Fort Wayne house hunting is a numbers game full of moving parts. It can be stressful, unless you know what you’re getting into. A good Fort Wayne homebuyer is a well-educated and ready to move on a house that is in line with his or her needs.
Listed below are a few need-to-know statistics that will help you to become better informed and make better decisions while Fort Wayne house hunting.
Nearly all home buying starts online these days (almost 90%) so you should start there too. You’ll find that this is the absolute best way for you to learn the Fort Wayne market, the homes, prices, and the neighborhoods without ever leaving your home.
You will also gain knowledge about Fort Wayne properties, commute times, schools, crime stats, and neighborhoods, as well as a feel for how much your money can buy.
Find out how long a Fort Wayne home has been on the market to get a sense of whether it’s priced too high or needs too much work. If a Fort Wayne home has sat on the market for too long it could spell trouble for you. Be sure that you are doing your research to ensure that you are focusing on homes that are worth your time in the right areas for you.
How long do you plan to stay in the Fort Wayne neighborhood? Experts say that if you can’t see yourself living in the home for at least the next five years it may not be worth your time and money to buy.
The main reason for this recommendation: the Fort Wayne home’s value won’t begin to appreciate until after that time period. This means that all the time and money you spent purchasing the home could have been put to better use.
One of the best ways to gauge if you can truly afford to buy a Fort Wayne home is to work out how much you will spend per month. Add up the mortgage, taxes and insurance to see what you stand to spend on a monthly basis.
If this number is too high for you it may be time to narrow down your Fort Wayne house hunting to find homes you can truly afford without breaking the bank.
Due to the new “Qualified Loan” mortgage rules your debt, including the mortgage, cannot total more than 43 percent of your gross monthly income. Keep this in mind while you’re calculating your monthly out of pocket costs to get a better feel for what you can afford and still maintain a low borrower’s debt.
A well-educated Fort Wayne buyer is considered a good buyer. If you know what to expect before you begin Fort Wayne house hunting you are more likely to find a home that you can afford and in an area that fits you.