Buying your first home is a significant life milestone, filled with excitement and a fair share of questions. The journey to homeownership can feel complex, and it’s easy to get overwhelmed by advice from friends, family, and the internet. Unfortunately, a lot of this “common knowledge” is based on outdated information or outright myths. These misconceptions can create unnecessary stress and might even stop you from pursuing your dream of owning a home.

Let’s clear up the confusion. We’re going to tackle three of the most common myths about buying a home. By separating fact from fiction, you can move forward with confidence and make smart, informed decisions.  

Myth #1: “That house has been on the market so long I bet we can easily work the seller down.”

Maybe, but not necessarily. Days on the Market (DOM) refers to the time between listing a home on the Multiple Listing Service (MLS) and the date it is sold or removed from the market. According to Realtor.com, in 2025, the average days a house was on the market in Prescott ranged from 77 to 87. A home on the market for 100 days isn’t necessarily going to go for a ‘bargain’ just because of the days on the market. Exceptionally high days on the market could mean almost anything. The seller could be unrealistic about their price. Alternatively, the seller may not be particularly motivated to sell for emotional or other personal reasons. At this point, your realtor’s experience and training are beneficial to a successful transaction.

Myth #2: “I want to look at foreclosed homes because they’re a real bargain, and the banks need to unload them.”

Unfortunately, there are several reasons a home may arrive in foreclosure. It could be a death in the family, illness, or divorce. Once the house is in the hands of the banks, the rules of negotiation change. It may be challenging to determine why a bank rejects an offer for a foreclosed or distressed property.

Many distressed sale transactions can be more lengthy and stressful than regular sales. If you’re looking for a bargain or a fixer-upper, please don’t hesitate to contact us. We can set up a personalized search that will alert you when inventory that meets your criteria becomes available.

Myth #3: Your Credit Score Must Be Perfect

Another primary source of anxiety for aspiring homeowners is their credit score. Many believe that unless they have a perfect or near-perfect score, they won’t be able to secure a mortgage. This fear can prevent people from even starting the pre-approval process.

Why This Myth Exists

Your credit score is undeniably a critical factor in the mortgage application process. It provides lenders with a snapshot of your financial history and your reliability in paying back debts. A higher credit score generally unlocks better interest rates, which can save you tens of thousands of dollars over the life of your loan. Because of its importance, the idea that only pristine credit will suffice has become a widespread belief.

The Reality Today

You do not need a perfect credit score to buy a home. While a higher score is always better, different loan programs have different minimum credit score requirements. Lenders look at your entire financial profile, not just one number.

If your credit isn’t where you’d like it to be, don’t give up. You can take steps to improve it, such as paying bills on time, reducing credit card balances, and disputing any errors on your credit report. A loan officer can offer valuable guidance on what you need to do to become mortgage-ready.

Your Path to Homeownership

Buying a home is a big step, but it doesn’t have to be a scary one. By understanding the truth behind these common myths, you are better equipped to navigate the process.

Let me guide you through each step, answer your questions, and help you turn your homeownership dream into a reality. Call Mary Tarrant (928) 277-6404.

Choosing the right real estate agent is one of the most important decisions you’ll make on your home-buying journey. This professional is your guide, advocate, and strategist. To ensure you have a strong partner by your side, you need to ask the right questions from the start.

This guide provides essential questions to ask your real estate agent. The answers will help you gauge their expertise, understand the process, and make informed decisions.

1. How will you represent my interests as a buyer?

Understanding your agent’s legal and ethical duties is fundamental. You need to know they are working exclusively for you.

• Can you walk me through your standard buyer representation agreement?
• What is your policy on dual agency (representing both buyer and seller)?

2. What are the current local market conditions?

A great agent should be a local market expert. They need to provide a clear picture of what’s happening right now in the specific neighborhoods you’re targeting.

Is it a buyer’s market, where you have more negotiating power, or a seller’s market, where competition is fierce? Your agent should come prepared with data on average days on market, list-to-sale price ratios, and inventory levels. This information directly impacts your search and offer strategy.

• Which neighborhoods offer the best value for my budget?
• Are home prices trending up or down in this area?

3. How will you help me craft a competitive offer?

Making an offer is more than just naming a price. In a competitive market, your offer needs to stand out.

