Flexible Grant Program for Home Buyers

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Today, I'm joined by Taylor Loop of Movement Mortgage to discuss a great grant program for home buyers. This is free money that you can use for down payment assistance and closing costs.

It's an excellent government program that provides 5% for down payments and closing costs for FHA or VA transactions, and 3% down for USDA loans. The requirements are very flexible; this program is not limited to first-time home buyers, and if you sell the property later and move, you're not required to pay it back. The property just has to be your primary residence on the close of escrow.

If you need to refinance your home, you may also be able to use this grant money for some of the costs involved in that.

So, if you've been struggling to save up money for your down payment, this program could be perfect for you. If you have any questions, please give me a call. I'd be happy to answer any of your questions, and I can put you in touch with Taylor. We look forward to hearing from you!

When Is the Best Time to Buy a Home?

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A lot of people have been asking me lately, "When's the best time of year to buy a home?" My answer is September! Why?

For one, there's peak inventory in August. This means there's the highest number of homes available on the market.

Another reason why September is a great month for buyers is there's less demand, which means less competition.

Also, interest rates remain historically low. Interest rates still hover around 4%, and you can get more house for your money with these low rates. There are signs that rates may rise soon, so September is a good time to take advantage of the current rates.

These factors will probably continue into October. Generally, the winter season is when the buyer has the most power. However, a lot of people take their homes off the market in order to avoid moving during the holidays, which means there's less inventory.

All in all, if you're thinking of buying a house, now is the time. If you have any questions, give me a call or send me an email. I look forward to hearing from you!

How Property Taxes Affect Your Monthly Payment

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In today's video, I discuss figuring out what your property tax will be when you're buying a home. Property taxes are an important element of figuring out your monthly payments, or what you owe annually. Also, when you go through the qualification process, lenders factor in property taxes. Knowing what the property tax will be ensures that you are properly qualified. 

Every neighborhood is a little bit different. Most of us in Riverside County pay a base rate of approximately 1%. However, certain communities have special assessments, or community facility districts, that add to the amount you're required to pay with your taxes. When you work with a real estate agent, we can look at tax rates for different areas and tell you how much those special assessments will be, as well as what the special assessment money is going toward. 

New homes built after the year 2000 generally come with special assessments, especially if they are in an incorporated area. If high taxes are more than you can stomach, you may want to focus on older communities. Homes built before the year 2000 are more likely to have lower taxes.

Remember, the important thing is to find out what the taxes are in an area before you make an offer on a property. If you have any questions about property taxes, or real estate in general, please give us a call or send us an email. We would love to hear from you!

What's the Best City in Riverside County for Real Estate Investments?

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Today I'd like to tell you about one of the best cities in Southwest Riverside County to invest in, or simply to buy a home in.

The place that I'm referring to is Menifee, California. There are a lot of reasons for this, and one of them is that the city is extremely welcoming to new business growth right now. They're currently building a new civic center, shopping outlets, and other exciting things that will be drawing new business and new businesses to the area. 

In the long term, this will all help prices appreciate in the area. This is why I'm suggesting that this is a good area for real estate investment such as rental property for investment purposes.

There are a lot of affordable homes in the area. Nearly 80% of homes fall within the FHA loan limit, and there is a wide variety of neighborhoods within the area. There are a variety of home styles and communities in the area including horse properties, lakefront property, gated communities, and senior homes.

If you have any questions about Menifee or about investing there, please don't hesitate to contact me. I'd be very happy to help you!

Southwest Riverside County Real Estate Market Update

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Selling a home? Click here for a FREE Home Price Evaluation

A lot of people have been asking me whether we're in a seller's market or a buyer's market. The truth here is that we're in a rather balanced marketplace in Southwest Riverside County. We don't have too much supply or too much demand. 

With this being said, there are some hotbeds of activity in the area. In the lower price ranges, it's generally a seller's market. We have a lot of first time buyers who are looking to purchase, and that's driving up demand.

So, what does this mean for you?

Home values are currently rising, which is good for buyers and sellers. You're going to have more competition if you're selling in the lower price brackets, but you can probably get more money for your home. An extra word of advice is that home buyers want homes that are clean and move-in ready. If your home is in good condition and priced well, it should sell without too much difficulty.

Also, interest rates have risen slightly, and are expected to continue rising. This means if you're thinking of buying, you should do so soon. The longer you wait, the more your affordability will drop. 

If you have any questions about our local real estate market, please don't hesitate to contact me!