When it comes to real estate, there are always going to be upswings in the market that will have an impact on your mortgage payment and overall financial health. However, with a fluctuating market here to stay, you may be wondering how you can guard your biggest investment and your finances against rate increases. If you’re concerned about rates on the rise, here are a few tips to test out you’re fiscal well-being.
Calculate Your Debt-To-Income Ratio
It’s beneficial to determine your DTI ratio prior to purchasing a home, but since debt and housing costs are always fluctuating, calculating this number again can be a wakeup call. By adding up your monthly expenditures (including any debt), and dividing that number by your pre-tax income, you’ll be able to determine your DTI percentage. While it’s ideal to have a percentage of less than 28%, if your expenditures have risen above this number, it may be time to take a look at your monthly budget and see what you can cut out.
Do You Have Emergency Savings?
Many people make a habit of putting money into their retirement funds each paycheck, but it’s equally important to have emergency savings you can access in the event of car repairs, home maintenance issues or an unforeseen medical problem. While it’s often suggested that a person should have a minimum of 3 months of expenses at their disposal, saving more than this can make you even more prepared in the event that a rate increase requires you to dive into other funds.
Review Your Budget
It’s easy enough to have a monthly budget, but the hard part for most people is sticking to it on a day-to-day basis. If you’ve veered off the trail a little bit in this regard, sit down to review your expenditures and determine what your financial outlook would be if you experienced an interest rate bump next month. In the event that there’s very little cushion and no money for savings, it may be worth your time to craft a new budget that gives you a bit more wiggle room.
Many people are uncertain about what the short-term economy will bring for their mortgage rates, but by reviewing your budget and maintaining emergency savings, you can be better prepared for the future. If you’re currently considering purchasing a home, give me a call for more information – J.P. Cook – 602-320-4253.
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4686 E Mia Court Gilbert, AZ 85298
$499,000
2
Beds
2
Baths
1,537
SqFt
Status
Active
MLS #
6664275
Property Type
Single Family Residence
Price Type
--
FANTASTIC POOL!! This home sits on a choice corner N/S lot in a cul-de-sac. The model is an Azalea. Very Popular. This is a very active 55+ community of Trilogy At Power Ranch. Gorgeous clubhouse, fitness center, lap and play pools. Tennis, pickleball, Bocce, public golf course with restaurant. Very nice, mature, desert landscaping, fruit trees and relaxing pool features. 2 bed/2bath. Large primary bedroom. THIS HOME IS A MUST SEE!!!
4923 E Palm Lane Phoenix, AZ 85008
$499,000
4
Beds
2
Baths
1,813
SqFt
Status
Active
MLS #
6664829
Property Type
Single Family Residence
Price Type
--
This is the home you've been dreaming of! Nestled in the highly desirable area near Arcadia & Arcadia Lite, this gem spans 1,813 square feet, offering four bedrooms and two bathrooms for comfortable living and convenience. As you step inside, the open floor plan welcomes you with natural light streaming through the large front window, creating a warm and inviting atmosphere. The heart of this home is its beautifully remodeled kitchen, featuring a large island that overlooks the living room, perfect for entertaining and family gatherings. Every detail has been carefully considered, with a split floor plan that underwent a complete renovation, including the addition of a brand-new primary suite boasting a spacious walk-in closet and spa like bathroom. Embrace the incredible Arizona weather and abundant sunshine by taking advantage of the solar panels installed on the property, offering potential energy savings year-round. Nestled in the non-HOA community of Orangedale Manor, this home provides easy access to a wealth of amenities and attractions, including Papago Park, the Phoenix Zoo, ASU, Tempe Marketplace, and Desert Botanical Gardens. With convenient freeway access and close proximity to Phoenix Sky Harbor and Old Town Scottsdale, this modern oasis seamlessly blends luxury, convenience, and lifestyle. Don't miss out on the opportunity to call this move-in-ready masterpiece your own!
15286 W Linden Street Goodyear, AZ 85338
$499,000
3
Beds
2.5
Baths
1,808
SqFt
Status
Active
MLS #
6664266
Property Type
Single Family Residence
Price Type
--
Welcome to this gorgeous single level home in Estrella Commons! This former model home is the desirable Fairwinds layout with 3 bedrooms, 2.5 bathrooms, and a open great room. The kitchen is gorgeous with granite countertops, tile backsplash, stainless steel appliances, walk-in pantry, and a kitchen island with a breakfast bar and pendant lights. The spacious great room has a center open extended glass door opening up to a oversized paved covered patio. The generously sized primary suite features a ceiling fan and a ensuite bathroom boasting a dual sink vanity, a seperate shower and tub, and a walk-in closet. Bedrooms 2 and 3 are move-in ready! The laundry room has a sink and upper and lower cabinets for additional storage. The backyard is easy care with artificial turf and a built-in BBQ. Do not miss out on this home! Estrella commons is a amenity rich community with walking paths, parks, and sport courts. Plus close to the freeway for quick access more options for dining,shopping, and entertainment!
