SOLD -1010 Murphy Dr, Turlock

SOLD -1010 Murphy Dr, Turlock

East Turlock Home! A Remarkable home with a Remarkable Outdoor Living Space. An Open Floor Plan with Approx 1120sf with 3 Bedrooms and 2 Full Baths. Newer Roof, Stucco, Fences, Windows, Kitchen, Garage Door, Garage Door Opener, Floors, Doors, Hardware, Cabinets, Appliances, HVAC, Bathrooms, Pergola, Trellis, Concrete, and More. Located off Canal Drive and within Walking Distance of Julien Elementary, Turlock High, and Village Fresh. A Must See! 

The Guide to a Real Estate Bidding War

Real Estate Bidding

Many real estate markets across the country right now are marked by low inventory. This is due in large part to higher interest rates, making new mortgages more expensive and hindering construction starts. Homeowners who might like to move (and thus put their home on the market) are not willing to give up a lower interest rate on their mortgage to take on a notably higher rate for a mortgage on the property they might buy. Many people are feeling locked in; there are fewer sellers, and thus, inventory is significantly reduced.

In a low inventory environment, even when fewer active buyers are pounding the pavement, it’s common for a well-priced and well-presented property to attract attention and possibly receive multiple bids. So buyers today should be prepared for competition when they’re ready to make an offer on a well-priced property. And if sellers have truly priced their property in line with today’s nuanced market conditions, they should prepare for the possibility of multiple bids. Most sellers hope for a bidding war when they list, but a competitive bidding situation can fall apart quickly if not handled properly by all parties.

Will We See Bidding Wars This Spring?

Each year, spring brings new market activity, even in a high interest rate environment. “With seasonal demand starting to tick up, we are seeing more bidding wars than expected, given the generally low volume of the market,” says John Walkup, co-founder of Urban Digs, a New York City data and analytics company that tracks Manhattan and Brooklyn real estate. “For many people, there is only so long you can postpone a move, so as those forces run into continual tight supply, you’re going to see bidding wars spring up where, on paper, at least, there should be easy deals for buyers.”

With the spring market almost upon us and interest rates ticking down, it’s likely that many buyers will come off the sidelines, adding to the competition in this low inventory market. “It’s a question of alternatives,” says Walkup. “In a ‘normal’ market, a buyer might be able to find an alternative home within a few weeks as more listings come on. In a tight supply market, that timeline could be extended to months, so a ‘finders keepers’ mindset takes over because the opportunity cost of losing a deal is much higher. That focuses conversations on the cost of not bidding aggressively when the time comes. In a nutshell, agents need to help their buyers understand that lowball bids will likely fail in today’s lower inventory environment.”

If a buyer loves a property and wants to beat out the competition, there are certain strategies they may employ. Additionally, and perhaps less obviously, the seller and listing agent need to handle the bidding war properly, or they run the risk of upsetting all of their suitors and ending up with nothing. A badly managed bidding war can end in disappointment for the seller if the potential buyers feel misled or used – after all, no one wants their offer shopped around.

If you are in the market right now, here are a few evergreen best practices for buyers and for sellers to navigate a bidding war, no matter the market conditions. “Four walls and a roof don’t change,” says Gail Roberts, a realtor with Coldwell Banker in Cambridge, Massachusetts. “The rules of the game haven’t changed, even if market conditions have. When properties are priced well and show well, there’s a good chance they will get multiple bids. The market will always tell us what a property is worth.”

How to Navigate a Bidding War as a Buyer

For buyers, a proper offer on a home includes a strategic number (offer price), a proposed closing date, and financing terms. A buyer should arrive at each of these three terms based on the comps, as well as timing and financial needs. Arming yourself with current and relevant data and information will help you approach the process with confidence and efficiency, which can work to your advantage. And when it’s time to make an offer, being flexible and friendly are two of the best ways to win over the seller and/or the listing agent.

Get smart. The buyer or the buyer’s agent should schmooze with the listing agent and get some intel. Who are the sellers and what are the factors that will influence their decision? Is the seller an investor looking to cash out? An older couple selling their long-held nest egg? If the seller is moving, do they know where yet? And have they emotionally moved on to this new property and chapter of life? If the seller has flexibility on a closing date versus a need to sell quickly, this timeline may greatly influence how they assess offers. And who are the other buyers? Are the other offers all cash? Are there contingencies you can waive to strengthen your position in comparison with the other bidders? Information gathered about the seller and about competition helps a buyer craft a more compelling offer.

Jump in early and come prepared. If you love a property, make an offer. That offer should include not only your bid but also accompanying documentation like a loan preapproval letter or proof of funds. This shows that you’re serious, and should give the sellers confidence that your financing won’t fall through. Start the negotiation quickly, before another shark enters the water. Being first in the swimming pool has its advantages, as many sellers feel a sense of loyalty to the first bidder. Even if someone else comes along, a smart listing agent will circle back to the first buyers who submitted an offer to see if they can improve their bid. If you start a negotiation before another buyer, you won’t be negotiating against the competition (yet).

