Rent to Own Homes in Phoenix
The below results are primarily rent to own homes in Maricopa County, AZ:
The largest capital city in the United States, bustling Phoenix gleams with showstopping vistas of the Sonoran desert and the equally captivating architecture of Frank Lloyd Wright. Even the computer punchcard-like facade of the Phoenix Financial Center highlights Phoenix City’s unique design. While enchanting architecture is seen throughout the city, its rich artistic and cultural venues are concentrated in downtown Phoenix. There, the Phoenix Art Museum, Phoenix Symphony Hall and the Diamondbacks’ Chase Field offer plenty of entertainment. Arizona businesses and families prosper here, appreciating the convenience of Phoenix Sky Harbor International Airport, the Phoenix metropolitan area’s excellent freeways and midtown’s thriving Phoenix City Square. For work, play and travel, it’s hard to beat Phoenix’ abundant opportunities.
Buying a home in Phoenix
Home sales in Phoenix are brisk, increasing 8.6 percent in the first part of 2015 to 16,380 completed sales. While nearly 22,000 homes are for sale in Phoenix and the area enjoyed a 43 percent year-over-year increase in new home building permits, homes are selling faster than new listings are coming on the market. That puts the pressure on home buyers to act quickly. In particular, first-time home buyers may find the average home sales price of $264,491 a bit steep, with fewer options available below the $200,000 mark.
Popular neighborhoods in Phoenix
Fifteen urban villages and several notable neighborhoods create the city’s vivid landscape. One of the most desirable neighborhoods in Phoenix is the upscale Biltmore area filled with lush homes in gated communities and chic condos in mid-rise towers. The Biltmore neighborhood is in the financial center of the city and offers easy access to high-end shopping and dining, golf courses and businesses. Other popular neighborhoods include Midtown for its plentiful employers, Sunnyslope for its historic homes and Arcadia for its sprawling ranchettes. North Central’s treasured mansions and established subdivisions and Paradise Valley’s architecturally inspired modern ranch homes also offer distinctive options.
Buying vs. Rent to Own Homes
With Phoenix home prices climbing, renting to own gives home buyers flexibility in a tight housing market. Many rent-to-own contracts allow renters to lock in sales prices at today’s rates while giving them time to ease into the purchase. Most rent-to-own situations eliminate the need for a hefty down payment in favor of a smaller option fee, and they ease the pressure on buyers to present outstanding credit scores. Paying for closing costs, mortgage loans, property insurance and home improvements are all delayed when house hunters choose a rent-to-own home. Ultimately, rent-to-own contracts give home buyers precious time to determine if the home is a good fit before locking into a long-term mortgage commitment.
Cost of Living in Phoenix
Phoenix residents enjoy mostly good news on the economic front, with the post-Recession recovery in full swing. It’s slightly less expensive to live in Phoenix than the average American city, with health care and housing being particularly affordable and utilities costing just 92 percent of the national average. On the other hand, groceries and transportation costs tend to be slightly higher than the national average. Still, the overall outlook is good. When Governing magazine took a look at wages in several metropolitan areas, Phoenix workers fared well. Adjusting for low local living expenses, Governing researchers found that Phoenix residents earned $24.74 an hour, compared to the national average of $22.39 per hour.
A thriving oasis in Arizona’s Valley of the Sun, Phoenix has plenty to offer young professionals, families and retirees. Enjoying affordable living costs, bountiful desert recreation, gorgeous and diverse neighborhoods, and a job market that is expanding rapidly, Phoenix is an attractive place to call “home.” Whether house hunters are looking for a unique historic manse, a mid-century ranch home or a modern urban condo, Phoenix has it all. Increasing home values and a decrease in homes for sale, though, mean that potential home buyers need to be creative. Rent-to-own options provide some of that flexibility, opening up the Phoenix housing market for even first-time home buyers.
Rent to Own Realtors
An agent serves as a protection for both the buyer and the seller. They can save the buyer and seller a lot of time and money, which could offset the realtor’s commission.
However, not many realtors are interested in helping with lease-options. They make a minimal profit off of the lease portion of the deal, and the profit from the purchase is several years down the line and isn’t guaranteed.
Instead, protect yourself by communicating with lawyers, title agents and mortgage lenders to ensure that your rent to own deal works smoothly.
About Our Listings
When you’re looking for your first townhouse or condo, you learn pretty quickly that it’s difficult to secure financing for houses when you have bad credit. However, you can find properties, like apartments, in our free listings that might meet your needs.
Our database includes free listings for cheap properties available for lease-purchase, rent to own by owner, foreclosed homes and owner financing. Many of these programs will work with you with no credit check.
The convenient part of rent to buy and lease to purchase agreements is that they give buyers time to prepare to purchase a home by saving up a down payment and improving their credit score. Owner financing often has less stringent requirements than conventional financing. Search for properties near me to find the program that’s most convenient.