608 Tiburon Drive Prescott, AZ 86303
$499,000
3
Beds
2
Baths
1,666
SqFt
Status
Active
MLS #
6665821
Property Type
Single Family Residence
Price Type
--
In the tall, cool pines of Hassayampa Mountain Club you will find this adorable 1666 SF, 3BR/2BA cottage. Primary living, livingroom, kitchen, dining area, laundry and large 1 car garage are on the first floor. Upstairs are two bedrooms and bath, furnace room with newer water heater that doubles as storage closet too. Fenced in backyard with stairs off the back deck for your furry friend and an 8 X12 SF shed with electricity. There is an additional parking space in the front for a large truck or small RV. Make this your primary home or summer get away from the Phoenix heat!
41a Ok Street Bisbee, AZ 85603
$499,000
3
Beds
2
Baths
1,788
SqFt
Status
Active
MLS #
6669500
Property Type
Single Family Residence
Price Type
--
This charming property offers a unique opportunity to live in the heart of Historic Bisbee with all the modern conveniences. With three bedrooms, a renovated kitchen, and an abundance of character throughout, this home is perfect for those looking for a blend of historic charm and modern comfort. The property also includes a separate entrance for added convenience, as well as a spacious patio for outdoor entertaining. With the additional lot next door included in the sale, there is plenty of potential for expansion or outdoor space. Don't miss out on this rare opportunity to own a piece of Bisbee history with this stunning property.
1358 E Joseph Way Gilbert, AZ 85295
$499,000
3
Beds
2
Baths
1,735
SqFt
Status
Active
MLS #
6671319
Property Type
Townhouse
Price Type
--
Welcome to the Spectrum community at Val Vista! This completely renovated and newly updated two-story home offers a perfect blend of modern amenities and serene surroundings. As you step inside, you'll notice the fresh, new, and clean finishes. The home has been meticulously renovated inside and out! Upstairs, you'll find comfortable bedrooms filled with natural light. Nice new designer ceiling fans snd new carpet. The bathrooms have also been updated with sleek fixtures and framed mirrors. But the beauty of this home doesn't stop at the front door. Step outside into your private backyard. A perfect space for intimate gatherings, or moments of quiet reflection. Whether you're sipping your morning coffee on the patio or enjoying a cozy evening, you'll love the tranquility that surrounds you including a nice water features, artificial turf and mature landscape. There's a lot more in this home like epoxy garage floors, beautiful vinyl wood plank floors and other custom designer features. You owe it to yourself to see this home before it is gone!!
6616 S Par Court Gold Canyon, AZ 85118
$499,000
2
Beds
2
Baths
1,698
SqFt
Status
Active
MLS #
6675209
Property Type
Single Family Residence
Price Type
--
MOTIVATED SELLERS ARE REQUESTING YOUR BEST OFFERS ASAP TO GET THIS HOME SOLD! Ready to negotiate with any reasonable offers! Don't miss these golf course, sunset, and Superstition mountain views in this beautifully updated and expanded Ocotillo model in the Mountainbrook Village community of Gold Canyon is ready for its next owner. The interior of this 2 bedroom/2 bathroom home with office/den features a gorgeous kitchen with newer shaker cabinetry, granite countertops, open living concept, stylish touches throughout and more. Updated and efficient windows, new water heater, and a newer roof are just some of the updates making this home truly turnkey as a lock and leave or full-time residence. Gold Canyon features fantastic amenities, including community pool, pickleball, several great nearby golf courses, hiking, biking, and much more making this 55+ community idyllic. Come meet your new neighbors today!