Your agent should explain the different components of an offer, including price, contingencies, and closing timeline. They should have a strategy for making your offer attractive, which might involve an escalation clause, a personal letter to the seller, or flexible terms. Their ability to articulate a clear plan is a sign of their experience.

• What offer terms are common in this market besides price?
• How do you determine the initial offer price for a property?

4. How can we compete with cash buyers?

All-cash offers often win because they present less risk and a faster closing for sellers. If you are financing your purchase, you need an agent with a plan to overcome this disadvantage.

Experienced agents have strategies to make a financed offer nearly as appealing as cash. This can include getting fully underwritten loan approval beforehand, offering a quick closing, or using a larger earnest money deposit. Your agent should also highlight the strengths of your financial position to the listing agent.

• Do you have relationships with lenders who can provide a quick pre-approval?
• What can we do to make our financing look as secure as possible?

5. What are the key contingencies we should include?

Contingencies are clauses in your purchase contract that allow you to back out of the deal without penalty under specific conditions. They are your safety net.

The most common contingencies are for inspection, appraisal, and financing. Your agent should explain the purpose of each and recommend which ones are crucial for your situation. In a hot market, some buyers waive contingencies to be more competitive, but your agent should help you understand the significant risks involved in doing so.

• What are the risks if we waive the inspection contingency?
• How much time do we typically get for each contingency period?

6. What is the typical timeline from offer to closing?

Knowing the expected timeline helps you plan your move, finances, and personal schedule. The process usually takes 30 to 60 days, but this can vary.

Your agent should provide a step-by-step roadmap. This includes key milestones like the home inspection, appraisal, loan finalization, and the final walkthrough. A clear timeline manages expectations and reduces the stress of the unknown.

• What are the most common reasons for delays in closing?
• How will you keep me updated on our progress toward these milestones?

7. What should we look for during the home inspection?

The home inspection is your chance to uncover potential issues with the property. Your agent’s role is to help you understand the inspector’s findings and negotiate repairs.

• Do you have a list of trusted home inspectors?
• How do you approach negotiating for repairs based on the inspection report?

8. What happens if the appraisal comes in low?

An appraisal gap—when the appraiser values the home for less than your offer price—can jeopardize your loan. Your lender will only finance a loan based on the appraised value.

Your agent needs to explain your options if this occurs. You can try to renegotiate the price with the seller, cover the difference in cash, challenge the appraisal, or, if you have an appraisal contingency, walk away from the deal. An experienced agent will have navigated this situation before and can advise you on the best course of action.

• How common are appraisal gaps in this market?
• Should we include an appraisal gap clause in our offer?

9. How do you coordinate with my lender?

Seamless communication between your agent and your mortgage lender is critical for a smooth closing. Delays in financing are a common reason for deals to fall through.

Your agent should act as a central point of contact, ensuring the lender has all necessary documents and is meeting deadlines. They should be proactive in checking on the status of your loan approval and the appraisal order.

• How often will you communicate with my loan officer?
• What information will you need from me to help with the financing process?

10. What is dual agency and is it practiced at your brokerage?

Dual agency is when a single agent or brokerage represents both the buyer and the seller in the same transaction. While legal in some states, it creates a potential conflict of interest.

An agent cannot negotiate the best price for the seller while also securing the lowest price for the buyer. It’s essential to know your agent’s stance on this practice. Many buyers prefer to have exclusive representation to ensure their agent’s loyalty is not divided.

• If you or your brokerage lists a home I like, how would that be handled?
• What are the specific risks of a dual agency situation for me as a buyer?

11. What happens if I want to back out of the deal?

Sometimes, despite everyone’s best efforts, a deal doesn’t feel right. You should be aware of your options for canceling the contract.

Your agent should clearly explain how your contingencies allow you to walk away and get your earnest money deposit back. They should also explain the financial and legal risks of backing out for a reason not covered by a contingency.

• What are the deadlines for each of my contingencies?
• What happens to my earnest money deposit if I cancel the contract?

Your Home-Buying Checklist

Armed with these questions, you are ready to find an agent who will be a true partner in your home search.

• Interview at least two to three agents.
• Ask questions about their experience, strategy, and communication style.
• Review and understand the buyer representation agreement before signing.
• Choose an agent whom you trust and feel comfortable with.

