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Chris Varjan

Premier Agent

5 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Consulting,
Commercial R.E.

Advice

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I am a first time home buyer.what price ranges should I be looking for? also due to the economy?

Answer

Your best bet is to get a mortgage pre-approval first, this will let you know the max you COULD spend, if you wanted to.  Then you need to think about where you'd like to be and how much space you need.  Then I would talk to a broker and see what kind of properties you kind of property options you may have.  It is a great time to buy right now if you are in a position to do so.  However if the right property isn't affordable right you may want to wait a little bit and safe some more.  However you must consider that on a 30 year mortgage (pretty standard)  $500 will pay off roughly $100,000 with the current rates.  What this means is that if a property is $500,000, you will likely have to put down 20% (unless you get an fha loan) which is $100,000.  This leaves a balance of $400,000 which you would finance.  That loan would essentially cost you $2,000 a month plus whatever your taxes/common charges may be.I hope this helps.-Chris

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