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Marc Jablon's Blog

By Marc Jablon | Agent in Boca Raton, FL
  • Homes for Sale in Mission Bay in Boca Raton, Week of 9-1-14

    Posted Under: Market Conditions in Boca Raton, Home Buying in Boca Raton, Home Selling in Boca Raton  |  September 2, 2014 3:34 PM  |  33 views  |  No comments

    Mission Bay 10-12

    Currently, there are 12 homes for sale in Mission Bay in Boca Raton. These homes range in size from a 3/2 townhome with 1567 square feet under air listed at $240,000 all the way up to a single family home of 2983 square feet under air with an asking price of $519,000.

    Since June 1 of this year, there have been 7 Mission Bay homes sold, ranging in size from a townhouse with 1576 square feet of air conditioned space that was purchased for $250,000, up through a single family home of 2561 square feet under air that sold for $477,500

     Homes in Mission Bay are convenient to everything

    Mission Bay in Boca Raton consists of 10 well tended subdivision of townhome and single family home communities. This West Boca Raton community is located just west of State Road 7, also known as route 441, and is just around the corner from  shopping, restaurants, movies, and  Florida’s Turnpike.

    Mission Bay Homes are in the Boca Raton School District

    If you have a home in Mission Bay, you are zoned for the highly regarded Boca Raton schools, which are part of the Palm Beach County School District.  Mission Bay neighborhood schools are Sandpiper Shores Elementary School, Loggers Run Middle School, and West Boca High School.

    In addition, when you live in Mission Bay in West Boca Raton, you have access to the Mission Bay Club, with its lighted, har tru tennis courts, sauna, men’s and women’s locker rooms, fully equipped gym, and resort style pool.

    Buying or selling a Mission Bay Home? Please call the Jablon Team

    For more information about purchasing a home or selling a home in Mission Bay in Boca Raton, please call us at 561-213-6139.


    Marc Jablon, the Jablon Team

    Re/Max Complete Solutions

    JablonTeam@gmail.com

    561-213-6139

    www.JablonTeam.com


  • 7 Ways to avoid problems with a new home in West Boca Raton

    Posted Under: Home Buying in Boca Raton, Home Selling in Boca Raton, Home Ownership in Boca Raton  |  August 20, 2014 8:57 PM  |  88 views  |  No comments


    avoid problems with a new home in west boca raton

    Searching for a new house in West Boca? Take a look at these suggestions on 7 ways to avoid problems with a new home in West Boca Raton. If you’re lucky you won’t need all of them, but you will want to follow number 1 and chances are you’ll encounter at least one item from numbers 2 through 7.

    1. Hire a licensed inspection company
    In order to fully check out the home for sale in West Boca Raton for problems of any kind, ask your West Boca Raton real estate agent to recommend a competent, licensed inspector.  Most homes have something that needs fixing, even if it’s very minor. Before you put down your final deposit, make sure you find out about these items.

    2. Look for Leaks
    This is Florida. That means water is all over the place. So check around the outside of the West Boca Raton home for sale.  Is there evidence of leaks around the window areas? Someone will need to fix this to prevent it from getting worse.

    How about inside? If you see peeling paint or peeling wall paper around windows in this West Boca home, there’s a leak that’s probably coming from the outside. Now, look up.  Any discoloration on the ceiling?  That may be evidence of a leaking roof, and a new roof means big bucks to be spent.

    Most important, use your nose. If the house in West Boca smells of mold or mildew, it may require extensive effort to remediate it.

    3. Check the pipes, the wires, and the a/c
    Check the water pressure in sinks and showers. Also, look under sinks to see what kind of piping is installed in the house. A number of West Boca Raton homes built during the late 1980s and early 1990s were fitted with plastic pipes made of polybutylene.  If you find these in a West Boca Raton home for sale, they may warrant replacement.

    Take a look at the fuse box. Does any of the wiring appear burned, blackened or thinner than those around it? This may indicate the need for an electrical upgrade. If a home was built more than 40 years ago, your insurance company will ask for a full electrical inspection to make sure the fuse box is up to standards.

