I have been watching homes listings and sales in the Inland Empire, specifically Riverside and San Bernardino Counties, very closely.
What I have noticed is that since about the first of this year, a number of homes have been staying on the market a minimum of about 2 months, therefore giving you as a buyer more homes to choose from in any given area.
At this particular point in time, there are many, many homes for sale in all different price ranges, ages, and types.
It appears that the price of homes has stabilized quite a bit, plus many sellers are offering help with some of buyers closing costs.
You, as a buyer are being given more choices in the types of homes you can buy as well.
There are many properties listed for the first time buyer and can be found under the $400,000 mark.
This is beneficial to a buyer because the maximum amount of a new loan for a conforming interest rate is $417,000.
Loans over $417,000 are considered Jumbo loans and are subject to slightly higher interest rates together with a few different conditions.
Interest rates for conforming loan amounts are still good. If you purchase a home at or under the $417,000 amount you would still have a great interest rate even if you felt it necessary to use 100% financing options.
This alone means that you would not have to put a down payment and if the seller is willing to pay part of your closing costs, you could purchase that new home for very little out-of-pocket money. Some restrictions do apply and any new loan is subject to underwriter final approval and any conditions necessary to close the loan.
There are many, many different options for new loans from Pay Option ARMS to typical fixed 30 year loans.
One thing you, as a buyer, should remember is that you will want to employ a real estate agent of your own to represent you in the purchase of a home.
There is so much involved today with the purchase of a home that you really need someone to watch over you.
The agent who has the listing on a property you choose is not really the agent you want to represent you. That agent represents the Seller. You need your own representation.
Disclosures alone have become a huge responsibility for the buyer and seller. There are several new disclosures that must be completed and given to the buyer.
You as the buyer should make sure you have a physical inspection done of the home you choose to purchase, even if it is a newer home, as you never know what repairs may be needed.
With the help of your own personal real estate agent, that agent will make sure that everything is completed properly and that on the day of the closing your escrow you are excited to be moving into your new home.
If you are a renter, you might be surprised to find how easy it is to buy a home.
From what I have heard, renting can be very expensive so why would you want to continue to pay your landlords house payment when you can be paying your own house payment and gaining net worth at the same time.
If you are worried about your credit score, not to worry, there are so many loan programs out there, that most folks can truly buy a house.
My views and comments are based on my personal research and should not be construed and anything else. Contact me with any questions: