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Realistically- how much $$$ do I need to buy a Jackson home?
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amother




OP
 

Post Tue, Jul 20 2021, 11:36 pm
I’m looking in several jackson neighborhoods. Zillow lists pricing for between $500-700k for a 4 or 5 bedroom home. If you bought in Jackson recently, do these prices sound accurate or is it much more? What other costs do I need to have in mind? Do I always estimate 20% of the full price for down payment? How much would I expect to pay in basic repairs?
We have about 35k in savings but we also own a little starter home we would try to sell first... it’s probably worth $220k and I think I still have like $150k left to pay off... is buying a bigger home way beyond our reach?
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amother




Canary
 

Post Tue, Jul 20 2021, 11:53 pm
amother [ OP ] wrote:
I’m looking in several jackson neighborhoods. Zillow lists pricing for between $500-700k for a 4 or 5 bedroom home. If you bought in Jackson recently, do these prices sound accurate or is it much more? What other costs do I need to have in mind? Do I always estimate 20% of the full price for down payment? How much would I expect to pay in basic repairs?
We have about 35k in savings but we also own a little starter home we would try to sell first... it’s probably worth $220k and I think I still have like $150k left to pay off... is buying a bigger home way beyond our reach?


Depends which Jackson area
Where I live the numbers are accurate
Call a mortgage broker to run the number
We used Mayer Weiss at Ark, he’s fantastic!!
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SafeAtLast




 
 
 
 

Post Wed, Jul 21 2021, 12:55 am
A 10% downpayment is usually enough.

That would be around 70K for a 700K home, plus another 30K for closing costs. (Lawyers, insurance, brokers)

So you would need around 100K total.

If you sell your starter home you can definitely do it.
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amother




Copper
 

Post Wed, Jul 21 2021, 1:31 am
See if you can refinance your starter home to buy in Jackson. This way you can live in one and have another as investment. Rents are high and can cover the mortgage on your starter home.
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amother




OP
 

Post Wed, Jul 21 2021, 10:51 am
If I put down a smaller down payment, does that mean my monthly payments are larger, or for a longer amount of time?

What exactly happens when I refinance? I borrow more money against the value of my house? Does that mean more debt?
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amother




Poppy
 

Post Wed, Jul 21 2021, 10:55 am
Payments will be much higher if putting down 10% bec loan is higher. You will need insurance. (For a 700k home we assumed we needed 200k on hand).
You have to make sure you earn enough to be approved for 2 mortgages. If you refinance will that hurt you and prevent you from getting a mortgage? You have to talk to someone in the field to be sure.
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amother




Latte
 

Post Wed, Jul 21 2021, 11:00 am
It's worth talking to a realtor. The same way the market is crazy and prices are high in Jackson, there's a good chance your starter home is worth more than you think.
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amother




Grape
 

Post Wed, Jul 21 2021, 11:14 am
I bought in Jackson 5 years ago.
House was $550k , taxes $15k. I put down $200k and my mortgage is $3k a month
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momof2+?




 
 
 
 

Post Wed, Jul 21 2021, 11:25 am
amother [ Grape ] wrote:
I bought in Jackson 5 years ago.
House was $550k , taxes $15k. I put down $200k and my mortgage is $3k a month

You must have bought a 3000 square foot home on 2 acres property, with a pool. Taxes seem so high!
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amother




Poppy
 

Post Wed, Jul 21 2021, 11:29 am
momof2+? wrote:
You must have bought a 3000 square foot home on 2 acres property, with a pool. Taxes seem so high!

That is nj taxes… doesn’t even include garbage pickup.
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amother




Begonia
 

Post Wed, Jul 21 2021, 11:34 am
momof2+? wrote:
You must have bought a 3000 square foot home on 2 acres property, with a pool. Taxes seem so high!


