Welcome to FOFFC's Real Estate Blog!
An ongoing series of informational real estate entries
Would You Sell Your Home?
February 6th, 2022
With a shortage of homes for buyers to choose from, would you consider selling yours right now at the right price, or are you happy with your current home? If your current house payments are more than 25% of your take home pay, you may be what is called house poor and it may be time to shed those payments and down size. Or maybe you have an empty nest and have realized you have too much home in this new chapter of life. Whichever your reason may be... if you’re ready to sell your house. No matter what crazy stuff is going on in the world, selling your house is always a big deal. You probably have countless memories there, and you’ve spent time, money and effort making your home a special place. Just remember, if selling is the right thing for you and your family, it’s worth it! If you’re ready to make a move, you want to do it the smart way. Real estate agents are a dime a dozen. That’s why you don’t need just any agent. You need the right agent to sell your house the best way. Find someone who will super-serve you, negotiate the best deal, and sell your house fast! As tempting as it is to have a relative, a friend from church or your cousin’s husband’s buddy help you, always stick with a vetted professional who has experience and can sell your home for the most money in the shortest amount of time! You may be questioning if a brand new agent is a lesser choice then a seasoned agent. Both are trained professionals. While one is more experienced the other may come with more motivation and determination. Interview at least 3 agents (new or seasoned) before choosing the 1! The best way to have a great experience selling your home is to partner with a professional agent. The right agent should guide you every step of the way without taking over the driver’s seat. They should inform you but not overwhelm you.
Leann Russell, REALTOR® with Dick Schultz Realtors would love to be on your list of interviews. From financial coaching to real estate, she has you covered with the right financial steps. (325) 203-7689
~ Leann Marie Russell
How Much House Can I Afford?
January 30th, 2022
How much house you can afford really depends on the relationship between your income and mortgage. The debt-to-income ratio refers to how much of a borrower’s monthly income is eaten up by debt. Creditors, especially mortgage lenders, want to know what’s left over after all monthly debts are paid. The ratio is calculated by dividing monthly debt payments by gross monthly income. To figure out how much mortgage you can afford with your income, different lenders use different guidelines—but most lenders dish out mortgages that are way too expensive and keep borrowers in debt for decades! To calculate how much house you can afford, use the 25% rule—never spend more than 25% of your monthly take-home pay (after tax) on monthly mortgage payments. That 25% limit includes principal, interest, property taxes, home insurance, private mortgage insurance (PMI) and don’t forget to consider homeowners association (HOA) fees. Whoa—those are a lot of variables! But don’t worry, Dave Ramsey's full-version mortgage calculator makes it super easy to calculate those numbers so you can preview what your monthly mortgage payment might be. Leann Russell, with Dick Schultz Realtors, wants to help you buy a home that’s a blessing, not a burden. And the only way to do that is to calculate your home-buying budget the smart way—and stick to it! It’s a key barometer to not becoming house poor. A good real estate agent will help you set the right expectations when shopping for a home in your price range—they may even be able to find you a home sale others don’t know about.If you need a trusted financial coach and/or realtor, give Leann Russell a call (325-203-7689) or DM FOFFC today!
~ Leann Marie Russell