Tag Archives: Real Estate in Jacksonville FL

8 Bad Reasons to Not Make an Offer – Complete Guide

09 Monday Mar 2026

Posted by in #HomeBuyer, #HomeBuyingTips, #HomeOwner, #housegoals, #househunting, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #Movingday, #RealEstate

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Buying a home can be a nerve-racking experience, no matter what price range you’re in. Spending or borrowing hundreds of thousands of dollars, uprooting all of your belongings, and stepping into the semi-unknown can stress even the most level-headed people, often causing second thoughts and doubts. In Jacksonville’s fast-moving market, where good homes can receive multiple offers quickly, these nerves are completely normal but can sometimes lead to hesitation over the wrong things.

There are plenty of legitimate reasons not to make an offer on a house, such as structural issues, it’s over your budget, or the location isn’t ideal, to name a few. These are real deal-breakers that deserve careful consideration and often require walking away to protect your long-term satisfaction and finances.

But not all doubts are created equal. Sometimes we mistake trivial concerns for real ones, creating reasons not to buy a house that shouldn’t be there. These “bad reasons” are often rooted in fear, perfectionism, or external noise rather than the home’s true value or fit for your life.

But let’s get real: many hesitations stem from perfectly understandable nerves, yet they often boil down to trivial or fixable concerns rather than true red flags. For instance, fixating on cosmetic details like outdated kitchen cabinets or carpet color can overshadow a home’s strong bones, great location in a Jacksonville neighborhood such as San Marco or Ortega, and solid value in today’s market. These “bad reasons” are usually just fear talking; with a little vision or a quick reno budget, they rarely justify walking away from an otherwise great opportunity.

Common bad reasons include over-worrying about minor imperfections that are easy to address. Think: “The paint is the wrong shade” or “There’s no walk-in closet in the primary bedroom”—issues that a weekend project or minor upgrade can solve for far less than you’d spend chasing a “perfect” home that doesn’t exist. In competitive markets like Jacksonville, waiting for flawlessness often means missing out on rising equity, stable ownership benefits, and the chance to build roots in a desirable area. These trivial doubts create artificial barriers; real problems like structural issues or budget mismatches deserve pause, but aesthetics rarely should.

Here are some of the most common bad reasons people hesitate—and why they usually shouldn’t stop you:

Because you want to wait and see if the price goes down. A wait-and-see approach is much more likely to end with someone else buying the house before you get a chance to. If you like it, there’s a high likelihood that someone else likes it too. Even if a house you like is overpriced, you’re better off making an offer and negotiating than simply waiting for the owner to lower their price.

Because one of your friends doesn’t like it. People’s opinions can impact us a lot. But when it comes to homeownership, you shouldn’t necessarily listen to what your friends think. After all, you’re the one who’s going to have to live there every day, so if you like it and it fits your needs, go for it!

Because the listing sites have a price estimate that’s different from what the seller is asking. Some listing sites provide an approximate estimate of what a home is worth. But keep in mind that these are based on algorithms and publicly available data, not an in-person inspection and professional analysis of value. So take them with a grain of salt, not as gospel. A local agent can give you a much clearer picture.

Because you don’t like the light fixtures or something else that’s easy to fix. Small cosmetic defects can make a huge visual impact, but always try to focus on the big things, not on items that are easy to change or fix. Light fixtures, paint color, and decor are simple upgrades, so try to see past even the worst of taste to the home’s true potential.

Because you think mortgage rates will continue to fall. In a competitive market, or on a nice-enough house, there are likely to be other bids, and sometimes more than just a few. Don’t let this deter you from making an offer though; you have as good a chance as anyone else, so just give it your best shot! Rates can fluctuate, but waiting often means missing the home you want.

Because there are already other bids. In a competitive market like Jacksonville, multiple offers are common on desirable properties. Don’t let this scare you off; it just means the home is appealing. Submit your strongest offer and let the process play out—you might be pleasantly surprised.

Because you’re afraid that the process will be too complicated. Buying a home is a bit complicated, with more steps than the average person ever knows. But as long as you work with a great agent, the process shouldn’t be overwhelming for you. Most of that complexity happens behind the scenes, and a knowledgeable team makes it smooth and straightforward.

