How has Home Buying Changed in Today’s Market?

Buyer

Purchasing a Jacksonville home is not like it was a couple of years ago. Many home buyers, in fact, have been more than a bit surprised to find out just how much the real estate market has changed due to the credit crisis and the housing market slump.

Home buying has become quite an experience, both for new home buyers and home buyers returning to the market.

The following list details just some of what you can expect as a home buyer in today’s market:

Don’t expect a home loan without a great credit score. Unlike loans of years past, lenders have tightened their purse strings and are now much more stringent about lending money, particularly to those home buyers that don’t have a proven track record of responsible credit. If your credit is less-than-shining, take some time to clear it up and develop a flawless credit history before looking into home loans.

Don’t expect to purchase a Jacksonville property without a healthy down payment. Gone are the days of the “no money down” home loans. Instead, lenders want home buyers to come to the table with a substantial down payment – usually about 20 percent of the home’s sale price. Take time to build a nice nest egg before beginning the home buying process.

Don’t expect to secure a non-traditional home loan. During the housing boom, many lenders were offering non-traditional loans, such as interest-only loans, that enabled many individuals to purchase a home they could not otherwise afford. Today’s lending institutions, however, follow more stringent rules regarding these types of unconventional loans.

Expect a great selection of homes. We are still in the midst of a buyer’s market, which means that, as a buyer, you are in the driver’s seat, so to speak. There are many houses on the market and many homeowners that are anxious to sell their homes. This may create the perfect recipe for snagging your dream Jacksonville home at a great price.

Jacksonville home (24) jacksonville florida (38) jacksonville real estate (53) home loan (11) credit score (2) buyer (53) buying tips (11)