Finding the right home starts with finding the right agent. Give me a call, and I can go through these questions, as well as any additional questions you have, and we can make your home-buying experience a successful journey! 

Mary Tarrant

928-277-6404

Saving for a house down payment can feel like a monumental task, but it doesn’t have to be. With a clear strategy and consistent habits, you can turn your homeownership dream into a reality sooner than you think. This guide breaks down the easiest, most effective ways for first-time homebuyers to build their down payment fund without feeling overwhelmed.

Find Quick Wins in Your Budget

Before you can build a massive savings habit, look for easy opportunities to free up cash. These minor adjustments can add up significantly over time.

Cut Unnecessary Spending

Start by reviewing your bank and credit card statements from the last three months. Look for recurring charges you can eliminate.

• Cancel unused subscriptions: Do you really need three different streaming services? Are you using that gym membership? Cut what you don’t use.
• Negotiate your bills: Call your internet, cable, and cell phone providers to discuss potential rate reductions. Ask for a better rate or threaten to switch to a competitor. A 10-minute call could save you $20 to $50 per month.
• Implement the 24-hour rule: For any non-essential purchase exceeding a set amount (such as $50), wait 24 hours before making a purchase. This simple pause helps you avoid impulse buys and distinguish between wants and needs.

Automate Your Savings and Make It Effortless

The single most effective way to save is to make it automatic. The “pay yourself first” method ensures your savings goals are a priority, not an afterthought.

Pay Yourself First

Treat your savings like any other mandatory bill. The best way to do this is to set up automatic transfers that align with your pay schedule.

For example, if you get paid every two weeks, schedule an automatic transfer to your savings account for that same day. You’ll save money before you even have the chance to spend it.

Leverage Financial Windfalls

Unexpected money is a powerful tool for accelerating your savings. Instead of treating it as “fun money,” dedicate these windfalls directly to your down payment fund.

Common windfalls include:

• Tax refunds
• Work bonuses or commissions
• Cash gifts from family
• Income from a side hustle or selling items you no longer need

Putting a $3,000 tax refund and a $2,000 work bonus toward your goal instantly gets you $5,000 closer to homeownership.

Create a Smart Debt Repayment Strategy

High-interest debt can sabotage your savings goals. Every dollar you pay in interest is a dollar you can’t save. Focus on paying down debt, especially credit card and personal loan balances. Two popular methods are the avalanche and snowball methods.

• Avalanche Method: Pay off the debt with the highest interest rate first while making minimum payments on the others. This saves you the most money on interest over time.
• Snowball Method: Pay off the smallest debt first, regardless of the interest rate. This gives you quick psychological wins, building momentum and motivation.

Select the method that best suits your personality. Once a debt is paid off, redirect that payment amount straight into your house savings account.

Set a Realistic Timeline and Do the Math

Knowing your target makes it easier to stay motivated. First, determine how much you need to save. A typical down payment is between 3% and 20% of the home’s purchase price.

Let’s say you’re aiming for a $40,000 down payment on a $200,000 home (20% down).

• Savings Goal: $40,000
• Monthly Savings: $800
• HYSA Interest Rate (APY): 4.0%
• Estimated Time: 5 Years

Avoid These Common Savings Pitfalls

As you save, be mindful of common mistakes that can derail your progress.

1. Investing Your Down Payment: Never put money you’ll need in the next five years into volatile assets, such as stocks. The market could drop just when you need the cash, and you could lose a significant portion of your savings.
2. Lifestyle Creep: When you get a raise or pay off a debt, it’s tempting to upgrade your lifestyle. Instead, redirect that extra money directly into your house fund.
3. Raiding Your Retirement Accounts: While it may seem like an easy source of cash, taking a loan or withdrawal from your 401(k) or IRA can come with tax penalties and lost future growth opportunities. Avoid this unless it’s an absolute last resort.

Saving for a house is a marathon, not a sprint. By breaking it down into these simple, actionable steps, you create a clear path to the front door of your new home. Stay consistent, celebrate your milestones, and keep your eye on the prize.

If you need more help getting started on the home-buying journey, call me!  Mary Tarrant (928) 277-6404

Finding your dream home often involves more than just falling in love with the house itself. If the property is part of a planned community, you’re also joining a homeowner association, or HOA. Understanding how an HOA works is a critical step in the home-buying process. This guide will walk you through what HOAs are, the benefits and drawbacks of living in one, and what you need to check before you sign on the dotted line.

