Fed Beige Book: CRE Activity Increased Slightly Overall

Overall Economic Activity Reports from all 12 Federal Reserve Districts indicated that economic activity increased in September through early October, with the pace of growth split between modest and moderate. The Richmond, Atlanta, and Dallas Districts reported major disruptions from Hurricanes Harvey and Irma in some areas and sectors, including transportation, energy, and agriculture. Manufacturing […]

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Austin Office Market Report | Q3 2017

Austin’s office market sees continued construction and rising rental rates BOOTS ON THE GROUND Commentary by David Bremer Our “Boots on the Ground” viewpoint is the voice of our experts, who have broken down the market data and compared it to what they are seeing for themselves. This is their take on what the numbers […]

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This Week in Healthcare Real Estate – 10.14.17

Healthcare Real Estate News Next-Generation Medical Office Design Emphasizes Efficiency And Aesthetics Healthcare represents a rapidly growing, and dramatically evolving, asset class. Healthcare construction in the U.S. last year totaled $41.4B, accounting for 9% of nonresidential spending, according to NAIOP… Biznow Are There Too Many Free-Standing ER’s in Texas? In October of 2015, I posted […]

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Houston Office Market Report | Q3 2017

Houston’s office market vacancy rate continues to struggle amid $50 crude prices Houston’s office market continues to struggle as U.S. crude prices waiver around $50 per barrel. According to the U.S. Energy Information Administration (EIA), they are expected to stay in this range through 2018. With no indication that prices will rise substantially over the […]

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Are There Too Many Free-Standing ER’s in Texas?

For-Profit Free-Standing Emergency Room Operators Face Challenges In October of 2015, I posted an article titled, “Texas is the Epicenter of the Free-Standing Emergency Department Phenomenon.” The premise of the article was to discuss the proliferation of free-standing emergency facilities in Texas. There are an estimated 400-500 free-standing emergency facilities (FEC’s) in the United States […]

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This Week in Healthcare Real Estate – 10.7.17

Healthcare Real Estate News Four criteria for selecting health care sites Site selection is one of the first and most important steps health care organizations take when embarking on the development of a new outpatient facility. More than just choosing a plot of ground, there are many factors that go into the selection of a […]

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Homes For Sale in Mansfield, TX: How Much House Can You Really Afford?

As you prepare to buy a home, one of the most important questions to answer is how much house can you actually afford. The answer is largely dependent on your current income and credit standing, but there are certain steps you can take to increase your chances of buying the home you want. Here are some of the biggest considerations when you’re about to enter into the market of homes for sale in Mansfield, TX

The 25-percent rule

Most people would advise that your house payment should be no more than 33 percent of your monthly income, but this is pushing it. To be truly in the safe zone finance-wise, your monthly payments for your home should never exceed 25 percent of your salary. This will ensure that you have room for savings and other monetary goals. If you have other monthly debt payments to worry about, such as a student loan or car, you may want to lower your house payment threshold even further to around 15 to 20 percent.

Forgo your dream house for later

Naturally, your monthly house payments arent the only monthly fees related to your home. You also need to worry about home insurance, taxes, and maintenance. So when buying a home, dont let hubris get the best of you. Champion common sense above all, and never buy more house than you need.

Make sure you set aside money each month for maintenance and upkeep. You dont want to have plumbing or HVAC issues in the most inopportune time and not have the money to pay for their repair. This is part of the reason you do not want your house payment to take up most of your salary. Youll want more leeway in your budget to let you afford other important expenditures.

Once youve worked out a monthly budget, try living on it for three to six months to see how comfortable it allows you to be financially. But what if you want a better home?

If you dont like what your current finances allow you to afford, you can do one of three things:

Postpone homebuying for a few years to give you time to save up for a larger down payment and make your monthly payments more bearable.

Buy a starter home and live there for five years, which is usually the time when a homeowner breaks even on a home purchase. By that time, your propertys value will hopefully have gone up, and this can allow you to move up to a better home.

Buy a fixer-upper. You can often get these homes for less money, but you should be prepared to deal with the expenses and hassles involved in the renovation process.

Make sensible improvements to your finances

Sacrifice and discipline are two things you must get to know like the back of your hand if you want to reach your real estate goals. Delaying gratification will be key– if you can improve your financial situation right now, youll have plenty of time to enjoy the fruits of your labor when the right time comes. Here are the financial practices you need to adhere to in order to improve your situation:

Continue saving for a hefty down payment while taking care of any existing debt.

Dont be hasty with your decisions. it may take a couple of years to accumulate enough funds to qualify for a mortgage.

Be aware of closing costs, as these can amount to several thousand dollars.

Get pre-approved so youll know just how much house you can afford. Keep in mind that being pre-approved is different from getting pre-qualified. The latter simply means that your income fits the ideal debt-to-income ratio for the home youre interested in. Meanwhile, pre-approved means your income and credit score has been verified, and the lender agrees to provide you a specific mortgage amount and put it in writing.

Think youre ready to buy a home, check out the available homes for sale in Mansfield, TX by meeting with real estate agents such as those at Nu Home Source Realty LLC. Call us today to schedule a time to sit down and discuss your real estate needs and goals. 866-761-5217