Now is a great time to buy a home

If you are thinking of Selling or Buying a home, now is the best time!  Inventory is low which is great for Seller's, but some buyer's it is difficult to find a home with all the competition.

Buyer's should still take advantage of the market, especially with interest rates that are still historically low, and lending programs that can help with down payment & closing costs.  Even with the market prices going up, it is still proven more affordable to own versus paying rent that keeps going up.

In the long run, Real Estate is still the best investment you can make compared to stocks, bonds, etc...

It is important to hire a local agent, someone who knows the area, knows the market, and can be there for every step of the way.

Contact Alexis Salazar, Century 21 McDaniel & Associates 951-317-5331

Local Hemet/San Jacinto Realtor for 10+ years

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Real Estate Buyer Tips

Contact Realtor Alexis Salazar Century 21 Gold Norco!

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Renting vs Buying a Home

Renting vs Buying a Home

Disadvantages

of Renting a Home

• Your Monthly Payment Can Increase. Rents have been rising in many cities, so you may be facing an increase in your monthly housing payment as soon as your current lease ends.
• You Don’t Build Equity. When you rent, your housing payment provides you with a place to live, but will not provide you with an asset to sell when you are ready to move.
• You Don’t Receive Tax Benefits. Homeowners can deduct their mortgage interest payments and their property taxes from their federal income tax, which reduces the final cost of homeownership. Renters cannot deduct any of their housing expenses.
• You Can’t Paint or Remodel Without the Owner’s Approval. While some landlords are kind enough to let you paint your apartment, you’ll have to get their permission and consult on the color. If you want to make other changes or upgrade an appliance you’ll have to put in a request with your landlord or apartment manager.

• Advantages

  of Owning a Home
  • You Can Build Equity. Historically, homes rise in value anywhere from 4% to 6% per year. Even if your home doesn’t increase in value, though, you’ll be building equity as you pay down your mortgage as long as your home maintains its value.
  • You Can Take Advantage of Tax Breaks for Homeowners. Homeowners can deduct their mortgage interest payments and property taxes when they itemize their federal income taxes. These deductions offset the cost of your housing.
  • Your Housing Payments Will Stay Stable. If you choose a fixed-rate mortgage, your principal and interest payments remain the same for the duration of the loan. However, your homeowner's insurance and property taxes can change.
  • You May Be Able to Use Your Home as an Investment. If you buy a home and choose to leave it, you can rent it out rather than sell and generate income. This works best if you can cover your mortgage (or more) with rental payments. With this in mind, it pays to choose a home that will make a good rental property in the future.
  • You Can Settle in a Community. Once you commit to owning a home, you are more likely to become more involved in your community because you know you’ll be there for years. You can get to know your neighbors, perhaps join a homeowners’ association, or volunteer for projects that benefit the community or the local school.
  • You Have the Freedom to Decorate as You Please. One of the joys of homeownership is the ability to change your environment to suit your tastes. Of course, if you live within a development with a homeowners’ association you may have a little less freedom with your home’s exterior, but you can still paint your kitchen purple if you like.
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Pre-Qualified Vs. Pre-Approved - What's The Difference?

Pre-Qualified Vs. Pre-Approved - What's The Difference?


The Scoop on Pre-Qualified

Getting pre-qualified is the initial step in the mortgage process, and it's generally fairly simple.  You supply a bank or lender with your overall financial picture, including your debt, income and assets.  After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.  Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home.

The Scoop on Pre-Approved

Getting pre-approved is the next step, and it tends to be much more involved.  You'll complete an official mortgage application and then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating.  From this, the lender can tell you the specific mortgage amount for which you are approved.  You'll also have a better idea of the interest rate you will be charged on the loan.

With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level.  This puts you at an advantage when dealing with a potential seller, as he or she will know you're one step closer to obtaining an actual mortgage.
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Real Estate Buying Tips

10 Commandments Home Buyers Must Follow

Buyers can sometimes forget with all the excitement surrounding the buying of their new home to follow these Commandments:

1.  Thou shalt not change jobs, become self-employed or quit your job.

2.  Thous shalt not buy a car, truck or van (or you may be living in it)!

3.  Thou shalt not use credit cards excessively or let your accounts fall behind.

4.  Thou shalt not spend money you have set aside for closing.

5.  Thou shalt not omit debts or liabilities from your loan application.

6.  Thou shalt not buy furniture.

7.  Thou shalt not originate any inquiries into your credit.

8.  Thou shalt not make large deposits without first checking with your loan officer.

9.  Thou shalt not change bank accounts.

10.  Thou shalt not co-sign a loan for anyone.

If you are in the process of buying a home, remember that your credit must not change or be affected in any way until you actually sign the paperwork and get possession of your new home.  Lenders will not only look into your credit when you first get pre-approved, they will check it again (and sometimes again and again) before they let you sign the mortgage.  If you want to buy new furniture for your home or change jobs, just be patient.  There will always be time to do it after the closing.