What is a Homeowner Association (HOA)?

A homeowner association is an organization that creates and enforces rules for a subdivision, planned community, or condominium building. When you purchase a property within an HOA’s jurisdiction, you automatically become a member and agree to abide by its rules and pay its fees.

The primary purpose of an HOA is to protect and enhance property values for all residents. It achieves this by maintaining common areas and ensuring that all homes in the community adhere to a consistent set of standards. A board of directors typically runs the association, made up of elected homeowners who volunteer their time. In larger communities, the board may hire a professional management company to handle daily operations, like collecting dues and overseeing maintenance.

The Benefits of Living in an HOA Community

Many homebuyers seek out properties in HOA communities because of the advantages they offer. These benefits often contribute to a clean, cohesive, and enjoyable living environment.

Maintained Common Areas and Amenities

One of the biggest draws of an HOA is the upkeep of shared spaces. The association uses member fees to manage and maintain amenities that you might not be able to afford on your own. This can include:

• Swimming pools and clubhouses
• Parks, playgrounds, and walking trails
• Fitness centers and sports courts (tennis, basketball)
• Landscaping for common areas, including entranceways and greenbelts
• Snow removal from community streets and sidewalks

With the HOA handling these responsibilities, you get to enjoy a well-maintained neighborhood without having to manage the work personally.

Community Standards and Property Values

HOAs establish rules, known as covenants, conditions, and restrictions (CC&Rs), that every homeowner must follow. These rules govern the appearance and use of properties within the community. While some may find them restrictive, these standards help maintain a consistent aesthetic, which can protect and even increase property values. Standard rules address things like exterior paint colors, fence types, lawn maintenance, and where you can park vehicles.

Access to Mediation for Neighborly Disputes

Living close to others can sometimes lead to disagreements. Whether it’s a dispute over a shared fence or a neighbor’s noisy pet, the HOA can serve as a neutral third party. Instead of confronting a neighbor directly, you can report the issue to the association, which will then investigate and enforce the community’s rules to resolve the conflict.

The Potential Drawbacks of HOAs

While there are clear benefits, living in an HOA community isn’t for everyone. It’s essential to consider the potential downsides before committing to a home in one of these neighborhoods.

Monthly Fees and Special Assessments

Membership in an HOA is not free. You will be required to pay regular fees, usually on a monthly or annual basis. These fees cover the costs of maintaining common areas and amenities, as well as insurance for the association. It’s crucial to factor this recurring expense into your homeownership budget.

Additionally, HOAs can levy “special assessments.” These are one-time fees charged to homeowners to cover unexpected major expenses, such as a roof replacement for the community clubhouse or significant repairs to the pool. These assessments can sometimes cost thousands of dollars, so it’s essential to be prepared for this possibility.

Rules and Restrictions

To maintain community standards, HOAs enforce a long list of rules that can limit your freedom as a homeowner. These restrictions might dictate:

• The color you can paint your house
• The type of landscaping you can have
• Whether you can install a shed or a satellite dish
• Where you and your guests can park
• Rules regarding pets, including size, breed, and number

If you value having complete control over your property, the restrictive nature of an HOA might feel stifling. Breaking these rules can result in warnings, fines, or even legal action.

Potential for Mismanagement

An HOA is only as effective as the people running it. A well-managed board can make for a fantastic living experience, but a disorganized or overly aggressive board can cause significant stress for residents. Poor financial management can lead to neglected common areas or sudden, steep increases in fees.

Tips for Prospective Buyers

Before you buy a home in an HOA community, do your homework. Taking these steps will help you avoid surprises and ensure the community is a good fit for your lifestyle.

1. Carefully Review All HOA Documents

As part of the home-buying process, you have the right to review the HOA’s governing documents. Don’t just skim them—read them thoroughly. These documents include:

• CC&Rs (Covenants, Conditions & Restrictions): This is the master document outlining the rules of the community.
• Bylaws: These explain how the HOA operates, including details on voting, board elections, and meeting procedures.
• Financial Statements: Review the HOA’s budget, cash reserves, and history of special assessments. A healthy reserve fund is a good sign that the association is financially stable.
• Meeting Minutes: Reading the minutes from recent board meetings can give you insight into current issues, upcoming projects, and the overall tone of the community.