Because you want to wait for the “perfect” time to buy. The “perfect” time to buy is when you want to or need to move. Timing the market is almost impossible to pull off. Usually, if the market does go down considerably, there are other factors at play that may get in your way of buying at that time anyway, whether it be higher interest rates, tighter loan qualifications, or broader economic shifts.

And #9—the worst thing you can do is to not call us to help you navigate these doubts and find the right home!

Kevin and Jennifer Hanley, REALTORS The Hanley Home Team Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Understanding the Pros and Cons of Building

04 Wednesday Mar 2026

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Building a custom home offers exciting advantages like full personalization and modern efficiency, but it also comes with notable drawbacks compared to purchasing an existing property. In Jacksonville’s market, where new construction incentives (such as rate buydowns or closing cost help) have narrowed the traditional price gap, many buyers find the choice closer than ever. However, factors like higher upfront costs, longer timelines, and potential hurricane-season delays can still tip the scales. Weighing these pros and cons helps ensure the decision aligns with your budget, timeline, and lifestyle needs.

The pros and cons of building versus buying an existing home in Florida highlight key trade-offs in cost, convenience, and long-term value. Pros include brand-new systems (leading to lower early maintenance and better energy efficiency in hot, humid climates) and customization to fit your exact needs, like storm-resistant features or open layouts popular in Jacksonville. Cons often involve higher total costs (even with incentives), extended timelines prone to weather or supply delays, and the risk of over-customization inflating budgets. Understanding these helps buyers decide if building’s “fresh start” outweighs the immediate move-in appeal of resale homes.

Con: It’s generally more expensive. Building a custom home in Jacksonville typically costs more per square foot than buying a similar existing one, often ranging from $140 to $250 per square foot (excluding land and extras) versus median resale prices around $300,000 to $350,000 for move-in-ready homes. For example, a 2,000 sq ft new build might total $400,000+, while comparable existing homes go for less, especially with builder incentives narrowing the gap. This means you’ll need a larger budget upfront to cover construction, permits, and potential overruns.

The Takeaway:

Pro: Less maintenance. When you build a new home, everything starts fresh with modern materials, energy-efficient systems, and updated plumbing/electrical that meet current Florida codes. This significantly reduces the chance of major repairs in the first 5 to 10 years, such as roof leaks from storms, outdated HVAC failures, or foundation issues common in older Jacksonville properties. The result? Lower ongoing costs, fewer headaches, and more peace of mind as you enjoy your brand-new space without immediate fix-up surprises.

Con: More time-intensive. Building a home in Jacksonville can take 12 to 18 months or longer from design to move-in, with custom projects often stretching to 24 months due to permitting, supply chain hiccups, or weather delays during rainy seasons or hurricane prep. For instance, what starts as a 9-month build might extend months beyond expectations, making it tough for buyers needing quick relocation or avoiding temporary housing costs. This extended timeline simply isn’t practical for everyone compared to the instant move-in of an existing home.

Getting Home Insurance Right

04 Monday Nov 2024

Posted by in #HanleyHomeTeam, #HomeBuyer, #HomeBuyingTips, #HomeOwner, #HomeSeller, #housegoals, #Jacksonville, #JacksonvilleFL, #KellerWilliams, #RealEstate

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HOMEOWNERS INSURANCE FEELS LIKE A “NECESSARY EVIL.” BUT IT DOES SERVE A SAINTTLY PURPOSE—TO PROTECT YOU. SINCE YOU HAVE TO PAY IT EVERY MONTH, THE TRICK IS TO PAY AS LITTLE AS POSSIBLE FOR AS MUCH COVERAGE AS POSSIBLE. HERE’S WHAT TO LOOK FOR.

If you own a home free and clear, you are not required to have homeowners insurance (also called hazard insurance). But if you have a mortgage on the property, your lender will require you to carry it. Here’s how to get quotes to compare prices and coverage.

What is a homeowners insurance quote?

A quote is an estimate of the price you’ll pay for a policy. It’ll be given to you either as a yearly, 6-month, or monthly amount. Make sure you’re comparing apples to apples when looking at different quotes. 

