Calculating Your Down Payment

Getting your finances in order is vital when preparing to purchase a home.  If you’re looking to purchase a home, one of the first things you’ll need to consider is how much of a down payment you’ll need to make.  Depending on the type of loan you’re applying for, the size of your down payment could vary.

Generally speaking, most conventional loans will require at least 5% down payment.  Some government-backed loans, like FHA or VA loans, may allow for a down payment as low as 3.5%.  And if you’re eligible for a USDA loan, your down payment could be as low as 0%.

Of course, the size of your down payment isn’t the only factor that will affect your home buying experience.  You’ll also need to consider your credit score and the current market conditions.

So, how much down payment do you need to buy a home?  As we indicated above, the answer depends on a variety of factors, but in most cases, you’ll need at least 5%.  Keep in mind, though, that the size of your down payment also affects the competitiveness of your offer.

A high down payment shows the seller that you’re serious about buying the home.  It also demonstrates that you have the financial resources to follow through on the purchase.  This advantage can be significant in a competitive market, where the seller may have to choose from several offers.

A high down payment also gives you more leverage in negotiations.  If the seller knows that you’re willing and able to put more money down, they may be more likely to accept your offer – even if it’s not the highest one.

So, if you have the means, a high down payment is always the best way to go when buying a home.  It will make your offer more attractive to the seller, lower the amount you will need to borrow, and give you more negotiating power.  Just be sure that you have a solid plan in place for how you’ll finance the rest of the purchase.

If you’re interested in learning more about low-down payment options, there are several places to go.  There are programs for qualified buyers with down payments as low as 3.5%.  There are also options like VA loans and USDA loans with no down payment requirements for qualified applicants.

To understand your options, you need to do your homework.  If you’re interested in learning more about down payment assistance programs, information is available through sites like downpaymentresource.com.  Be sure to also work with a real estate advisor from the start to learn what you may qualify for in the homebuying process.

Give me a call, I can point you in the right direction!  Trent Beaver (928) 916-1921

No two roads are alike. Just as no two people are alike.

Some roads are less traveled; some are highly trafficked; some are bumpy and filled with potholes. Some roads are new. Some roads can be smooth, paved, dirt, high speed, and so much more.

One thing all roads do, is they tell a story. No story is the same, and the path leading to them creates a different story for everyone.

Just know, when your road or story hits a valley, it is the start to the next peak! Stay the course, trust your instincts, and tell your story! People want to hear it, don’t be afraid!

We are entering the final days of 2021. There is no better time to start shaping your story for 2022!

Is your road leading you to relocate or move into a new home?

As a REALTOR ®, I put my client’s needs first by being a good listener, a good communicator, and responding to your needs quickly. I pride myself in upholding my core values and working hard to be your lifetime REALTOR ®, finding you the home or property that suits your needs best.

Prescott: “Everybody’s Hometown”

Prescott, aka “Everybody’s Hometown,” is nestled among the incredible ponderosa pines of the Prescott National Forests. Prescott sits at an elevation of 5,200 feet. Prescott’s perfect weather provides an average annual temperature of 70 degrees. Residents enjoy four beautiful and distinct seasons and are surrounded by breathtaking landscapes. If you love granite mountains, lakes, streams, and rolling meadows filled with wildlife, you will fall in love with Prescott.

Before you make an offer on what you deem is the “perfect” home, make sure to consider these six tiny details, that although small, could turn an ideal house into a purchase you may regret. 

