Buying First House in the Valley (Phoenix, Mesa: real estate market, insurance, mortgage broker)

[RickyJulian&Bubbles]

Hello all,

Been living in Phoenix for 4-5 years now, and have started a pretty good tech career. The job market for my specialization looks really good right now, and I would like to stick around.

I'm looking for advice on where I should purchase a house, and how I can do it using the best method. I'm a single male in my early 30s that's fairly simple and disinterested in owning lots of flashy things. I'm looking to own a simple home in a good location where my neighbors would also be fairly mellow. This would also be my first ever home purchase.


The following bullet points contain questions and major points:


*Which neighborhoods will fit me best?
Currently, I live in North Scottsdale, which is a very different lifestyle compared to my own. I'm looking for something quieter and less flashy. I'm also into the outdoors more than going out and living in a hip area, so closeness to an interstate that takes off into the mountains is better for me.

*Are there first time home buyer grants that any of you know more about? Where should I go read about these? Who can I talk to?

*Is now even a good time to purchase? Through your own analysis of the local real estate market, how is my timing?

*Traffic is important to me, so I would also like to live close to where the tech scene is happening. In your opinion where is the tech scene happening most? If you bought a house and placed it near the center of the tech scene, where would it go?

Price range: < $300,000k


Considering all these points, where should I look to purchase a house, and what is the smartest way to do so?


Thanks

[SarcasticPhxDude]

How far of a commute are you ok having? Where is your current employment?
Tech is probably more in Chandler if anywhere. There are down payment assistance programs for your price range, and Chandler, Gilbert, and Ahwatukee, maybe Mesa might have some options.

[RickyJulian&Bubbles]

I work and live in the same area, so North Scottsdale. From what I've experienced, tech jobs are ephemeral, so I'm not banking on working at the same place for the entirety of my career. Looking for a commute < 45 minutes.



Thanks!

[AZ Manager]

Nothing is ever free so be careful. First time home buyer grants typically come with very high interest rates. Home Plus is the one that I've heard of and their rates are probably 1.5%-3% higher than on the open market, which should be about 4% right now. The other program I know of is called Home in 5 but again it has a higher rate, both rates are set by the state, and it will likely be an FHA loan.

FHA loans come with an upfront mortgage insurance in the thousands and a monthly mortgage insurance that will never go away. If at all possible never go with an FHA loan.

[Sno0909]

Well, first off I want to say I love the name. Trailer Park Boys is probably my all-time favorite show. Still on the fence about the new cartoon.

Anyway, to your questions:

1. Which neighborhoods will fit me best?
-As a single 30-something male looking for the tech scene, I would recommend South Scottsdale, Tempe, or Downtown Phoenix. South Scottsdale (think south of Thomas) is in a revitalization period, especially with the giant tech hub called Sky Song being expanded. Tempe always has innovation and downtown has Galvanize (a old warehouse turned into an entrepreneur and tech playground). Chandler has a lot of big-name players in the tech scene, but you are out in the burbs and will be missing out on a lot of the real action.

2. Are there first time home buyer grants that any of you know more about?
-Yes, local programs will give you up to 5% for down-payment assistance. Then you can secure an FHA or even a conventional loan with the funds. It all depends on your financial/credit situation. I could put you in touch with a mortgage broker.

3. Is now even a good time to purchase?
-In my opinion, yes. Brutal honesty, you shouldn't put faith in a primary residence as an investment. Things happen. Markets turn. Who knows? But I will say that Phoenix is only going to continue growing. Housing can only be built up so fast. And right now, things seem to be flatlining. I really don't see a fall in home prices at all, to be honest.

Mod cut.