Welcome to nj taxes. I live elsewhere in NJ. 1500 SQ ft house. 4 bed 3 bath. No pool. Taxes are 12k
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amother




Honeydew
 

Post Wed, Jul 21 2021, 12:09 pm
Ahhh my NJ taxes are 16k - all location based 😒 we BH put down 100k for a 500k house...
Try speaking with a good realtor and mortgage broker they'll advise you good luck!!!
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amother




OP
 

Post Wed, Jul 21 2021, 12:28 pm
amother [ Honeydew ] wrote:
Ahhh my NJ taxes are 16k - all location based 😒 we BH put down 100k for a 500k house...
Try speaking with a good realtor and mortgage broker they'll advise you good luck!!!


So houses still exist in the 500 range? I know I wrote 5-7 but realistically 700 is way beyond our affordability... even if we put down the down payment, I think the monthly payments will be too much. Do you mind sharing how many bedrooms or square feet? Would love at least 2500sf and four bedrooms...
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Amarante




 
 
 
 

Post Wed, Jul 21 2021, 12:47 pm
Taxes in suburban areas like New Jersey are high because almost all of their funding comes from real estate taxes as there isn't a significant amount of commercial or industrial activity as a tax base. Nor is there a city income tax like New York City and some other major cities. New York City also has a sales tax and there are a lot of tourists as well as residents who buy stuff in New York City as well as use taxable services like restaurants, hair salons as well as stay at hotels which are taxed.

New York City real estate taxes are fairly low for homeowners as they have special rates so their real estate taxes are much lower than comparable real estate would be outside of NYC limits. I think Long Island taxes are much higher than New York City as well.
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small bean




 
 
 
 

Post Wed, Jul 21 2021, 12:53 pm
Prices are going to drop. The market is cooling. If you can wait a bit, it might be worth it. Summer prices are higher always also.

If you put down less than 20%, you will have a PMI fee. You can use a mortgage calculator to get an estimate on monthly payments. The one on zillow is good.
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amother




Honeydew
 

Post Wed, Jul 21 2021, 1:24 pm
amother [ OP ] wrote:
So houses still exist in the 500 range? I know I wrote 5-7 but realistically 700 is way beyond our affordability... even if we put down the down payment, I think the monthly payments will be too much. Do you mind sharing how many bedrooms or square feet? Would love at least 2500sf and four bedrooms...


Sorry not in Jackson, bought in a different neighborhood... but just the NJ taxes are terrible
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amother




Honeydew
 

Post Wed, Jul 21 2021, 1:29 pm
Have you been in touch with realtors? I don’t know specifically Jackson I'm guessing the realtor would advise you and really good to get pre-approved for a mortgage within your budget it really strengthens your offer...

I heard of https://www.imperialnj.com/
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amother




OP
 

Post Wed, Jul 21 2021, 2:17 pm
small bean wrote:
Prices are going to drop. The market is cooling. If you can wait a bit, it might be worth it. Summer prices are higher always also.

If you put down less than 20%, you will have a PMI fee. You can use a mortgage calculator to get an estimate on monthly payments. The one on zillow is good.


It seems like everyone around me is on a buying frenzy, convinced that prices are only going up. I’m not sure if this is a Covid inflation or if this is just one of the living expenses that just rise with time.
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amother




Poppy
 

Post Wed, Jul 21 2021, 2:31 pm
The buying frenzy is driving the market.
It’s not the first time this happened. It always goes down after.
But if you’ll get the most for your house now then that is also a trade off for paying more.
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amother




Daisy
 

Post Wed, Jul 21 2021, 2:33 pm
SafeAtLast wrote:
A 10% downpayment is usually enough.

That would be around 70K for a 700K home, plus another 30K for closing costs. (Lawyers, insurance, brokers)

So you would need around 100K total.

If you sell your starter home you can definitely do it.


Are these NY estimates? Closing costs in NJ are a lot cheaper. We bought both in NY and NJ and the closing costs in NJ were a joke. I can't remember numbers.
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