1. Check Your Cell Reception: Does your future dream home have cell reception? Check your signal when you’re on the property and see if it has dead spots, poor/limited data connections, or flat-out “NO SERVICE” messages. If you plan to telecommute or skip having a landline, this is especially important. While you can try and live on VoIP connections, WiFi, and other options, the hassle of a hole-in-cell coverage can wear on you.
2. Calculate Your Commute: When clocking your commute, make sure you don’t use a Saturday or Sunday afternoon. Instead, try it during rush hour on a Monday (in bad weather if you can swing it). You might be surprised how school zones, backed-up interstate ramps, new construction, and peak transit schedules extend that commute. Calculate the commute for urban commutes as well. Even if you don’t drive to work, you’ll want to evaluate the commute in real-world conditions.
3. Check the Delivery Zone: Restaurant delivery areas are often drawn like congressional districts, so if you can, check out what the local food delivery options are like ahead of time. Lookup a few places, call them and verify they deliver to your address. (Asking the average delivery time is a good idea, too.)
4. Do a 24/7 Check: The home may be in a neighborhood that is quiet and peaceful on a Saturday afternoon, but what was it like on Friday night? What kind of traffic is there in the mornings? There may be an excessive number of children playing in the street in the afternoons after school. It is wise to do a drive-by at various times of the day and multiple days of the week to make sure you don’t have surprises pop up.
5. Give it the Sniff Test: Do you smell sewage, gas, or anything equally unpleasant? Sewage systems in older homes can sometimes get clogged or damaged by tree roots. Luckily, some sewer or plumbing companies can send a camera through the pipes to detect breaks or blockages. How does it smell outside? Some neighborhoods have distinct odors from nearby farms, landfills, water treatment plants, and industrial parks. It is vital to give it the sniff test inside and out.
6. Touch EVERYTHING: Turn on every faucet and light switch, open every window and door, and flush the toilets. Buying a house is a big step, and you need to know how everything works firsthand. Don’t forget to taste the water. There are water treatment options, but water quality is something you will want to know before becoming homeowners.

Markets can be super competitive, but remember that you’re planning on living in this new house for a considerable amount of time. (Most people would tell you at least 5 – 7 years.) Perhaps your priorities don’t include these six details, but they might to other buyers when you’re ready to sell.

As a realtor, I truly respect the time it takes to find the best home for the best price. I diligently do my homework for you to find what you are looking for. Contact me at 

928-916-1921, and I’d be happy to show you around homes for sale in the Prescott area.

What is an MLS?

The chances are that you have spent a little time online searching for homes. After all, most home searches begin online or on your phone. You may have even used a broker’s website or a site like Realtor.com, Trulia, or Zillow to help you browse listings. 

Source of Listing Information

Back in the day, before the Information Age revolution, brokers gathered and exchanged information about their properties. The idea was fairly straightforward: I’ll help you sell your properties if you help me sell mine. It’s a “private offer of cooperation and compensation.” Cooperation meant the real estate industry could thrive, and buyers and sellers could enjoy smoother transactions.

This spirit of cooperation gave rise to Multiple Listing Service(s) (MLS). By consolidating information about housing inventory in an MLS, listing brokers and buyers’ brokers can easily share up-to-date information about homes on the market. Though an MLS is typically a private database available to brokers, much of the data is syndicated to outside sites in the interest of casting a wider net for buyers and sellers.

Since the MLS is the primary source of information about a property, it tends to be the most accurate. In addition to the information available to the public online, the MLS may also contain private data for use by brokers only, such as times the home is available for showings and seller contact information. 

There are upwards of 850 MLS databases in the U.S. As you can imagine, just as technology and the real estate market change, the structure of the MLS is continuously being analyzed and revised to make it as user-friendly for the industry as possible. There is market pressure to centralize these into a national MLS database. Undoubtedly, we are sure to see changes in the future use of the Multiple Listing Services, but the core benefits to home sellers and buyers are certain to remain.

MLS Databases in Arizona 

What MLS databases are in Arizona? Better Homes and Gardens Bloomtree Realty uses PAAR and ARMLS for their MLS Database. The great news, we have recently changed our platform to make searching easier for our clients. Now, even though I am a real estate agent in Prescott, Arizona, you can search the entire state of Arizona from my website. The website directly taps into both the PAAR and ARMLS databases to give you more options when searching for homes for sale.

The listing feed that you can use on our website is one of the most user-friendly and most accurate feeds in the industry.

If you have questions on one of the properties you view, contact me and we can help answer your questions.