    Yes, run the air conditioning system to make sure the house is cool. But more important, check the dates of the air handler (the part of the a/c that’s inside the house) and the condenser (the part that’s outside). If they are close to 10 years old, or even older, chances are good this West Boca Raton home for sale will need them replaced.

    4. How’s the house holding up?
    Get up close and personal with the the structure of the home in West Boca Raton that you’re thinking of purchasing. Look closely at the stucco on the outside of the house. If you see a large number of cracks, especially cracks that extend for a couple of feet or more, it could indicate that the structure of the house is deteriorating. Is the stucco around those areas soft or peeling away? That may be an indication of water intrusion.  It may extend into the house on the other side of the walls. This may need some fixing.

    Are the gutters sagging? Is the wood (aka “fascia”) behind them discolored? This may indicate that the fascia is rotted, which means repairs will be necessary.

    5. What’s happening next door?
    Nobody wants to be the nosy neighbor after moving into a new home in West Boca. But beforehand, you’d better look around the neighborhood carefully.  After all, you’re making a very important decision about the next several years of your life.

    Are the homes around well kept? Does it look like your neighbors mow their lawns and trim their hedges? When you drive around late at night, is the neighborhood relatively quiet?  Are yards and driveways neat and clean?   A well kept neighborhood always has a positive effect on your investment.

    6. Verify home improvements.
    You’ve decided that this home for sale in West Boca Raton looks good. It may have many upgrades you didn’t expect; for example, maybe it also has a fabulous TV viewing room with surround sound and recliners  built into the area that used to be the garage. Before you sign on the dotted line, ask the seller to verify that the upgrades to the home have been properly permitted by the city or town.

    7. Check for liens against the home.
    The owner hires the title company when a selling a home in West Boca Raton home. Nonetheless, you need ask the title agent to make sure there are no mechanic’s liens or tax liens of any kind against the property. You would be amazed at the number of people who have purchase a home only to discover that they owe several years of back taxes to the county, or that a contractor has a lien against the house because he was never paid for  repairs he made.

    But if you keep your eyes open, and check all aspects of the house carefully, you should be able to avoid having any problems with a new home in West Boca Raton.

    Marc Jablon, the Jablon Team

    RE/Max Complete Solutions

    JablonTeam@gmail.com

    561-213-6139

    http://www.JablonTeam.com

  • Four Reasons Why you should Buy in Mission Bay West Boca Now!

    Posted Under: General Area in Boca Raton, Home Buying in Boca Raton, In My Neighborhood in Boca Raton  |  August 19, 2014 8:29 AM  |  90 views  |  No comments
    Fours Reasons Why you should consider purchasing in West Boca Raton - Mission Bay Right Now!

    From your favorite West Boca Raton Real Estate Agent - Marc Jablon 561-213-6139

    You’ve been thinking hard about purchasing a home. You’ve settled on a home in Mission Bay in West Boca Raton, but you can’t quite make up your mind. Buy that new home now or wait until you’ve saved just a bit more in six months or a year? Well, here are four good reasons to buy that home in Mission Bay now.



    Reason # 1. Home prices in Mission Bay will continue to rise due to high demand and low inventory.

     

    Homes in Mission Bay are currently priced from $240,000 for a 3/2 townhome of just under 1600 square feet to a 4 bedroom 4 bath single family home of almost 3,000 square feet at $519,000.

    Between those prices, there are just 12 Mission Bay homes currently available. Within the last year, of approximately 1500 homes in the subdivision, 31 were sold. That’s approximately a 2% turnover. In buyers’ markets we’d expect a 5-10% turnover.

    As a result, inventory is tight and prices continue to rise. According to the National Association of Realtors (NAR) median prices in the nation are expected to rise by 4.5% and Florida’s home prices are projected to increase from 5 – 7% because of continued low inventory and increasing demand.

    That means a home in Mission Bay currently priced at $440,000 will be priced from $462,000 – $475,000 within 12 months.

    Reason # 2. Mortgage rates are expected to rise between ½ to 1%.

