Rent to Own Homes in Jackson

Buying a Home in Jackson

With about 275 homes on the market, homebuyers have a variety of options in Jackson. The median asking price for a home here is $125,000; prices have stayed fairly steady over the past three years, hovering in the $124,000 to $138,000 range. Still, there are a number of homes listed for less than $100,000. This is particularly true in Jackson’s central neighborhoods. The $62 price per square foot for a home in Jackson is less than half of the national price, so you can expect homes here to be affordable, regardless of size. Homes here sell within 75 to 102 days on the market.

Buying vs. Rent to Own Homes

Rent to own homes ease you into buying a home. With traditional home purchases, most of your work is required on the front end. At the outset of a conventional purchase, you need to pre-qualify for a mortgage, save up a large down payment and negotiate the home’s purchase. Rent to own homes are more relaxed and incremental. First, you negotiate a contract with the home’s seller or agent, and you pay a small option fee. Then, you move in and make monthly rent premium payments. These premiums are credited to your home purchase, so you’re making progress each month. You don't need a mortgage until the end of the contract.

Summary

Once the biggest city in West Tennessee, Jackson remains an important regional hub of industry in the state. Although Memphis is less than one and a half hours away, Jackson has everything residents need for a full and rewarding life. Jobs in manufacturing, government and education are available here, as is affordable housing. In fact, the city boasts a wide range of homes costing less than $150,000, well under the national median home price of $201,000. Jackson is also home to several institutions of higher learning, including Jackson State University, Union University and Tennessee Colleges of Applied Technology.

Rent to Own Realtors

Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.

Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.

Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.

About Our Listings

When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.

While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.

When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.