2. Understand All Fees

Make sure you know exactly how much the HOA fees are and what they cover. Ask your real estate agent or the seller about the history of fee increases and whether there have been any recent special assessments. Factor these costs into your monthly housing budget to ensure you can comfortably afford them.

3. Know the Rules Before You Buy

Pay close attention to the rules and restrictions outlined in the CC&Rs. Do they align with your lifestyle? If you have an RV, does the HOA allow you to park it on your property? Is it permitted to paint your front door a bright color? Understanding these rules ahead of time can prevent future frustration and potential fines.

4. Talk to Current Residents

One of the best ways to get a feel for an HOA is to talk to people who already live there. Ask them about their experience with the board, the management company, and the community in general. Are they happy? Are the amenities well-maintained? This firsthand information can be incredibly valuable.

A homeowner association can provide significant benefits by protecting property values and offering a range of amenities. However, it also comes with fees and restrictions that may not be right for everyone. By carefully researching the HOA and understanding your obligations as a member, you can make an informed decision and find a community that truly feels like home.

If you need help navigating your home-buying options, I can help. Call me at 928-277-6404.

Owning a historic home is like stepping into a time machine. These properties radiate charm, character, and a rich history that modern houses can’t match. But before you sign on the dotted line, it’s essential to understand what comes with owning a piece of the past. From restoration costs to preservation laws, there are several key factors to consider before committing to a historic home. Here’s everything you need to know to make an informed decision.  

What It Means to Own a Historic Property  

Purchasing a historic home is more than just owning a house—it’s about becoming the steward of a piece of history. These homes often belong to historically significant areas or are individually recognized for their unique architecture, design, or former residents.  

Responsibilities Beyond Ownership  

When you own a historic home, you’re taking on the responsibility of preserving its character and integrity. This means routine upkeep to maintain its historical appeal, following guidelines for any modifications, and sometimes even serving as an advocate for the property’s cultural and historical value.  

Things to consider:

• Protection of Original Features – Features like stained glass, carved moldings, or original hardware may require specialized care.  
• Community Expectations – Particularly in historic districts, your neighbors or local organizations may expect you to uphold high standards for preservation.  

Owning a historic home is rewarding, but it comes with trade-offs that might not suit everyone. It’s critical to weigh your ability to meet these responsibilities.  

Understanding the Costs of Restoration and Maintenance  

While historic homes are undeniably beautiful, they often come with hidden—and sometimes hefty—expenses. Unlike a modern build, restoring and maintaining an older property can be a continuous and costly investment.  

Common Restoration Expenses  

1. Structural Repairs – Issues like foundation cracks, sagging ceilings, or outdated plumbing are common in older homes.  
2. Specialized Craftsmen – Restoring unique architectural features often requires hiring niche professionals, which can drive up costs.  
3. Energy Efficiency Upgrades – Historic windows and heating systems may be iconic, but they aren’t exactly energy-efficient. Replacement or upgrades can add to your expenses.  

Budgeting for Long-Term Maintenance  

Even after restoration projects are complete, ongoing maintenance is paramount. Typical tasks include repainting original woodwork, sealing drafty windows, and regularly checking for issues such as water damage or pests. Building a “buffer fund” for unexpected repairs can help protect your finances.  

Researching Local Historic Preservation Laws  

Before falling head over heels for a historic home, take the time to research the specific laws and regulations in your area. Preservation rules vary widely, and they can impact everything from how you renovate to what materials you’re allowed to use.  

Why These Laws Exist  

Preservation laws are designed to protect the cultural significance of historic properties and ensure their longevity. They help maintain the architectural identity of neighborhoods and cities where these homes are located.  

Key Regulations to Be Aware Of  

1. Renovation Restrictions – You may need to get approval from local historic commissions before making changes, even for minor updates like painting or replacing windows.  
2. Mandatory Permits – Any major restoration or repair work might require special permits, adding time and expense to your project.  
3. Tax Incentives – In some cases, owning a historic property can bring financial perks in the form of preservation tax credits or grants. Make sure you look into what’s available in your area.  

