Are you currently renting but thinking about buying your first home in Phoenix? You’re not alone — many renters are looking to make the leap into homeownership but feel overwhelmed by the process. At Capstone Realty Professionals, we specialize in helping first-time buyers feel confident, informed, and excited about their next chapter.
In this guide, we’re answering the most common first-time home buyer questions — from down payments and financing to inspections, escrow, and life after the keys are yours.
Q: How do I know if I’m ready to buy instead of rent?
A: If you’re planning to stay in the area for a few years, have steady income, and want to build wealth over time, homeownership could be a smart next move. Unlike rent payments, mortgage payments help build equity — and that’s money that stays in your pocket.
Q: What’s the first step in the home buying process?
A: Start by getting pre-qualified with a lender. This gives you a clear idea of your price range and makes you a serious buyer in the eyes of sellers.
Q: Do I really need 20% down to buy a home?
A: Nope! First-time buyers often qualify for low down payment loans — some as little as 3%. Plus, there are down payment assistance programs available throughout Arizona.
Q: What other costs should I budget for when buying?
Earnest money (1–2% of the purchase price)
Home inspection (~$300–$500)
Appraisal (~$400–$600)
Closing costs (2–5% of the home’s price)
Q: What is earnest money and is it refundable?
A: Earnest money is a deposit that shows you’re serious about your offer. It’s typically applied to your purchase at closing and may be refundable under certain circumstances.
Q: How long does it take to buy a home in Arizona?
A: Most buyers close within 30–60 days of getting an offer accepted. The home search process can vary depending on your needs and the market.
Q: Can I buy a home if I’m still in a lease?
A: Yes — and many of our clients do! We’ll help you time your purchase or negotiate with your landlord to minimize overlap or fees.
Q: What should I look for during showings?
A: Focus on the layout, location, and condition. Don’t worry too much about cosmetic issues — those are easy to fix later. A good inspector will help uncover anything major.
Q:How do I know what to offer on a home?
A: Your Capstone agent will do a full market analysis to help you make a strong, fair offer. We’ll also coach you through negotiations.
Q: What if there are multiple offers?
A: In competitive markets, we may recommend increasing earnest money, offering flexible terms, or using escalation clauses — while protecting your financial interests.
Q: What’s included in a home inspection?
A: A licensed inspector checks the roof, structure, plumbing, electrical systems, HVAC, and more. You’ll get a detailed report, and we’ll help request repairs if needed.
Q: What is escrow in real estate?
A: Escrow is a secure, neutral third-party account where money and documents are held until all parts of the deal are completed.
Q: What happens if the appraisal comes in low?
A: Don’t panic. We’ll help you renegotiate, challenge the appraisal, or explore your options. You won’t be forced into an unfair deal.
Q: What should I expect on closing day?
A: You’ll sign paperwork, wire your final funds, and receive the keys to your new home. Your agent will prepare you for every step so there are no surprises.
Q: What happens after I move in?
A: Homeownership means regular maintenance and property taxes — but also freedom, stability, and growing equity. Capstone is still here for support long after closing.
Q: Can I contact Capstone with questions after I buy?
A: Always! We offer post-purchase support, including vendor referrals, market updates, and homeownership tips. You’re part of the Capstone community for life.
We know buying a home is a big deal — and for first-time buyers, it can be especially emotional and overwhelming. That’s why Capstone Realty Professionals is built around education, transparency, and no-pressure guidance. We take the time to get to know you, explain every step, and make sure you never feel rushed or confused.
Schedule a no-obligation consultation with one of our Phoenix buyer specialists.
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