    We already know that homes in Mission Bay are likely to rise in price. The Mortgage Bankers Association predicts a rise in mortgage rates of between ½ to 1% as the Federal Reserve looks toward putting an end to its bond buying program as of October.

    But, as Preston Ware of the Mortgage Firm suggested, that half to full point rise in mortgage rates is also going to make a big difference to Mission Bay home buyers buyers across the board.

    On a 30 year fixed rate mortgage of $250,000, for example, current payments for interest and amortization on a Mission Bay home in West Boca Raton are about $1266 per month. Remember, that payment does not include taxes, insurance or private mortgage insurance (pmi), which is paid on mortgages that put down less than 20%.

    If mortgage rates on your new home in Mission Bay rise by just half a percent (to 5%), your monthly interest and amortization payment moves to $1342. With a full percentage point, your mortgage payment becomes$1419.

    Will most people find these prices insurmountable? Probably not. But, as Ware points out, over the lifetime of your loan, on just a half point rise in interest, you’ll pay an additional $27,360 for your new home in Mission Bay.


    Marc Jablon 561-213-6139

    Reason number 3. Rising home prices and rising mortgage rates make qualifying for a home loan more difficult.

    Finding a home in Mission Bay is tough enough today because of narrow inventory. However, as prices rise and mortgage rates increase, qualifying for a loan will become more difficult.

    Unfortunately, wages are not rising at the same rate as Mission Bay home prices; and the higher the cost of a home, the higher the debt to income ratio that the bank will be looking at.

    As mortgage banker Ware indicates, FHA guidelines call for up to 28% of pre-tax income to be applied to housing costs, and another 10% to overall debt. Conventional loans allow a similar percentage for housing debt, but slightly less (8%) for additional debt.

    When you’re ready to purchase your home in Mission Bay, it is always a good idea to talk to a mortgage banker first. He will be able to prequalify you and give you an idea of how much house you can comfortably afford.

    Reason number 4. The millennials are coming. Competition for scarce inventory is about to heat up.

    While inventories of Mission Bay homes in West Boca Raton remain low, the number of millennials moving into the work force continues to increase. Also known as “generation Y,” they are moving out of their parents’ homes, starting families, and looking for new homes of their own.

    This means increased competition in the marketplace for scarce inventory. This sometimes results in bidding wars, which drive up home prices in Mission Bay beyond where they should be.

    If you’re able to purchase your Mission Bay home in West Boca Raton before the competition heats up, you’ll be sitting on a rising asset. You are likely to benefit from the price increases that low supply and high demand generate.

    Right now, home prices in Mission Bay are relatively reasonable. More important, mortgage rates are still at historically low levels. If you’re sitting on the fence, (which can be very painful) but you think you’re ready to purchase your new home in Mission Bay, please call your Mission Bay real estate agent, Marc Jablon.

    Marc Jablon, the Jablon Team

    Re/Max Complete Solutions

    JablonTeam@gmail.com

    561-213-6139561-213-6139

    http://www.JablonTeam.com

  • 8 Low Cost Staging Strategies for Your Mission Bay Home for Sale

    Posted Under: Market Conditions in Boca Raton, Home Buying in Boca Raton, Home Selling in Boca Raton  |  August 14, 2014 8:49 AM  |  88 views  |  No comments


    Mission Bay 10-12

    Thinking about selling your home in Mission Bay? Here are 8 low cost staging strategies for your Mission Bay Home for sale. In order to expedite that sale, you want buyers to see your home not only as different from other homes for sale in West Boca Raton, but as more appealing. An easy way to give your home for sale in Mission Bay that extra oomph is to play up its benefits and play down any negatives.

    Basically, you want your home for sale in Mission Bay to look as much like a model home as possible, and one that the buyers can imagine as their own for a lifetime.

    Number 1. Clean up your clutter.  Consider getting rid of anything you haven’t looked at in the last 6 months. After all, when you move out of you Mission Bay home, everything in your house has to move with you. So if have junk lying around your home for sale in West Boca Raton, get rid of it. There are plenty of local organizations – Goodwill, Faith Farms, Vietman Vets – who will gladly take your unused clothing, furniture, knick-knacks, and distribute them to people in need. Make room in your garage for your car by cleaning out those old paint cans, tires, and stuff you moved in with and never managed to throw away. Now is the time.

