Do you think i can afford this house?

Question

its on the market for 169,000.

i make at least 31,000 a year.

(im a medical coder.)

how much do you think we can get the seller to go down also?

in a couple months the house will be on the market for a year i think.

its been on the market for atleast 9 months.

so could i possibly afford it?

http://www.gallinger.com/property/property.asp?PRM_MLSNumber=194755&PRM_MlsName=SyracuseNY

Answer 1

At $31,000, it will be doubtful...I went to the below web site and plugged in some numbers (0-$10,000 down payment and no debts) and the best it came back was that you could afford about $130,000 (with $10,000 down).  If you have debts, the number will be lower.  Try the site and plug in what you know.

http://cgi.money.cnn.com/tools/houseaffo...

Answer 2

on 31k a year i wouldn't but depending on your personal situation you might be able to afford it if you dont have much in the way of bills. You could probly get them to drop their price a little but i don't see it going below 145k.

Answer 3

you might have difficulties...but i don't know

Answer 4

That is alot of money right now, with the state that the economy is in. What happes if we go into a recession and the market keeps falling? Then you will owe more than you house is worth. Right now they say is the time to buy, with record lows, but what if it keeps dropping. I do not think you should invest right now in that becasue with you income and I dont know your debt to income ratio, but not looking good. Depends on what your payments will be and how that falls into your budget. Also account for gas and groc going up....GOOD LUCK!!!!!!

Answer 5

is rent possible?

cuz den that would be better.

Answer 6

how much do you have down...

What other bills do you have.

all the answers on here say you can afford it.

Well they don't know you or your other bills.

you need to remember.  Heat, Water, Trash, Cable, Phone(maybe)

what are the taxes per year how much is insurance going to be...

Sit down and do a budget.  31,000... thats not a lot of money per month.. after taxes are taken out..

At first sight I say you are trying to go to big... unless you have someone helping you with the payments...  nice house.. but you are getting a little tight on the budget in my opinion.

Answer 7

depends how much downpayment u hav, and how much taxes u hav to pay, so just like do the math stuff, how much you need to put aside for renovations/heating/electirc/mortgage/ta... u hav to pay each month, and make sure you have enough for all the other things liek food/clothing/etc

and btw nice house! if that house was where i live, itd be 450,000 i know right its soooo unfair lol.

Answer 8

Since it's been on the market for so long,there's a good chance of buying it for less. Another possibility is owner financing.

You do not earn much,but the house does not cost much.

If you can get it for 150000,then  your payments should be about 1000 per month. This is a little more than 1/3 of your monthly gross.

You could supplement your income by taking on a boarder to help defray the cost.

Answer 9

Gosh thats a pretty house! Its a buyers market! Do your research and find out what similar properties have sold for recently. Make an offer and see what happens. I don't know what property taxes and insurance runs in NY and you need to take that into account. Here in Florida it almost doubles a mortgage payment to include those in an escrow account. Plus, what other debt/assets do you have? Have  you talked to a lender? What rates are available and is your credit score decent? What kind of down payment are you making? So many things to consider when buying a house! Good luck!

Answer 10

The general rule for buying a home is 2.5-3 times your annual salary. ($93,000 for your limit).  What are the property taxes like?  Could range from $100-$600 a month at that price depending on where you live.  The amount will make a huge difference.  What will your down payment be?   Personally, we bought a $300,000 home with $100,000 down, so we had a $200,000 mortgage with $80,000 salary, and we could not afford it (We had to move out of state).  **  That is a beautiful house though, good luck!  It has to be overpriced for the area to not sell?

Answer 11

I would definitely say you could afford it. offer 158 and if they decline offer 160 and if they decline that keep adding $2000 till you get it. good luck

Answer 12

You can negotiate anything, all they can do is say no and you can resubmit another offer.  Plus, the longer it sits on the market, the more willing the seller will be to negotiate.

