If you’re looking to buy a home this fall, here are some helpful tips to get started. Affordability is the number one concern with mortgage rates and home prices today. However, we are seeing a rise in inventory that is creating a more even playing field in capturing a property. The first step is to get pre-approved for a mortgage.

During the pre-approval process, the lender will look at the big picture of your finances. You will provide them with two months of pay stubs, two years of tax returns and two months of bank statements. This information coupled with your credit report will help the lender determine your debt to income ratio and ultimately how much you are able to borrow. They will tell you what loan types and programs they offer and also let you know if you need to ask the seller for closing cost assistance in offers.

One of the best pieces of advice we can offer is to not only find out how much you are able to borrow but also let the lender know what payment you are comfortable with and ask what amount of loan that correlates to. This will help save you time and heartache during your home search.

Getting pre-approved prior to looking at available houses puts you in the position to make an offer confidently and show a home seller that you are serious about buying. You put in the work to get pre-approved and if the seller chooses your offer, you are ready to do your part to make sure escrow closes in a timely manner.

Our office works with top lenders in the industry who can help you find out about down payment assistance programs and mortgage rate buy down programs.

Remember, the process may seem overwhelming but we are here to help you every step of the way! Give us a call to talk about your home buying goals and how we can help you achieve them!

As always, when you are ready to buy or sell, we are ready to help!

661-589-2222

When you begin to think about buying a home, an important part is saving for a down payment. Years ago, the majority of home buyers put down a minimum of 20% of the purchase price. That can feel daunting when you look at your budget and the amount you are able to save. Today’s home buyers on average put 3.5% of the purchase price down. This amount is more manageable. For a $300,000 home, you would need $10,500 for a 3.5% down payment.  Part of this amount will be deposited into escrow at the beginning. This amount is the “Earnest Money Deposit”. Typically, this amount is 1% of the purchase price. It can be more, however. This money will be applied to your down payment.

Other costs you will need to be prepared for are escrow and title fees. Typically, the buyer and seller split the cost of the escrow and title fees. You will need 1-2% of the purchase price in addition to your down payment. Approximately $2000 -$3000 for a purchase price of $300,000. Some sellers will help with a buyers' closing costs. This will need to be negotiated in your offer. Don’t be afraid to submit an offer asking for assistance! 

Other fees include home, termite and other inspections plus the cost of your appraisal. These fees vary depending on the size of the home. Once you have a complete picture of how much money you will need, you can begin to budget! Income tax time is a great time to buy if you typically receive an income tax refund. Also, make sure to ask your lender about down payment assistance programs. 

Remember, buying a home continues to be the best investment in your long term financial security!

As always, when you are ready to buy or sell, we are ready to help! Give us a call today to get started! 661-589-2222

This is the number one question we receive as real estate professionals.

The truth is, if you are waiting for the perfect time based on the market, that time is subjective.

The best answer is when you need to buy or sell.

Here are a few scenarios to explain

If you own a home with quite a bit of equity but you are struggling to make the payments and credit card debt is piling up, that would be a great time to sell.  Selling will help you to get your finances under control. Starting over with a clean financial slate can be liberating!

If you are currently renting and paying almost as much as a house payment that would be a great time to buy.  Regardless of the interest rate, you would be gaining equity. Interest rates fluctuate and at some point in the future, you would be able to refinance. Owning your home opens up so many options that you do not have while renting.

There are so many different scenarios but the most important is yours! Call us today to discuss your options! We love to help people realize their dreams and solve their problems. When you are ready to buy or sell, we are ready to help!

661-589-2222

One of the major hurdles for many “hope-to-be” first-time homebuyers is tackling debt. If you have collections on your credit report this is the first place to start. This process can easily feel akin to emptying a swimming pool with a teaspoon. However, with a good plan and perseverance, it can be done! Here are a few tried and true suggestions for getting started. 