    If you decided to hire a professional home stagers, you may discover that they remove many pieces of furniture you thought were indispensable. If you’re an incurable pack rat, consider renting a storage unit while selling your Mission Bay home.

    Number 2. Make small rooms look bigger. Interior decorators often paint a smaller room the same color as a larger, adjacent room. That way, the eye follows the color and creates an impression of greater space. So if your Mission Bay home for sale has a small kitchen that adjoins a large living room, use the same paint color to add greater dimension to the kitchen.

    In addition, use curtains or window coverings that match wall coloring to make the room look larger. In addition, keeping curtains and blinds open and turning on lights enhances a room’s appearance as well as its apparent size.

    Number 3. Paint rooms in light, neutral colors. If your daughter painted the room to look like a multi-hued Jackson Pollack mural, for example (as mine did), repaint in any of these colors: beige, light tan, any shade very light green, light blue, or white.  The lighter the shade, the larger the room will appear. Flat colors will help to avoid glare on the walls, but that will accent any flaws. If the walls in your home for sale in Mission Bay are slightly uneven in texture, consider using a semi-gloss paint to even out the look and improve the room’s appearance.

    Number 4. Memories and mementos must move out before you do. Remember, you’re selling your Mission Bay home to someone else. That means their stuff will be coming in and yours will be moving out. In order to help buyers look at your old home as their new home, you want to give them plenty of room to use their imagination. The more you have on shelves or walls  about your family trips, photos of family members, degrees and diplomas, the less appeal there is to buyers.

    They need to be able to envision their lives and possessions and precious memories in their home in Mission Bay. So, since you’re going to be moving anyway, take down most of your photos, etc. The buyers will thank you for that by making an offer for your house in Mission Bay.

    Number 5. Clean the kitchen.

    As everyone knows, the kitchen sells the house. Second comes the bathrooms. So if your Mission Bay home in West Boca Raton is for sale, first clean your kitchen. Remove the shelves so you can scrub the inside of the refrigerator and the freezer. Then clean the shelves. Clean the stove top and the oven. Take everything off the counters. Vacuum and wash the floors. Clear all that stuff you’ve managed to accumulate out from under the kitchen sink.  This shows the buyer that your Mission Bay home for sale has been well cared for, which makes it much more attractive as a potential purchase.

    Number 6. Clean the bathrooms.

    Clean the mold and mildew off the walls and floors of tubs and showers. Remove everything from bathroom counters. Clean the faucets and around the drain. Sure, buyers do all the things that you do and in the same places. They can make their own, personal mess later. But while your West Boca Raton home in Mission Bay is for sale, let buyers see it in pristine condition.

    Number 7. Buy deodorant for Fido.

    While almost everybody loves pets, almost nobody likes the smell of pets in carpets and draperies. Ask some friends to visit your Mission Bay home for sale in West Boca Raton and to sniff around to their heart’s content. If they tell you the place needs help, consider calling a professional carpet cleaning service.

    If no one can detect your pet’s presence, it means you’ve kept the house in very good shape. Nonetheless, be prepared to vacuum your carpets and floors every day, just to maintain that model home look.

    Number 8. Make sure the outside of your house says, “Welcome home.”

    If your West Boca home for sale in Mission Bay does not have what is commonly known as “curb appeal,” buyers are unlikely to knock on the door in order to see the wonderful way in which you’ve prepared the home for sale for them.

    So make sure the outside of your home says, “Welcome.” Make sure the grass is neatly cut, that your hedges are trimmed, and that your mulch is up to date. More important, check the area around your front door.  If it needs painting, paint it. If there are cracks in the stucco or the walkway, fill them in. If the roof needs cleaning, power wash it.  If your windows need cleaning, grab that squeegee.

    None of these staging ideas is expensive. But all of them will make your Mission Bay home more appealing to buyers, so you can sell your home more quickly and for a higher price.