A quote will be based on the size of home, location and likely replacement value of the home, condition you want to replace it to, how far it is from a fire house, etc. 

Each company uses its own formula to calculate house insurance quotes, so prices can vary widely. You boost your chances of finding the best rate when you compare homeowners insurance rates from several companies. Get at least three quotes! The rate and amount of coverage can vary by hundreds of dollars.

A quote is only an estimate at the time it’s given. The actual amount you’ll end up paying will not be determined until the policy is issued. It’s usually close to the quoted amount, though.

What do you get from having homeowners insurance? 

Protection in case of damage or loss. These amounts can vary! These are broad averages only. If you get three different quotes, you’ll begin to see what kind of coverages are available for your property and can compare. For instance, if two quotes are similar, but one offers $8,000 of additional living expenses in case of a claim, and the other offers only $6,000, then the first might be a better policy for you (if all other factors equal).

How your price can change…

In addition to the standard coverages shown above, you’ll also need to make choices when you compare home insurance quotes. These choices will affect your price, so make sure you use the same choices when comparing different policy quotes. 

Your deductible. This is the amount you pay out of pocket, before the insurer will pay anything per claim. It’s typically $500 to $2,000 per instance. Choosing a higher deductible will lower your monthly premium payment. If you choose a higher deductible, make sure you can afford to pay that deductible.

Earthquake, flood or windstorm coverage. Standard insurance doesn’t cover earthquake or flood damage, and windstorm coverage is limited in some hurricane-prone regions. If you live in an area affected by these risks, you may want to ask about optional coverage. Flood insurance is required for some properties in high-risk zones.

Replacement cost coverage for your belongings. Most standard homeowners insurance policies won’t pay to replace old items with new ones unless you choose this upgrade. You can ask for more coverage for your belongings (like computers, clothes, art pieces, dishes, etc.). 

Extended or guaranteed replacement cost coverage for your home. Standard policies won’t pay more than your dwelling coverage limit to fix your house. Extended replacement cost coverage will pay out more if repairs require it, up to a specified limit, and guaranteed replacement cost coverage will pay the full cost.

How to get a homeowners insurance quote

You can call a local insurance agent or broker who can give you a quote. It’s often nice to talk to someone who specializes in insurance in your area. 

You can also contact insurance companies online and fill out their online quote request form. 

I prefer talking to an agent, because many of the items in the online forms are not applicable, and you’ll end up having questions. The live agent can help you faster, and often make suggestions you won’t get online. However, it might be wise to get at least one online quote, once you know what you want to be comparing.

KNOW SOMEONE WITH QUESTIONS ABOUT BUYING A HOME OR NEEDS AN INSURANCE QUOTE? PUT THEM IN TOUCH WITH US FOR HELP. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside http://www.HanleyHomeTeam.com 904-515-2479

Understanding Price Per Square Foot

21 Monday Oct 2024

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Price per square foot is a concept in real estate which is easy to understand and just as easy to misuse. The formula is pretty simple: To determine price per square foot, you take a price, such as sale price of a home, and divide it by the square footage of the property.

Price per square foot is useful in looking at broad market comparisons, such as comparing one entire metro area to another, or looking at an area’s average change over time. It is not, however, terribly accurate in figuring out the value of your home.

Why? Well, price per square foot fails to take into account the most important factors when pricing a home.

First and foremost, it makes assumptions about the home’s amenities. We all know the quality of materials used in home construction and the condition of the home’s appliances and other features can have a dramatic impact on the value of a home. A kitchen with Italian marble surfaces versus one with pressboard countertops will have completely different values. Price per square foot in a given neighborhood will blend these homes together and produce an average.

Second, price per square foot assumes locations are identical, but in almost any metro area there are up-and-coming neighborhoods as well as neighborhoods in decline. Price per square foot near an abandoned industrial zone will vary considerably from one near a well-established downtown district with a great walkability score.

Third, even the simple methodology of calculating price per square foot can be influenced by how the total number of square feet has been calculated. If one has a garage converted into a mother-in-law, and another home doesn’t, which square footage is valid? And what about home or lot size? Sometimes above or below-grade lots can influence the price per square foot as well.