11041 W Irma Lane Sun City, AZ 85373
$499,000
3
Beds
2
Baths
2,231
SqFt
Status
Active
MLS #
6681886
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful age restricted community. As you walk up to this home, you will find a welcoming entry way. Inside you have a quaint living and dining area. To the right, there is a room which can be used for either a sitting area or office space. There are wood shutters throughout. The home offers 3 bedrooms and 2 baths and lots of storage. The main bedroom is spacious with a sitting area and private exit to the patio. The main bath has two sinks, 2 walk in closets with a separate tub and shower. The kitchen offers a large open area with a breakfast area. The exterior has several fruit trees, a private backyard great for entertaining, lots of mature trees and beautiful landscaping. Corner lot on a cul-de-sac street. 3 car garage with a service door and built in storage cabinets
4469 S 119th Drive Avondale, AZ 85323
$499,000
5
Beds
3
Baths
2,311
SqFt
Status
Active
MLS #
6677928
Property Type
Single Family Residence
Price Type
--
FANTASTIC PRICE! Looking for a new place to call home? You've found it here at the popular Alamar! This beautiful residence offers excellent curb appeal with a manicured landscape and a 3-car garage. Be captivated by the large & open floor plan with clean lines that promote a modern feel! Wood-plank tile flooring, recessed lighting, carpeted bedrooms, and oversized sliding glass doors are features worth mentioning. The white kitchen features 42'' shaker cabinets, tile backslash, quartz countertops, stainless steel appliances and a big island with breakfast bar. The primary bedroom has an immaculate ensuite with double vanity and a spacious walk-in closet. With room for a pool, the backyard provides endless potential to get creative & make it your own.
14803 W Buttonwood Drive Sun City West, AZ 85375
$499,000
3
Beds
2
Baths
2,550
SqFt
Status
Active
MLS #
6679820
Property Type
Single Family Residence
Price Type
--
Welcome home to this updated San Simeon model with 2550' of spacious living. 3 bedrooms, 1.75 baths. New tile/baseboards throughout with carpet in bedrooms. New master shower, lighting upgrades, pull-out shelves in kitchen and master bath. Water treatment system and R/O system are owned. The large laundry room is set up with abundant storage w/ a great craft/hobby area. New interior paint 2024 Enjoy two private outdoor retreats w/ a front courtyard off the master bedroom or the covered back patio with built-in outdoor kitchen. The oversized garage includes a separate golf cart garage. The landscaping system was reworked with new valves, controls and backflow. To add to the mature plantings the landscape rock was just replenished. The home has solar to keep your electric bills low! See full list of improvements in Documents tab.
22375 N Celtic Avenue Maricopa, AZ 85139
$499,000
5
Beds
3
Baths
2,653
SqFt
Status
Active
MLS #
6680848
Property Type
Single Family Residence
Price Type
--
Welcome to this spacious 5-bedroom home in Cobblestone Farms! Nestled on a corner lot, it displays a desert front yard, RV gate, & a split 3-car garage. Discover a formal living room and an inviting dining/family room that opens to the kitchen! Built-in appliances, solid-surface counters, a pantry, recessed lighting, ample wood cabinetry, and a large island w/breakfast bar complete the culinary space. Natural light filled the spaces, complemented by archways, designer paint, and tile & soft carpet t/out. Main bedroom has outdoor access and an ensuite with a separate tub/shower & a walk-in closet. One bedroom, with a double-door entry & sliding doors to the back, is perfect for an office. Enjoy relaxing in the private backyard w/a covered patio, DIY firepit, & a grassy area! Move-in ready!
2201 W Valhalla Court Anthem, AZ 85086
$499,000
3
Beds
2
Baths
1,616
SqFt
Status
Active
MLS #
6686568
Property Type
Single Family Residence
Price Type
--
Welcome to your desert oasis in the gated community of Anthem Country Club! This charming 3-bedroom, 2-bath home features beautiful desert landscaping enhancing the curb appeal, setting the tone for the tranquility within. At the front, a patio invites you to enjoy your morning coffee, to relax and soak in the warm Arizona sun. Inside, the great room greets you with its spaciousness, complemented by a formal dining area and a kitchen that overlooks the living space, creating an ideal setup for gatherings and entertaining. The kitchen features ample cabinet space and a convenient pantry, providing plenty of room for all your culinary essentials. The primary bedroom is generously sized and grants direct access to the backyard retreat. Its ensuite bathroom features a dual sink vanity, a separate tub and shower, and a spacious closet space. Outside, discover a backyard sanctuary complete with a covered patio with ceiling fans, perfect to help stay cool on the warm sunny days, a built-in BBQ for grilling. Unwind in the spa, surrounded by serene natural beauty. As part of the Anthem Social Membership, residents gain access to a variety of Club facilities and amenities, including tennis courts, pickleball courts, a fitness center, a resort-style pool, and more! Don't miss out on the opportunity to experience Arizona living at its finest in this captivating Anthem home.