    If you’re thinking about selling your Mission Bay home, or you know anyone who’s thinking about selling a home in West Boca Raton, please call the Jablon Team at      561-213-6139.

    Marc Jablon, the Jablon Team

    Re/Max Complete Solutions

    JablonTeam@gmail.com

    561-213-6139

    http://www/JablonTeam.com

  • Four Good Reasons to Buy That Home in Mission Bay Now

    Posted Under: Market Conditions in Boca Raton, Home Buying in Boca Raton, Financing in Boca Raton  |  August 7, 2014 6:53 PM  |  114 views  |  No comments

    Four good reasons to buy that home in Mission Bay now

    Mission Bay 10-12 

    You’ve been thinking hard about purchasing a home. You’ve settled on a home in Mission Bay in West Boca Raton, but you can’t quite make up your mind. Buy that new home now or wait until you’ve saved just a bit more in six months or a year? Well, here are four good reasons to buy that home in Mission Bay now.

    Reason # 1. Home prices in Mission Bay will continue to rise due to high demand and low inventory.

     Homes in Mission Bay are currently priced from $240,000 for a 3/2 townhome of just under 1600 square feet to a 4 bedroom 4 bath single family home of almost 3,000 square feet at $519,000.

    Between those prices, there are just 12 Mission Bay homes currently available. Within the last year, of approximately 1500 homes in the subdivision, 31 were sold. That’s approximately a 2% turnover. In buyers’ markets we’d expect a 5-10% turnover.

    As a result, inventory is tight and prices continue to rise. According to the National Association of Realtors (NAR) median prices in the nation are expected to rise by 4.5% and Florida’s home prices are projected to increase from 5 – 7% because of continued low inventory and increasing demand.

    That means a home in Mission Bay currently priced at $440,000 will be priced from $462,000 – $475,000 within 12 months.

    Reason # 2. Mortgage rates are expected to rise between ½ to 1%.

    We already know that homes in Mission Bay are likely to rise in price. The Mortgage Bankers Association predicts a rise in mortgage rates of between ½ to 1% as the Federal Reserve looks toward putting an end to its bond buying program as of October.

    But, as Preston Ware of the Mortgage Firm suggested, that half to full point rise in mortgage rates is also going to make a big difference to Mission Bay home buyers buyers across the board.

    On a 30 year fixed rate mortgage of $250,000, for example, current payments for interest and amortization on a Mission Bay home in West Boca Raton are about $1266 per month. Remember, that payment does not include taxes, insurance or private mortgage insurance (pmi), which is paid on mortgages that put down less than 20%.

    If mortgage rates on your new home in Mission Bay rise by just half a percent (to 5%), your monthly interest and amortization payment moves to $1342. With a full percentage point, your mortgage payment becomes$1419.

    Will most people find these prices insurmountable? Probably not. But, as Ware points out, over the lifetime of your loan, on just a half point rise in interest, you’ll pay an additional $27,360 for your new home in Mission Bay.

    Reason number 3. Rising home prices and rising mortgage rates make qualifying for a home loan more difficult.

    Finding a home in Mission Bay is tough enough today because of narrow inventory. However, as prices rise and mortgage rates increase, qualifying for a loan will become more difficult.

    Unfortunately, wages are not rising at the same rate as Mission Bay home prices; and the higher the cost of a home, the higher the debt to income ratio that the bank will be looking at.

    As mortgage banker Ware indicates, FHA guidelines call for up to 28% of pre-tax income to be applied to housing costs, and another 10% to overall debt. Conventional loans allow a similar percentage for housing debt, but slightly less (8%) for additional debt.

    When you’re ready to purchase your home in Mission Bay, it is always a good idea to talk to a mortgage banker first. He will be able to prequalify you and give you an idea of how much house you can comfortably afford.

    Reason number 4. The millennials are coming. Competition for scarce inventory is about to heat up.

    While inventories of Mission Bay homes in West Boca Raton remain low, the number of millennials moving into the work force continues to increase. Also known as “generation Y,” they are moving out of their parents’ homes, starting families, and looking for new homes of their own.

