A mortgage research firm called HSH.com has analyzed the required salary to purchase a median priced home in several markets nationwide, assuming a 20% down payment.
One of the best cities to buy in is Pittsburgh, Pa. You need $32,373 of income to buy a home there. You need $50,000+ in Dallas, $60,000+ in Miami, $92,000+ in New York City, and over $145,000 in San Francisco.
If you live in one of these cities and you have a property for sale, you may meet a potential buyer who just can’t meet the criteria to purchase a home with a qualified bank loan. But this person may be a very qualified buyer in every other respect. If so, consider carrying back the note. Review this blog and my Newsletters so you understand the new rules for seller financing. Negotiate terms that are protective of you, but fair and protective of your buyer as well.
Help our economy and housing market.