Price per square foot is more useful in commercial situations where there is tremendous uniformity in the design, construction, and location, but as a tool for assessing your home’s market value, it’s flat out dangerous.

Want a real estimation of your home’s value in its current condition and location? We’d be happy to help. Get in touch today, and we’ll show you what goes into determining the optimal price for your home.  Kevin and Jennifer Hanley, REALTORS – The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.TheHanleyHomeTeam.com

4 Questions to Ask Yourself Before Buying a Home with an In-Law Suite

16 Wednesday Jun 2021

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There’s many reasons why you might be considering having your mother-in-law (or your mom) move in with you. Perhaps it’s for health reasons. Maybe it’s due to finances. Or, it could just be that you all want to be closer to each other. 

There’s no single definition of what comprises a mother-in-law suite. But, in the grandest sense, they are often considered to include a bedroom, bathroom, kitchen (or kitchenette), a living room, as well as an entrance that’s separate from the main house. Sometimes they may be free-standing structures, known as “accessory dwelling units” (ADUs). In other instances, homeowners get creative and simply repurpose a room in the house, basements, attics, or even garages to accommodate their loved ones.

For a variety of reasons, multigenerational living continues to increase in popularity. In fact, in 2016, a record 64 million people, or 20 percent of the U.S. population, lived with multiple generations under one roof, according to the Pew Research Center’s analysis of census data.

Some families choose to buy a home with an in-law suite, or add one to their existing property because it makes financial sense. In other situations in which both parents work full-time outside the home, having built-in babysitters who are ready and willing to lend a hand is a welcome relief.

That said, blending generations isn’t always easy, especially after years of both parties living independently.

Whether you’re overjoyed or not-so-secretly seething at the thought of your mother or mother-in-law becoming a permanent fixture on your property, there are certain things you’ll want to consider.

Here are four questions to consider before moving in with your in-law.

1. Can everyone coexist peacefully?

It’s one thing to visit with your in-laws during the holidays, it’s another to see them 24/7. No one wants to watch the phrase “Familiarity breeds contempt” come to life in their own home. Still, you don’t need to be a family therapist to know that too much togetherness can quickly lead to trouble. 

Chances are you’re accustomed to having your privacy, as is your mother-in-law. A separate entrance, kitchenette, and soundproofing can go a long way toward establishing boundaries that will ensure your relationship survives your new roommate status. But will these be enough to allow for harmonious living? 

It’s not a bad idea to give the scenario a test run by having Mom spend a week or two and see how it goes before you commit to adding on to your home.

2. Will your city or town allow it?

If you’re considering constructing an addition for your in-laws, check with local and city zoning regulations as many have strict building codes. You may or may not be able to extend your house, or enough to accommodate your plans.

Some homeowners contemplate placing an entire new structure—an accessory dwelling unit (ADU)—on their property. Again, you’ll have to check on zoning laws before just plunking down a free-standing structure on your property. 

But even something quite simple as renovating the garage, a basement, or section of the house with a separate kitchen area may not be allowed.

Every municipality will have different regulations. Check with yours before making any concrete plans to move mom in.

3. How much will it cost?

Whether you add on to your home or repurpose an area within it, most likely it won’t be cheap. According to Realtor.com, an in-law suite will set you back anywhere from $40,000 to $125,000, while ADUs (aka Granny Pods) are estimated at $85,000 to $125,000. 

You may also want to separate the utilities between the unit and the primary residence if possible, to divide expenses. This can also save money if your relative goes out of town for lengthy periods, and you want to shut down the utilities temporarily. 

Compare these expenses to the cost of an assisted living facility or nursing home if your motivation is to ensure the safety of older family members. 

You should also weigh your options to buy a house that is already set up with a mother-in-law suite. It may actually cost you less (and easier), than doing construction on your existing house.

4. How will it impact your resale?

Because few homes include in-law suites, having one can attract multigenerational families. So when it comes time to sell your home, you may find that you have a lot of interest. Or at least specific interest from buyers who this would appeal to.

However, the layout and flow of the house may not appeal as much (or at all) to buyers who have no need for this kind of set-up. So, it may also reduce the pool of buyers your house will appeal to.