    This means increased competition in the marketplace for scarce inventory. This sometimes results in bidding wars, which drive up home prices in Mission Bay beyond where they should be.

    If you’re able to purchase your Mission Bay home in West Boca Raton before the competition heats up, you’ll be sitting on a rising asset. You are likely to benefit from the price increases that low supply and high demand generate.

    Right now, home prices in Mission Bay are relatively reasonable. More important, mortgage rates are still at historically low levels. If you’re sitting on the fence, (which can be very painful) but you think you’re ready to purchase your new home in Mission Bay, please call your Mission Bay real estate agent, Marc Jablon.

    Marc Jablon, the Jablon Team

    Re/Max Complete Solutions

    JablonTeam@gmail.com

    561-213-6139

    http://www.JablonTeam.com

  • 5 Good Reasons to Invest in West Boca Raton Real Estate

    Posted Under: Market Conditions in Boca Raton, Home Buying in Boca Raton, Investment Properties in Boca Raton  |  August 6, 2014 8:25 PM  |  119 views  |  No comments

    5 Good Reasons to Invest in Boca Raton Real Estate

    west boca raton rental property

    If you’ve considered becoming a landlord, here are 5 good reasons to invest in West Boca Raton Real Estate. According to the U.S. Census Bureau, sales of new residential property have increased almost 17% from this time a year ago. In addition, the year over year median sales price of homes in the nation has increased by 11%.

    So why invest your money in West Boca Raton homes?

    Reason number 1. Many families can’t afford to purchase.

    Prices of many West Boca Raton homes are still relatively low and mortgage rates at 4.5% remain low by historical standards. Despite this fact, large numbers of prospective homeowners cannot afford to buy a home in West Boca Raton.

    However, every family has to live in a home of some sort. Because of the excellent reputation of schools in West Boca Raton, demand for homes in West Boca remains very high.

    This means that families who cannot yet afford to buy homes in West Boca Raton may happily rent the those homes. Millenials, today’s newest working generation, are holding off on purchasing homes due to various factors including large amounts of school related debt and lack of high paying jobs.

    Reason number 2. Renters often purchase, given the opportunity.

    Renters in private houses tend to makes those homes their own. If given the opportunity to remain in those homes and purchase them, they often consider buying when financing options become available.

    Often families rent because their credit is not good; or, their credit is excellent, but they have not been able to save a sufficient sum for a down payment.

    As a landlord, you may be in position to set up a rent with option to buy for these families. You may wish to collect rent for 2 to 5 year period or perhaps longer, while renters repair credit or save sufficient funds. At that point, you may be able to sell your West Boca Raton home at a higher price than you paid for it to a built-in purchaser.

    Reason number 3. Collect rent while you increase equity.

    Home prices continue to increase, so your investment is likely to rise in value every year. Because demand for rentals is likely to remain strong due to due to an economy whose wages are not keeping pace with the increasing prices of homes, you are likely to increase the rent you charge each year.  If you are carrying a fixed rate mortgage, your yearly profits will probably increase. Meanwhile, you should be able to pay off the mortgage as you increase your equity in the property.

    Reason number 4. Borrowing money today is not that difficult.

    It’s relatively easy to borrow money to purchase real estate if your credit is good and you have sufficient cash for a 30% down payment. In addition, private lenders and funds are often willing to extend credit if you are able to demonstrate knowledge and positive results in your rental business. Others may lend to you in exchange for a portion of equity and / or profit.

    Reason number 5. Technology can make landlording easier.

    You can be – but don’t have to be –  a hands-on landlord. You can deal with tenants and home fix-it issues yourself. Or, you can easily hire a qualified and competent management company for anywhere from 5-10% of the rent roll. Or, you can rely on electronics for help, such as cameras that watch the property, and apps that monitor heat, air conditioning and moisture. Or, if your tenants prove themselves reliable, they can become the defacto managers of the property in return for minor rent concessions.

