Helpful resources for home buyers beset with challenges
People hoping to buy a home in the current real estate market can look to programs, professional expertise in strategizing for successful bids Author: Jeff Valin Updated: 11:23 PM EDT May 24, 2021
JACKSONVILLE, Fla. There’s simply no sugarcoating the current market for those looking to buy a home.
“It definitely is riskier for people right now, and I know that a lot of buyers are getting frustrated,” senior mortgage loan officer Tanis Anderson told First Coast News.
That, she said, is especially true for buyers with limited funds for a down payment or who have less-than-stellar credit histories.
The friend has not put his house on the market and had no plans to move.
“But the guy knocked on his door and was just like ‘Hey, do you want to sell your house?’ and offering $600,000 cash for it,” River said. “It’s crazy, and I’ve heard about [similar stories] a bunch of other times.”
Of course, the price of just about anything depends on supply and demand, which yield the very subjective factor of perceived value. Rivers said he’d consider overpaying by $10,000-20,000, but not the $40,000-50,000 or more that sellers are getting, he feels, above the actual value.
As prices continue skyrocketing, strategic planning is especially important for home buyers. Author: Jeff Valin Updated: 11:19 PM EDT April 12, 2021
JACKSONVILLE, Fla. It is no secret that the real estate market on the First Coast is a seller’s delight. So it is a particularly important time to remember some rules of thumb for people hoping to buy a home.
“Be very careful about buying something out of your price range,” personal financial planner Bob Horne with NuVenture Financial Group cautioned. “The conventional wisdom is to buy something within about 30% of your gross income for the year.”
Meaning, for example, if your gross annual income is $60,000, you shouldn’t take on a monthly payment that exceeds 30%, or in this example $18,000, which works out to $1,500 monthly.