Arizona Real Estate

Written by Nicholas Kamuda
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Arizona real estate is some of the most sought-after real estate of any state in the country. Phoenix is one of the largest cities in the United States, and some of the surrounding cities, such as Chandler Arizona, are routinely grouped among the fastest growing cities in the country. Once considered primarily a place for seasonal migrants to purchase a second home, many people are discovering Arizona is a great place to live all year round.

Arizona Real Estate in the Valley of the Sun

Phoenix is located in the southern half or the state, in Maricopa County. Most of Maricopa, along with the surrounding areas, lies in the vast Valley of the Sun that sits at the northern edge of the Sonoran Desert. The Valley of the Sun is dotted with mountains and buttes, and surrounded by many different mountain ranges, each with their own attractions and character.

Cities that are generally considered parts of metropolitan Phoenix range from Surprise and Goodyear to the west to Queen Creek and Apache Junction in the east. Immediately bordering Phoenix (which is home to over 3 million inhabitants) are Scottsdale, Mesa, Tempe, and Glendale, each a large city in its own right. Each city also has its own history, unique character, and demographic. Many realtors that offer information about Arizona real estate have information on most of the cities in the metro Phoenix area, even those as small as Queen Creek (approx. 8,000 inhabitants).

Scottsdale and Chandler Arizona Real Estate

Two of the cities in the Valley that have the most popular Arizona real estate are Scottsdale and Chandler. Scottsdale, which lies on the eastern edge of the city and stretches further north than Phoenix does, is home to many wealthy people and seasonal residents. It has a large concentration of golf course communities and luxury homes, and has a long history of being a creative alternative to Phoenix (Frank Lloyd Wright bought a large chunk of Scottsdale Arizona real estate for the site of his winter home, Taliesin West, back in the 1930s).

Mesa, Tempe, and Chandler, all around the southeastern corner of Phoenix, are considered to be the center of Phoenix's tech industry. The tech industry has been very important in making Phoenix what it is today--many Fortune 500 companies have development centers there, including Intel and Motorola. Chandler has a young population, most of which are highly educated and have jobs in the tech industry, making it one to watch for big things in the future.

Financing Arizona Real Estate

Though homes in Arizona are often more affordable than comparable homes in the Midwest or out east, many people still find it very helpful to utilize the many home financing options out there. Home loans are the most popular way to finance a new home. There are also different options available for people who already own one home and are looking to purchase another home.

First-time homebuyers would do well to plan as far ahead as possible, watching the market rates for the area that they are interested in. A good way to keep one eye open before you even decide on buying a home is to watch the general fluctuation of interest rates. Once decided, comparing interest rates of different lenders and seeing a company to "pre-qualify" can go a long way towards saving cash on Arizona real estate in the long run.

Second home shoppers may qualify for both second mortgages and home equity credit lines. Though both methods require that the first home is used as collateral, borrowers can usually get better rates and various tax advantages that they cannot get the first time around. Both home equity loans and second mortgages also generally provide more cash to potential homebuyers than first mortgages may make available.

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