider the home exterior for instance. Are there any issues like misaligned or broken gutters and downspouts? What about roof stains or damage? Then there are potential underlying issues with plumbing, electrical, and home foundation. Is the water pressure consistent and are there any leaks? Do all of the lights work in the house? Are there fire hazards that need to be addressed?

Finish strong during closing

Closing may be the last step of the real estate journey, but this is not yet the time to kick back and relax. This is the phase where you’ll need to iron out all of the details in the purchase agreement and furnish the necessary documentation. As you can imagine, there’s a lot of paperwork involved and it can be difficult to keep track of everything and comprehend all the terms involved — especially for first-time buyers. Having an agent for support is crucial during this step. These professionals will do all the heavy lifting and clarify any vague-sounding conditions you may encounter.

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