Ferris J. Anderson

Nicole
Whether now is a good time to buy or not will depend on your own personal circumstance and how good of a negotiator you are. Current home prices in Jacksonville are mildly favorable towards buyers and in my opinion will continue to slip for a short while longer. When I bought my first home the banker used a very simple formula to qualify me for my loans, 3 times gross income. Before you talk to a real estate agent or even a banker you should do a little homework yourself. Check current available listing either here on Trulia or Realtor.com or some other listing service (including For Sale By Owner). Compare current asking prices in the area with your own gross income calculations. Can you find homes in neighborhoods that you want to live in based upon this very conservative formula? If so, move forward, if not, do you think you can negotiate them down to that point? With the abundance of foreclosure and short sale properties on the market you should be able to find homes listed within your price range. During the housing boom many people ignored the simple logic of fiscally conservative homebuying in favor of 6 times to 10 times their gross income. These people are now, unfortunately having problems. Don't let this happen to you. If you defy logical, fiscally conservative homebuying practices you won't be making an investment, but rather you'll be making a luxury purchase. Buying in this way can potentially make you a victim of real estate instead of a victor.

Your next step as a first time homebuyer, is to contact a lender participating in the Florida Bond program or some other first time homebuyer assistance agency. Many first time homebuyers will lack the minimum downpayment required by both Fannie Mae (5%) or the FHA (3%). By utilizing the programs offered by the Florida Housing Corporation you may still be able to achieve 100% financing at reasonable interest rates. I work with Bank of America in helping first time homebuyers achieve affordable home financing.

I hope this was helpful - Sun Aug 10 2008, 06:08

Thanks Mike for the correction - Thu Jul 31 2008, 14:04

Hi Susie
As a follow up, I just wanted to let you know that with the signing of the housing rescue bill, downpayment assistance programs are now banned for use with FHA loans. When will the government learn that socialism and capitalism doesn't mix?. - Thu Jul 31 2008, 10:12

Susie
You are in a tough place that I have unfortunately seen many buyers. But what you need to know is why they (the builder) won't lower the price. The builder would probably love to lower the price and be rid of the inventory. So why won't your builder do it? I don't know all the circumstances of your case, more often than not, if they lower the price for you that means the rest of the inventory prices will have to be lowered as well. Buying a new home in a new subdivision is like buying a stereo at a best buy store, you're buying retail and there won't be any negotiation. It's just the way it is, however you do have leverage. Instead of asking for a price reduction ask your builder to either pay your 3% allowable seller conceded closing cost, or ask them to participate in the Nehemiah program or Ameridream program (these are still allowable under FHA rules). I have known builders to move in this direction quicker than lower a price. It tends to be a win-win for all parties. Finally if those don't work, and you are a first time home buyer, you might want to consider the Florida Bond Program. Here you can get 100% finance under a fannie mae program. The builder wants you to own the home that you want to live in. With a little creativity you both can win. I hope this was helpful. - Mon Jul 28 2008, 17:43

Michele

A lot of other agents have answered this question so I won't belabour the point. I deal mostly with buyers. Homes that I have sold the fastest tend to have some level of furnishing, are well lit, and smell nice. The furniture should be modern and in good repair. If your furniture is worn out, take it away. If it looks nice and enhances the aesthetic of the space leave it. Do take down all personal pictures and anything which ties the home to you. If you can not stage the property nothing beats a fresh coat of flat white paint and sparkling clean floors. Make sure and bathrooms and kitchen are picco bello and do make the faucets shine. You don't need a stager to bring out the best in your home, just visit a model home, you'll get great ideas there. - Mon Jul 28 2008, 17:56

Although not a direct answer, that was a great answer Phillip. - Mon Jul 21 2008, 18:06

Margaret
Asking for the seller to pay your closing cost is never unresonable, however you must be able to handle rejection well if your combination of concessions and price reductions are too rigid. The secrets to successful negotiations lies in being the first to submit the terms, and submitting those terms in such a way that they are more than what you want but less than what would be considered insulting. Do your homework well on comparable values and you should be able to come up with a winning offer.

Always, an alternative to seeking seller concessions is to utilize Florida bond money if you are a first time homebuyer. - Fri Jul 11 2008, 22:46

Greetings Kenfran
Finding the property you speak of at the price you talk about probably won't happen at the beaches. My thoughts are on the west side towards Cecil Field, near the Airport in the north, or further north into Callahan or Yulee as you have suggested. I sold a property last year that probably would have fit your requirements perfectly. As an investment value the northside towards the airport has currently the most growth potential in my opinion. Many of my colleagues here have offered their services to you, and all are very qualified. If I can be of assistance, however, do drop me a line. - Mon Jul 21 2008, 18:03