    So, if you have been considering an investment in residential homes in West Boca Raton or areas nearby, this is an excellent time to purchase rental property. Rents in the area remain strong because demand for homes of all kinds – condos, townhouses, and single family homes in West Boca Raton – remains very high.

    Marc Jablon, the Jablon Team

    Re/Max Complete Solutions

    JablonTeam@gmail.com

    561-213-6139

    http://www.JablonTeam.com

  • Buying Your First West Boca Raton Home – What You Need to Know About the Home Buying Process

    Posted Under: Market Conditions in Boca Raton, Home Buying in Boca Raton, Home Ownership in Boca Raton  |  August 4, 2014 9:16 PM  |  141 views  |  No comments

    Buying your first West Boca Raton home may be the most exciting day in your life, but the buying process leading up to that sale may sometimes seem a little frightening.

    After all, you’ve got to figure out the financing that will fit within your budget, navigate the credit straits, and most important, make that big decision about what kind of home in West Boca Raton – condo, townhouse, single family house – will work best for you and your family.

    However, Marc Jablon and the Jablon Team will help you make the experience of finding your first West Boca Raton home - and then buying that home - easy and enjoyable.

    Follow these steps to find your first home (or second or even third)

    Look closely at your financial picture

    Once you have an overview of your where your money is, you’re ready to talk to your mortgage banker about buying your West Boca home. When you apply for your first mortgage, your mortgage lender will check your credit report and tell you your credit score.

    Believe it or not, large numbers of first time homebuyers are unaware of their credit scores. It’s a very good idea for you to check your credit report even before your call your mortgage broker.

    Review your monthly budget carefully.

    You need to know all of the items you spend money on each month. Creating and maintaining a monthly budget is a vital aspect of buying your first home in West Boca. You have to buy food, you  have to pay your electricity and water bill. Then there’s that cell phone that’s attached to all of us like a vital organ. And don’t forget the cable TV bill. Finally, although you may be watching every dollar, every family needs a break for occasional fun and entertainment. So plan for this, also.

    Be aware of the expenses in buying your first home.

    As a first time homebuyer, you’ll need to budget for home owner’s insurance, the occasional repairs that are part of owning every home and, everybody’s favorite unavoidable expense, taxes.

    Most important, prepare your budget for your monthly mortgage payments. Those payments include the principal, the interest, the insurance, and the taxes. In addition, if you put down less than 20% of the cost of your first home as a downpayment, you will have to factor in an additional cost for private mortgage insurance (PMI).

    Your mortgage banker will help you to determine exactly how much house you can comfortably afford. The rule that banks usually apply to mortgage loans is that the piti (principal, interest, taxes, insurance  - both home and pmi) may not exceed 28 - 36%on a conventional loan and 31 - 43%on a Federal Housing Authority (FHA) loan of your pretax income. 

    Decide upon a downpayment

    You will need to have sufficient funds to put toward a down payment. As a first time West Boca Raton home buyer this may be as little as 3.5% of the cost, if you qualify for an FHA loan, all the way up to 20% or more, depending upon your finances.

    In addition, you will need additional funds, typically between 3% and 4% of the total cost, to put toward closing costs.

    Ladies and Gentlemen, start your search.

    Okay, you’ve seen your credit report, you’ve talked to your mortgage broker and you know your scores fall within the bank’s preferred range. You’ve reviewed your budget and your finances say you’re ready to buy your first home. You’ve decided what kind of home you’d like to find. And now it’s time to begin your West Boca Raton home search.  

    Marc Jablon and the Jablon Team are here to help you find the dream home that best fits your needs and your budget.

    Need more detailed information? Ask for our First Time Home Buyer Tutorial

    Just send an email to JablonTeam@gmail.com and ask for your free copy of the Jablon Team First Time Home Buyer Tutorial. It will give you a comprehensive picture of the home buying process.

    When you’re ready to buy or sell a West Boca Raton home, don’t just hire an agent, hire a team. The Jablon Team

     

    Marc Jablon, The Jablon Team

    Re/Max Complete Solutions

    JablonTeam@gmail.com

    561-213-6139

    http://www.JablonTeam.com

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