M'boro Realtor Explains "How much can I afford to spend on a home?" Middle TN Real Estate Buy n Sell

April 26, 2010 - PRLog -- How much money can I afford to spend on a home?

Murfreesboro Realtor explains,

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Mike O'Donnell
615-473-5684
Tema@comcast.net
mbororealestate.com

Home of the no risk listings. The number one reason home owners who are thinking of selling are hesitant to sign up with Real Estate Agent is they are afraid of the long term contract. Now we’ve removed that problem. When you let us help you sell your house we will allow you to cancel the contract at anytime. If we are not living up to what you expect from a realtor or if for some reason you change your mind we will cancel the contract that day. Now that’s peace of mind.

Here's the super-quick rule of thumb:  Most people can afford a home that costs up to three times their annual household income, if they can make a 20% down payment and have only a moderate amount of other debt. If you have little to no debt and can put 20% down you can probably buy a house worth up to four times your annual income.
What is the most expensive house you can buy given your income and savings. This is called how much home you can afford. You won't necessarily buy the most expensive home you can afford, and I recommend that you DO NOT but you still want to know what your upper limit is. You don't want to waste your time looking at homes you can't afford, and you also don't want to pass up homes you thought you couldn't afford but which might actually be within your reach.

Here's the super-quick rule of thumb:  Most people can afford a home that costs up to three times their annual household income, if they can make a 20% down payment and have only a moderate amount of other debt. If you have little to no debt and can put 20% down you can probably buy a house worth up to four times your annual income.1

Examples: If you make $57,200 a year and have money for a down payment saved, you can probably buy a $171,600 home if you have moderate debt (debt payments of

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As a FULL TIME realtor in Murfreesboro TN, I can and will devote whatever time is needed to help you meet your real estate needs.
I treat each client with respect and dignity whether the property you are interested in is worth $5000 or $5,000,000.