I can't tell you if you can afford it or not, I don't know what kind of interest rate you'll get or what kidn of credit score you have.  I also don't know how much or what kinds of bills you are already paying.  I also don't know how much the insurance and property taxes run in that area...so there is no way to say if you can afford it...but it is a really nice house and I hope you can get it!  I'll tell you though, where I live, we are buying a house and the loan amount is 210,000, interest rate is 6.25 and the payments are roughly estimated to be around 1600.  That includes property tax and insurance.  Also remember, that most conventional loans, at least in my state, are asking for a minimum of 7% down payment.

Good Luck!

Answer 13

There's a lot of good points in here.

Don't forget to average in the Property Tax.  The estimated payment you are seeing at the bottom DOES NOT include annual property tax:

This is also based on a APR of 6.0.  Would you qualifty for 6.0 (?).  This makes a big difference.  You also don't know about points.  

Then of course there's closing fee's. (~3,000 - 5,000)

Your best bet would be to get prequalified (if you haven't already), but with your annual salary versus this selling cost...I wouldn't do it.

Plus getting the owner to go down?  Hmm...There's no way of know their life situation.  If the house has been on the market for 9 months and they need to sell it, chances are the price may have already dropped a few grand.  The realtors can be pushy with the seller, because they want the comission before the contract expires.

Good Luck!

Answer 14

to be totally honest, i read in the wall street journal that the least a person should make to afford a house is 50,000, but to afford a house in that price range you should make at least 90,000

do you have a partner, if so two salaries could make it possible

Answer 15

Looks like a nice house. Wonder why it hasnt been snapped up yet!you should easily be able to afford it on that salary.

Answer 16

You can't afford that house.

Few factors someone would need to know to tell you if you can afford it.  

1) How much do you have for a down payment.

2) Do you expect a large raise anytime soon

3) Is there a second source of income to help afford your mortgage payment

Also you may want to go to CNNMoney.com and to their realestate section they have calculators you can use instead of asking strangers.

Finally we don't know the house, or it's history...we can't judge how much cheaper it will get...that is why you get a realesate agent (of course they would probably lie because they need the sale)

I recommend if you are really looking for a house that you do some research and don't go into this so half ******.  

Good luck.

Answer 17

It's such a charming home!

At your income, most financial planners would suggest that you get a place for a maximum of $80.000.  (2.6 x your income).  But that's a conservative estimate.

The mortgage on this house would definitely be a stretch for you, but if you could cut back on your other expenses somehow it might work.

Also, do you have money for a down payment?  That would help a lot.

I don't think you could get the price haggled down below $150k.

Answer 18

Dude that house is way affordable for a first house !

Buy it before someone else does.

I want to move to Amercia and if i could get a house that cheap i'd move tomarrow.  !

Answer 19

Offer $160K at the most.  The seller will have to negotiate.

Never offer what the seller is asking directly.

Answer 20

Your payment on a 169000 home is going to be around 1100 a month. At 31,000 a year, its going to be very tight all by yourself. I'd try to offer 159-160 but your still looking at around a thousand a month.

Answer 21

Offer them 155,000 or 150,000 its a good price for that much compared to where I live around here a house like that would cost 600,000 or more

Answer 22

Not a prayer.  You couldn't afford this house in most markets (your mortgage should only be between 2x and 3x your annual salary which is 62,000 to 93,000).  

Add in the fact that this house is in upstate, NY (Manlius NY is outside of syracuse) means you really can't afford it.  The real estate taxes on that house are probably $6700 per year or another $550 a month.  The payment you'd be looking at is well over $1500 a month and you aren't even close to being able to afford that.  

No, I don't think you can afford that house.  You'd need another person on your loan with the same income you have or more.  Even that might not be enough to make it affordable.  

You aren't even close.  Really.  You'd struggle to afford a $100,000 house in Manlius.  

good luck!

Answer 23

Nobody here is in any position to advise you on your finances, we have no idea of your outgoings, commitments or financial standings, offering your yearly salary and a property price is no real indication of anything.