Buying a house in Jacksonville, FL
If you’re in search of sunshine, golf, and Atlantic beaches without breaking the bank, consider Jacksonville, Florida. This city near the state’s northern border offers affordable housing options, making it an attractive choice for prospective homeowners. In this guide, we’ll walk you through the steps to buying a house in Jacksonville and provide insights on the local market.
Deciding where to live in Jacksonville:
Jacksonville stands out for its affordability compared to other Florida cities like Miami or Orlando. Bankrate’s cost of living calculator reveals daily expenses are 21.6 percent lower than Miami and 10.3 percent lower than Orlando. While the median home price in Jacksonville is $302,000, there’s a wide range of options, including multimillion-dollar estates. A local real estate agent can help you find the right neighborhood to fit your budget and lifestyle.
How to buy a house in Jacksonville:
- Saving for a down payment in Jacksonville: While a 20 percent down payment is conventional, there are options with smaller down payments. For instance, qualified buyers can secure a conventional loan with as low as a 3 percent down payment. This means on a $302,000 home, your down payment could be as low as $9,060.
- Get preapproved for a mortgage: Prioritize getting preapproved for a mortgage before house-hunting. This establishes your borrowing capacity and demonstrates to sellers that you’re a serious buyer.
- Find the right lender: You’re not bound to the lender that issued your preapproval. Compare offers from various Florida mortgage lenders, considering interest rates, fee structures, and terms.
- Find the best local real estate agent: An experienced local agent is invaluable in navigating Jacksonville’s competitive market. They can help you craft a compelling offer in a market where homes often receive multiple bids.
- Start house hunting and make an offer: Clearly define your needs and areas of flexibility. When you find the right home, your agent will assist in making an offer that stands out to sellers.
- Get a home inspection and appraisal: While not mandatory, a home inspection is crucial to uncover any hidden issues. Additionally, your lender will require an appraisal to ensure the house’s value aligns with the loan amount.
Requirements to buy a house in Jacksonville:
Affordability is a key consideration. While Jacksonville’s home prices are already reasonable, they have seen a 4.8 percent decline between June 2022 and June 2023. Your ability to afford a home depends on factors like income, existing debt, down payment, and credit score.
For first-time homebuyers, explore Florida’s assistance programs designed to make homeownership more accessible. These programs may offer down payment assistance or help with closing costs.
Closing day:
The closing is the final step in the homebuying process. Here, you’ll complete paperwork, make payments, and finally receive the keys to your new home. Closing costs in Florida typically amount to approximately 2.3 percent of the home’s purchase price, which for a median-priced Jacksonville home is just under $7,000.
In conclusion
Jacksonville presents a fantastic opportunity for prospective homeowners seeking affordability without compromising on lifestyle. By following these steps and considering the local market dynamics, you’ll be well on your way to owning a home in this vibrant Florida city. Happy house hunting!