Not that resale value, or the ability to resell it, should dictate whether or not you create this sort of space in your home. You need to make the decision based upon your own situation, wants, and needs. Life needs to be lived, and enjoyed. If resale value is higher in the future, great. If not, perhaps you can renovate it back to the original layout if it makes good financial sense to do so.

While these are certainly not every question you may want to consider before making a decision, it’s a good start. And, hopefully, taking the time to ask and answer questions before moving Mom in, will save you time, money, frustration and, most importantly, your relationships.

We helped several customers over the years who bought a home with an in-law (or adult child) suite. We are ready to help you! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners 904-515-2479 HanleyHomeTeam.com

Moving with Pets – Mistakes to Avoid

10 Thursday Jun 2021

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For most pet owners, pets are a part of the family. And so, of course, wherever the family moves? The pet moves, too. And while moving might be a stressful process for you, it’s arguably even more stressful for your pet. 

Pets respond well to structure and routine—and so the packing, moving, and settling into a new place can make them feel anxious and stressed out. But there are ways to make the process easier on your pet. A recent article on Realtor.com outlined the five mistakes to avoid when moving with your pets, including:

  • Having your pet around on moving day. Moving day can be chaotic, which can stress your pet out. Make sure to board them or have them stay with a friend or family member while you’re managing the big move.
  • Washing your pet’s things before the move. Familiar smells are comforting to pets—so while you might be tempted to wash their bed, toys, or blankets before you move, resist the urge. The familiar smells will help them acclimate to their new home and feel more comfortable.
  • Not supervising them in their new home. When you move into a new home, you’re not totally familiar with the layout—and there could be areas where your pet could escape. As you’re settling in, make sure you keep an extra close eye on your pet. 
  • Changing their setup or routine. Again, most pets are creatures of habit—so when you’re moving to a new place, you don’t want to change their setup or routine too much. If they’re used to having their bed in your room, put it in the same place in your new house. If you typically walk your pet at certain times of the day, continue with that schedule. Keeping the same setup and routine will make it easier for your pet to transition to your new home.

Bottom line? Moving can be a stressful experience for everyone—including your pets. So make sure you make the moving process as easy as possible for your four-legged family member.

Call us and let’s make your next move stress free for both human and pet! Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com

Housewarming Gift People Actually Want!

01 Tuesday Jun 2021

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We’ve all experienced the stress and tension of moving, right? Even after you’ve done all the footwork to find the perfect place, you’ve still got to deal with utilities, packing, moving trucks, lukewarm fast food meals, lost and broken items… 

Oh, and if you’ve moved more than 20 minutes away, even after you’ve unpacked, you’ve got to find a new grocery store, school, park, favorite restaurant, etc. etc. etc….

So yeah, we all know…

Moving is a seemingly endless stress buffet.

When someone you love is going through it, how can you help to alleviate that stress? Well, outside of paying for their movers (PS SO WORTH IT), you can give them one of these moving/housewarming gifts. Some are gifts of time, some are thoughtful treats, and some are available on Amazon so even if your friend is moving to a new town, you can send Prime to the rescue! Best of all, you don’t have to get cutesy or craftsy; you can send any of these goodies as-is.

Check ‘em out and you, too, can be the most thoughtful friend/family member ever when you send housewarming gifts people actually want…

1. FOOD


At the end of a long day of taking all their worldly possessions off of a truck, your friends are going to be HUNGRY. And this isn’t any run of the mill hunger; it’s more like an I-just-ran-a-marathon hunger. The really bad part of this is that they won’t have food in the house and will probably be too tired to hit the ol’ grocery store. Solve this problem by sending them dinner. If you’re in town, you can bring it by (but don’t stay a long time), and if you’re not, you can send DoorDash or UberEats to feed these hungry folks for you. 

2. COFFEE


Ahh, the first morning in a new house. So calm, so quiet, so… WAIT, where the heck did we pack the Keurig? And what box are the K-pods in?! Doing a Starbucks run (or, again, sending a delivery driver to do it for you) will have your tired pals crying happy, caffeinated tears faster than you can say Cinnamon Dolce Latte. 

