Free Guide · Phoenix Metro · Updated Oct 2026
The Phoenix First-Time Buyer Guide
From Demitrius Ellis, Realtor® | DeLex Realty
1. The market right now
Greater Phoenix, Sep 2026: median single-family price $475,000 (down 2.1% year over year), 4.3 months of inventory, median 77 days on market. More inventory and longer days on market mean more room to negotiate seller credits and repairs. (Source: ARMLS / Phoenix REALTORS® data via AZ Big Media, Oct 2026)
2. Arizona down payment assistance (DPA)
| Program | What you get | Key rules |
|---|
| Home Plus (Home+Plus), Arizona IDA, statewide | Up to 4% of the loan for down payment/closing costs as a 0% interest, no-payment second loan, forgiven after 5 years | Income up to $155,386 (as of 4/6/2026); homebuyer education course required; primary residence; must repay if you sell or refinance within 60 months. homeplusaz.com |
| Home in Five Advantage, Phoenix & Maricopa County IDAs | 3–6% second loan, forgiven monthly over 3 years (7-year option for lower incomes) | Maricopa County homes only; income limits apply; homebuyer education required. Note: the 7-year option was reported fully funded mid-2026, so confirm with an approved lender. homein5advantage.com |
| City programs (e.g. City of Phoenix Open Doors) | Some Valley cities (e.g. Phoenix's Open Doors) offer additional help | Funding comes and goes. Ask me for what's live this month. |
Program terms change often. Always verify with an approved lender. This guide is not lending advice.
3. What it really costs
- Earnest money: typically 1% of the price, credited back at closing.
- Inspection: $400–$700. In Arizona, also check the roof, HVAC age, and for scorpions/termites.
- Appraisal: about $500–$750.
- Closing costs: about 2–4% of the loan, and these are often negotiable as seller credits right now.
- Budget for summer: SRP/APS bills in July can hit $300+. Ask for the seller's 12-month utility history.
4. Step-by-step checklist
- Check credit (most DPA needs 640+).
- Take the homebuyer education course (often online, about 8 hours).
- Get pre-approved with a DPA-approved lender.
- Pick your must-haves: commute, schools, HOA vs no HOA, pool or no pool.
- Tour homes and write a smart offer (ask for credits!).
- Inspection period: in Arizona it's usually 10 days. Use it.
- Appraisal, then final loan approval.
- Final walkthrough, then close and get your keys.
5. Valley tips from Demitrius
- West-facing backyards bake in summer. North/south orientation saves on cooling.
- Check the HOA's reserves and rules before you fall in love.
- Newer builds in Buckeye, Queen Creek, and San Tan Valley often come with builder incentives. Bring your own agent on the first visit.