It’s a good idea to connect with professionals experienced in historic preservation to guide you. Real estate agents and contractors knowledgeable about historic districts can help you steer clear of regulatory pitfalls.  

The Unique Benefits of Owning a Historic Home  

While owning a historic home does come with responsibilities, the rewards are equally significant. These properties offer an unmatched sense of nostalgia, pride, and community connection.  

Timeless Design and Craftsmanship  

Historic homes often feature craftsmanship that’s hard to find in today’s builders. Hand-carved details, custom woodwork, and intricate masonry are just some examples of the artistry they offer.  

Living History  

Each historic home has a story. Whether it’s famous past residents, architectural movements, or its role in a community’s growth, your property becomes a living piece of history that you can honor and share.  

Community Engagement  

Many owners of historic homes find immense joy in becoming part of a larger preservation-minded community. This network can be a valuable resource for advice, support, and camaraderie as you tackle restoration projects.  

Final Thoughts  

Buying a historic home isn’t just a real estate transaction—it’s a commitment to preserving part of the past while making it your own. If you’re willing to invest time, energy, and resources into caring for a historic property, it can provide an unparalleled sense of accomplishment and pride.  

If you are ready to look for homes for sale in the Prescott, Arizona, area, call me. I will put my years of experience to work for you. Mary Tarrant 928-277-6404

For many families, multigenerational housing is becoming an increasingly popular choice. This living arrangement, which involves two or more generations under the same roof, offers benefits that go far beyond simply sharing a home. From strengthening family bonds to improving financial and emotional resilience, multigenerational living has much to offer.  

If you’re considering this lifestyle, here’s a closer look at the many advantages of multigenerational housing.  

What is Multigenerational Housing?  

Multigenerational housing is when two or more generations of a family choose to live together in a single home. This might include grandparents, parents, children, and even extended relatives like aunts and uncles. Often, the setup is designed to provide private spaces for individual comfort while maintaining shared communal areas for family interaction.  

According to Generations United, the number of multigenerational households rose from 42.4 million in 2000 to 64 million in 2016. More families have been making this change in recent years. 

Benefits of Multigenerational Living

Shared Expenses:  One of the most significant advantages of multigenerational living is financial stability. Living with other family members allows you to share the load for expenses like groceries, housing, utilities, and more. Especially if you’re on a tight budget, multigenerational homes are a great way to save money. It also helps to reduce childcare costs if grandparents or other family members are responsible for looking after the kids. 

Shared Responsibilities: With multiple generations living in the same house, everyone can pitch in and help with household chores and responsibilities. From cooking, cleaning, childcare, or eldercare, responsibilities can be shared when you live in a multigenerational household. Sharing duties can ease the burden on one family member and make life easier for everyone. 

Strengthened Family Bond: Spending more time with family can help to enhance relationships and create lasting memories. “While most families come together on special occasions, multigenerational families have the luxury of seeing each other daily. By living under one roof, these families develop a high level of attachment and closeness.”

Ensured Family Safety: Living with multiple generations under one roof, someone will be present if a family member has an accident. Additionally, your home will rarely be unoccupied, lowering the chance of burglaries. 

Positive Impact on Mental Health:  Research has shown that living in a close-knit community can positively impact mental health, and a multigenerational household is one way to create that sense of community. When family members live under one roof, there are way more opportunities to bond and connect. Children spend more time with their grandparents or aunts and uncles, which can help them develop close relationships. For the older generation, having family members around can reduce loneliness and isolation, leading to a happier and more fulfilling life.

Is Multigenerational Housing Right for Your Family?  

While multigenerational housing offers many benefits, it’s important to consider the potential challenges. Ensuring everyone has enough space and privacy is crucial for harmony within the household. Open communication and clear boundaries can go a long way in preventing conflicts.  

Find Multigenerational House In Prescott

Multigenerational housing offers a wealth of advantages that go beyond convenience. From deeper family bonds to financial savings, the benefits enrich everyone under the roof. This arrangement can be life-changing for families looking to create a connected, supportive, and resourceful way of living.  

If you’re considering whether multigenerational housing is a fit for your family, take the time to discuss it together. With the proper setup, a shared home among generations can become a shared life full of love, growth, and support. Call me, and I will help you find the perfect multigenerational house. Mary Tarrant (928) 277-6404.