3. WINE / BEER / COCKTAILS IN A CAN


When your friend is done bringing in boxes, they probably want to relax with a frosty adult beverage. Let them know you’re thinking of them with booze in a can. Canned bevvies are all the rage right now and so easy to enjoy. No need to locate the bottle opener, corkscrew, or bar accessories; they can just pop the top and sip away. 

4. YOUR ELBOW GREASE


While this is the least fun option, it’s also probably the most appreciated. Whether it’s running to buy more boxes and tape, helping to load that absurdly heavy table, or sitting and chatting while you both unpack the kitchen, your friend will appreciate you for pitching in on their hardest days. Also, they’ll owe you one heck of a big favor.

5. CLEANING SUPPLIES


Running out of paper towels and Windex when you’ve got to clean out the fridge in the place you’re leaving is just about enough to make a person cry. Same thing when you get to the new place and it’s… less than spotless. Coming by with a box of essentials will elevate you to a godlike status… and if they don’t end up using them right now, you know they’ll get used in the future. 

6. BATHROOM ESSENTIALS


Just like the paper towels, there are other paper products that you absolutely, positively HATE to run out of. Bring a package of TP — the GOOD stuff, not the kind that feels like tree bark… and some premium hand soap. Again, you know they’ll appreciate it mucho and it’s definitely not going to go to waste. (Err, no pun intended.)

7. A CLEANING SERVICE


If you owe your friend-on-the-move big time, or you’re just #ballerstatus, send them a cleaning service. Having someone do the work for you is a beautiful thing, and walking into a sparkling clean home when you’re still trying to get everything in your life back to normal brings such a sense of relief. It might not even be as expensive as you think. Depending on the size of the house and the location they’re in, you might be able to get this great gift for less than $100.

8. A CUTE DOORMAT

Via Amazon

There’s nothing like a fresh, new start at a fresh, new house, and nothing says, “Welcome!” quite like a fresh, new doormat. There are so many neat ones available on Amazon or at your local Target. No matter what their taste is, you’ll be able to find something that applies.

9. PLANTS


Houseplants lend a homey vibe no matter what the season. Bring over a few potted plants and know that you’re enriching your friend’s new home environment — both with a pretty plant AND with life-giving oxygen. Not sure if your friend is a plant-y person? Bring a succulent or two; they’re notoriously hard to kill. 

10. A LIST OF FAVES


If your friend is moving into your area, save them a ton of time by bringing them a list of neighborhood favorites. Add things like restaurants, things to do, and local services they might need. Big ol’ bonus points if you have a trustworthy babysitting reference — that alone is worth its weight in gold. 

11. POOL FLOATS


Did they get a new pool along with the new digs? Pool owners LOVE getting goodies for swim time. Ride on floats, beverage floats, remote-controlled boats — it’s all good! Also, it’s almost guaranteed you’ll secure an invite to go swimming when summer hits. 

No pool? No problem. Get them something to help them enjoy their new garden or patio… whatever form of the great outdoors they have. After all, no matter how nice the house is inside, sometimes it’s nice to hang out outside, too!

12. KITCHEN TOWELS


When you’ve got a sparkly new kitchen, putting your dingy old towels on the counter is kind of a downer. Gift your pal some spiffy, clean kitchen towels and they’ll think of you every time they walk into the kitchen. 

13. A SUBSCRIPTION CRATE


From candy to coffee, dog treats to dinners, there’s a subscription crate for just about anything your friend is into. If they’ve moved away, let them know you’re thinking of them on the regular with a monthly crate. It might not get there on moving day, but it will relieve some stress and make them feel loved all the same!

14. NOTHING PASSIVE AGGRESSIVE


This should go without saying, but sometimes well-meaning people think that just about any time is a good time for “advice.” Moving time is NOT the time to gift a Dave Ramsey book (even if the house is on the pricey side), nor is it a time to ask why they have so darn much stuff and then offer a trip to Goodwill. Your friends are already under enough stress, so no matter how much you “wonder if you ought to say something,” the answer is NO — or at least, not right now.

