How Much Home Do You Think You Can Afford?

Philadelphia Real Estate Podcast With Jack Barry

We did a survey that revealed people don’t think they can afford very much when it comes to a home. You might be surprised how much you can really afford.

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You might be surprised how little cash you need to close on a house in Philadelphia.
We did a very informal survey where we asked people how much cash they thought they needed to buy a $230,000 home in Philadelphia, and the responses ranged from $23,000 and to $60,000.
In the video above, you can see a listing we recently quoted a buyer on; it’s a beautiful, totally renovated home with hardwood floors, has a great yard in the back, and a finished basement. What if I told you the monthly payment on this property was $1,250 a month? Would you be surprised?
Additionally, what if I told you it was possible to get into this property with less than $6,000 out of pocket? Would you still be surprised? Also, if I told you the whole $6,000 was able to be a gift from a relative (which is totally allowable in today’s mortgage guidelines), would you be surprised?
I can tell you that you’d be hard-pressed to find a property like this one for rent in Philadelphia for $1,250, let alone be able to buy it with less than $6,000 out of pocket. All these numbers are an actual quote that we gave to a client!

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You’d be hard-pressed to find a rental at this price.

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Now, remember, each mortgage company has different restrictions that are tailored to each individual. That’s why you need to call our office so we can connect you to the best mortgage professional that can get this kind of deal for you.
If you have questions about your buying power or any questions about our local real estate market, give me a call or send me an email. I’d love to help you out.