Should I worry about the Arizona water shortage and CAP cuts before buying?

Water supply is a reasonable consideration, but most residential buyers in established Phoenix metro areas are well protected. Cities in Maricopa County have diverse water portfolios including groundwater, Salt and Verde river water from SRP, and Colorado River water from CAP. Recent CAP cuts affect agriculture and some outlying areas first, not municipal supplies. New developments must demonstrate a 100 year assured water supply. If you're looking at rural areas outside municipal service boundaries or properties on private wells, the question becomes more important. You can research the specific water provider for any property you're considering.