Homes in Gainesville Florida-A Residential Home Buyer Guide
Homes in Gainesville Florida- A Residential Home Buyer Guide
The process of buying a new home in Gainesville, Florida or anywhere else can be very exciting. Although it shouldn't be, it can also be frustrating, confusing and downright exasperating. The way to avoid the latter situation is to approach, what will probably be the largest financial investment of your life, with a 
plan of action.
Here are some basic steps to be aware of for inclusion in your home buyers plan:
1. Determine how much you really can afford, specifically the monthly mortgage payment. Your mortgage lender has guidelines regarding the amount that will be loaned based on your ability to repay the mortgage.
The usual range for the mortgage payment is 31 to 37 %. However, you are the one who has to work to make the payment. Are you not leaving enough in your monthly/ yearly budget for contingencies or savings?
2. Start your mortgage pre-approval process. A lender will check your credit to see if you are a good candidate for a loan. Required documents that lenders will require for a mortgage pre-approval are:
- a. Two most recent pay stubs.
- b. W-2 forms for the past two years
- c. Federal tax returns for the past two years
- d. Last two months bank statements
- e. Long term debt information such as credit cards, auto loans, other..
If you are approved by the lender you will receive a pre-approval confirmation. This is a commitment from the lender to support your purchase. Pre- approval makes you a more attractive candidate to the seller when making an offer.
3. Before you search for your dream home you should consider:
- a. The parcel size of your property. An acre is equal to 43,560 square feet.
- b. Type of neighborhood you want to reside.
- c. The quality of school system your children will attend
- d. Availability of public transportation
- e. Will you live in the city, suburbs, rural such as farm or ranch
Now the next question is how do I know what is the right price to pay for the home in Gainesville, Florida I am looking for? Good question and first you better know the residential home market sales information in Gainesville, Florida to find that answer. It is important to understand that real estate values are unique to the particular area you are considering. All real estate property is unique and its value is determined, at that specific point in time, by similar competing properties available for sale. If there are many similar homes available at that time, there will be downward pressure on sales prices. For example, statistics for residential homes in Gainesville, Florida for the years 2007 and 2008 clearly indicate a downtrend in prices.
2007 * 2008 *
Average Selling Price $229,965 $212,733
Average List Price $236,273 $222,776
Median List Price $199,000 $187,796
Median Sell Price $194,000 $180,000
*Information provided by Gainesville MLS.
