Home Buying in Largo>Question Details

Irbgirl`, Home Buyer in Largo, FL

My son has been looking for his first home, but so far for the price he can afford he has only found one tha he is considering that does not need much

Asked by Irbgirl`, Largo, FL Mon Sep 28, 2009

The house is located on a road that is traveled alot. There is a school a mile down the road so it is traveled alot more on week days than on weekends. It needs some updateing in the kitchen. The backyard is large with a great pool. He is unsure as to get this one cause the time for the tax credit is running out soon. The others he has looked at were either needing alot of work, but in a good neighborhood , or nice, but the neighborhood was terrible. Do you think he would be doing the wrong thing being on a semimain road for resale later on. They want l65,000 for it but it has been on the market for a much higher price for the last year. He really likes the idea that it has a pool, something that would be a big expense to put in later. He is in his early 20's and this is a hard decision to make. Do you think he should just keep looking and possibly the tax credit will be extended, or jump on this house so he doesn;t loose out on it.

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8
Irbgirl,

I think you've answered your own question in putting your concerns in writing. If you think the road, the traffic volume, the updating, etc. are concerns, so will a future buyer. You can correct the kitchen issue by throwing some money at the project but you can't change the location. That $8,000 tax credit is going to seem tiny in comparison to the potential issues down the road. I wouldn't buy anything just because of the credit, which may or may not be extended.

I'm not sure where he's looking but in central Pinellas to the northern part of the county there are some very decent houses for sale betweeen $140-165k. Most won't have pools so I don't know if that will sway your son one way or the other. I just took someone out this weekend looking for something like he's looking for focusing on Dunedin. We looked at about 10 houses & my buyer made an offer on a very nice house listed at $150k.

If your son doesn't already have an agent & if I can be of any help you or he can contact me by email or phone.

Jim Moran
Broker Associate
Prudential Tropical Realty
727-799-2227 ext 223
727-278-4711 Cell
jimdmoran@tampabay.rr.com
1 vote Thank Flag Link Mon Sep 28, 2009
Irbgirl,
My organization works with clients like your son to get them into a house that they want to get into...please check out our our website or please feel free to contact us.
Web Reference: http://www.nhnngroup.com
0 votes Thank Flag Link Tue Apr 27, 2010
Irbgirl,

I agree with James and Annette. Don't base your purchase on the tax credit, which may or may not be extended. In making your list of pros and cons which ones out weigh the others? The days of "flipping" for a quick turn over are over (thank goodness). He needs to look at what he can live with, what he can improve, and what's not fixable. Living on a main road has a lot of obstacles to overcome- getting in and out of your driveway, safety for children, & noise level to name the main ones. Being in his 20's this will most likely not be your son's only home. These concerns will become his obstacles when he goes to sell down the road, even if he completely updates the inside.

Have his agent do a custom search based on what he's looking for, maybe broaden the area a little. If you are not working with an agent already, I have a free service called “Listingbook”, which I provide for my clients. It is like a back door into the MLS which updates daily: price changes, solds & withdrawns, allowing you to really be able to follow and learn the market. I set up a basic search according to your guidelines. Once you are in, you can change the parameters as you need. If this is something you would be interested in let me know.

Sincerely,

Pam Cohn
Broker Associate, GRI, CDM
Prudential Tropical Realty
pcohn@prutropical.com
727-204-7155
0 votes Thank Flag Link Mon Sep 28, 2009
Article on possible tax credit legislation

Chances are better than 50/50 that there will be some sort of buyer tax credit for 2010. We shall see exactly what Congress can do.
0 votes Thank Flag Link Mon Sep 28, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Do you think he should just keep looking and possibly the tax credit will be extended, or jump on this house so he doesn;t loose out on it.

I think he should not let the tax credit be the driving force when buying a home. He should take his time and get the home he wants to live in for years to come.
0 votes Thank Flag Link Mon Sep 28, 2009
Yes, it is a buyers market, but the best homes that are priced right may sell quickly and have multiple offers. When you find the right home, move forward toward it with the help of your agent. The pros and cons will weigh out and you'll know which home you should go with. As long as research is the basis for your decision, you will be fine. It sounds like you are well on your way.
What a historic position this is for your son. Good home values, low interest rates, and the first time home buyers' credit, all combine for great home buying opportunities. Work closely with your professionals. Good job, and good luck with your offer!
0 votes Thank Flag Link Mon Sep 28, 2009
The three most important things to keep in mind when buying Real Estate: Location,Location,Location.....
0 votes Thank Flag Link Mon Sep 28, 2009
Hello Irbgirl,
James has provided you excellent advise. At the price point in which you are looking there are good properties available.
I specialize in Dunedin, Palm Harbor and Tarpon Springs single family homes. Take a look at what is available by searching the same way I do. Sign up for a free account at http://www.MyListingbook.listing.com
One word of caution..if you see a home you really, really like, you need to know others will really, really like it too. Homes of good value willl sell quickly.
Sincerely,
Annette Lawrence
ReMax ACR Elite Group, Inc
727. 420. 4041
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Mon Sep 28, 2009
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