First, get a good picture of your financial situation. The most useful tool is your free annual credit report. Three companies provide them so you can pull a new report every four months from a different company. The website to get started at is www.annualcreditreport.com. This report will help you keep tabs on your debt and track your progress.

Next, review the debt on your report. If you have any collections or public records you will need to make sure the debt is yours and if it is not, file a dispute. For the debt that is yours, make arrangements with the companies or individuals. The credit report will have the contact information. You can start with the smallest debts and work your way up. With every debt paid, you will feel a sense of accomplishment that will keep you going when it is difficult.

We work with first-time home buyers all the time! Please feel free to call us at 661-589-2222 if you have any questions or post questions below!

We will provide more information in the coming weeks about the Hurdles to Homeownership.

If you have been through the process and have suggestions, please comment below!

According to The M Report, "About 80% of buyers made some compromise in the home buying process". Even if you can't find it in your search, you can always make updates or additions after your purchase! Let's connect! We'll work on finding your dream home potential!

661-589-2222

🏡Don't wait when you may have options now! The days of competing with multiple offers on a property have passed for now.

🏡More sellers are open to assisting with closing costs in our current market than they have been in years.

✔️We can refer you to a mortgage lender that can offer advice on capturing the lowest possible interest rate with no obligation!

❤️Our team understands that the real estate market can be confusing and sometimes frustrating but we’re always here to help! Give us a call today for a free consultation at 661-589-2222 🏡


Scott Rivera Real Estate Team
(661) 589-2222
www.scottrivera.com
Helping Bakersfield Families since 1999!

Equal Housing Opportunity | DRE# 01468482

Scott Rivera Real Estate Team
(661) 589-2222
Helping Bakersfield Families since 1999! 

Equal Housing Opportunity | CalDRE# 01468482

We have recently asked our followers on social media if they had any real estate questions... Here are some good questions that we have answered! 

1.) "Will we see prices go down at some point?"
OUR ANSWER: Until inventory goes up it’s not likely. Springtime is when the market picks up but with the pandemic, it’s hard to predict what this year will hold.

2.) "How do you delete pictures off of listing apps after your purchased your house?"
OUR ANSWER: For Zillow, Trulia, Redfin, and Realtor.com you can sign up and claim your property. From there you can delete/hide listing photos. If that doesn't work, we suggest contacting their customer support.

3.) "Where do you see house prices and interest rates towards the end of the year?"
OUR ANSWER: That is such a great question! Realtor.com is forecasting mortgage rates to stay around 3.2% and possibly rise up to 3.4% by the end of the year. And they also predict home prices could go up another 5.7% by the end of the year. However, we would need a crystal ball to know for sure. We do know for sure that unless a large inventory of homes comes on the market and they do not sell quickly, home prices will continue to rise. We will know more as the busy home-selling season starts next month.

If you or someone you know have any real estate questions, please feel free to contact our office and talk to an agent anytime (661) 589-2222 or comment down below! 

Follow us on Facebook and Instagram for updates!
https://facebook.com/scottriverarealestateteam
https://www.instagram.com/scottriverateam/

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Scott Rivera Real Estate Team

(661) 589-2222

CalDRE# 01468482

Helping Bakersfield Families since 1999! 

All information provided is deemed reliable, but is not guaranteed and should be independently verified. For more information, please contact our office.

UPDATE: This time we're the ones making the move! 

We're officially located at 4805 Centennial Plaza Way Suite 300 Bakersfield, CA 93312. 

For any real estate questions, give us a call today or visit us! (661) 589-2222 

We hope to see you soon! 

To all of our clients, friends, and family, we hope you are all being safe and following the best practices to ensure you and your families stay healthy at this time.

All of us here at Scott Rivera Real Estate Team wants you to know you can still reach us at our main number 661-589-2222 with any real estate questions you may have. Thankfully we can do so much remotely with advanced technology.

But more than, that we want to help our clients find the best information about community helpers and need to know information. We will be sharing news and information related to real estate and also sharing information about local organizations that can assist you during this time.