We have some good advice about buying a home so you get some house warming gifts, too! (BTW – we give some darn good closing gifts to our customers!) Give us a call – Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 HanleyHomeTeam.com Team@HanleyHomeTeam.com

Homebuyers Should See an Increase in Listings Within the Next Year

12 Wednesday May 2021

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There’s no denying that we’re in a tough market for buyers. With historically low inventory, high competition, and rising prices, finding a home has been a real challenge.

But buyers, get ready, because it looks like things are about to get at least slightly better for people searching for a home.

According to data outlined in a recent realtor.com article, about 10 percent of homeowners plan to list their home this year—with another 16 percent planning to list in the next 24 to 36 months. That translates to an additional 1.5 million homes hitting the market—which, while not enough to completely end the historic inventory shortage, is certainly a solid start.

Options for first-time buyers should also improve. More than half of the buyers planning to list their homes this year (58 percent) have homes valued at $350,000 or less—which means more affordable options should be hitting the market soon.

The Takeaway:

So, what does this mean for you? While lack of inventory and high competition has made for a challenging market for buyers, more sellers are preparing to list their homes—and when they do, things should get a bit easier for buyers. Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Before Taking on a Fixer-Upper Right Now Consider These Current Issues

04 Monday Jan 2021

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With the inventory of homes so low, some buyers are binge-watching HGTV and beginning to consider buying a fixer-upper. Fixing up a property can be a fun, fulfilling experience for many homeowners. But fixer-uppers can be challenging in the best of times—and with some of the challenges in today’s market, this doesn’t exactly qualify as “the best of times.”

A recent article from realtor.com outlined some of the reasons why now might not be the best time to buy a fixer-upper property, including:

  • Material costs are high… The pandemic has created a high demand for home renovations, which has sent the prices for materials through the roof, doubling—or even tripling—in many cases. So, the renovations that you need to make on a fixer-upper property? They’re likely to cost significantly more than they would have at this time last year.
  • …and crews are busy. The demand for home renovations also has many contractors booked out for months—which means that, if you buy a fixer-upper, you could have to wait a significant period of time to start tackling projects.
  • There’s a higher risk for issues. Any property could have issues you don’t notice on your initial viewing—but the risk of safety, environmental, or inspection-related issues is much higher for older homes that need a lot of work.

The Takeaway:

Bottom line? There are definite challenges associated with buying a fixer-upper in today’s real estate market—and buying a new construction or a newer home with fewer necessary repairs is probably going to be a safer bet. But if you’re set on making a fixer-upper purchase? Talk to your real estate agent (us!) as we can help you better understand the challenges associated with buying a fixer upper—and help you get a plan in place for navigating those challenges. Kevin and Jennifer Hanley, REALTORS http://www.HanleyHomeTeam.com The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside

Why Lenders Use Gross Monthly Income vs. Take-Home Pay

18 Friday Dec 2020

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It might seem strange that mortgage companies use gross monthly income when determining affordability instead of ‘take-home’ pay. After all, it’s the take-home pay that consumers use for their monthly expenses and bills – including the mortgage. But there are a few good reasons why lenders use the gross amount. 

First, it’s universal. Lenders A, B, and C all use gross monthly income to calculate debt-to-income ratio (and thus affordability), so everyone is qualified using the same guidelines. There are a few loans that do take monthly expenses and ‘residual’ income into consideration, but most every other program uses gross monthly income. 

Second, it’s a figure that most consumers readily know. Calculating net income with taxes, deductions, etc. is complicated and can vary month-to-month. Gross income is stable and easier to quickly calculate monthly. It would be impossible for lenders to adjust their loan programs for each individual’s specific expenses and deductions. 

Third, employers report income each year to the IRS, and the amount reported is gross income, not net. When consumers are asked to document income on their loan application, the last two years of W2 forms are needed along with recent paystubs. The gross amounts on the paystubs should align with the W2 forms. Trying to parse net income from these documents is impossible. 

If you’re thinking about buying your first home and want to know what you might qualify for, there’s no shortage of online prequalification calculators to help you get started. Just remember to enter your gross monthly income, not your net or take-home pay, so you don’t short-change yourself. We are here to help, too! Just reach out to Kevin and Jennifer Hanley, REALTORS, The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside – HanleyHomeTeam.com 904-515-2479