If you can, drop contingencies and be flexible. “For a buyer, the cleaner your offer, the better,” says Roberts. “This includes a certain amount of flexibility with dates and terms, especially in a competitive market.”

Sometimes, the best offer isn’t the highest. If two offers come in and the higher bid comes with many contingencies (financing, appraisal, inspection contingencies, etc.), the seller may go with the lower number. Talking with the listing agent can give you some insight as to which contingencies can be dropped, and a window into what the competition’s offer comes with.

Decide beforehand when you’re OK walking away. If you’ve done your homework, then you know the comps and you have a good idea of the subject property’s value. Are the sellers being overly ambitious with their asking price? Or did they price it tightly, so if you bid above the asking price you’re still in the ballpark of market value? More importantly, how much can you afford? At a certain number, the property won’t be attractive anymore, so identify that number beforehand and be ready to walk away without regret. Stay cool-headed and don’t let your emotions get the best of you – buying a home is an emotional process, so make sure you understand the numbers and the math beforehand.

Take note also: “How bad will you feel if someone else gets it for just a small amount more than your bid?” asks Roberts. “A good agent helps a buyer understand the market, and can educate you to say ‘this is the value for me’ and to not regret losing a property.”

Make it personal. It may sound silly, but a flowery personalized letter to the sellers along with your offer can add a human touch and differentiate you from the competition. A warm and fuzzy letter may appeal to the sellers, making them feel good about choosing you over the other bidders. Perhaps you remind them of themselves 20 years ago, passing along a dream home from one family to the next. Flattery can go a long way. That said, “your offer should speak for itself,” Roberts says.

Strategize. One tool that buyers can call upon in a bidding war is something called an escalation clause. An escalation clause is “a tool to stay above other offers coming in, while not potentially going over budget, or wildly outbidding any other offers,” says Kate Jay Zweifler, a realtor with Berkshire Hathaway HomeServices Fox & Roach in Philadelphia. “An escalation clause is an addendum to an agreement of sale that will automatically increase the amount of the purchase price above any other offers in competition, up to a certain amount set by the buyer.”

“However,” says Zweifler, “this is a strategy that comes with its own risks. In a bidding war, sellers are looking for a decisive and strong best and final offer, and they don’t want to drag the process out in small increments. And if there’s emotion wrapped up in the sale, it can be tricky to use an escalation clause. In those cases, sellers want to feel that the buyer really wants the home and isn’t playing games.”

End with an odd number. If your offer is almost identical to another offer, add a few dollars to your offer to tip you over the edge.

How to Navigate a Bidding War as a Seller

Pricing a home correctly is the first step in laying the groundwork for a bidding war. “To get the right buyers, you need to nail the right asking price,” says Roberts. Pricing too ambitiously is often a turnoff for many buyers, but “pricing too low doesn’t help buyers understand how high they need to go. Price with energy that makes buyers say: ‘This seems fair. I don’t want to lose out.’ ”

Roberts adds: “I want to hear buyers say to their broker: ‘How high do you think we have to go?’ I don’t want to hear them say: ‘What do you think they’ll take?’ or ‘What’s it really worth?’ I don’t want them to question the value.”

For sellers, properly handling this exciting but likely stressful process is paramount and an experienced real estate agent should be able to guide you. Above all, it is important to manage the offers and buyers so nobody feels misled. Sellers and their agents must keep in mind that many buyers who enter a bidding war might have already lost out on another property, so their emotions may be running high. This is especially true when inventory is low. You should be timely in your response to each offer, and also do the following:

Get smart: Who are the prospective purchasers? Sellers and their agents should gather as much information as possible about each buyer. Are they financing or all cash, and if they’re taking out mortgages, have they submitted preapproval letters from reputable financial institutions to accompany their bids? What is the debt-to-income ratio for each party? Are these buyers flexible on the closing date? All of this is relevant in helping to choose not just the right buyer from the pack, but also the best backup offer just in case the first deal falls through. Sometimes the winning bidder gets cold feet, so keep those backups in play.

Maintain a schedule and deadlines. In a multiple bid situation, it’s important to set a schedule and keep to it. Determine the deadline for receiving new offers, and clearly communicate this to all interested parties. If you plan to go an additional round with your potential buyers, often referred to as “best and final” offers, set the deadline and be disciplined about this. Once the initial offers are submitted, a “best and final” round allows the buyers to improve their offers. If the market is very active, it makes sense to end the bidding process and make a deal before new inventory comes onto the market. In certain particularly active markets, new properties may be listed on Thursdays, with open houses over the weekend and offers submitted by Sunday night or Monday. If this is the case, for example, “wrap it up before new stuff comes onto the market, ideally by Tuesday,” says Roberts.

During the process, stay in close communication with all bidders. “We need to get back to our prospective buyers in a timely fashion,” Roberts says. “Sellers should not be unreachable during this process, even if they’re in another time zone.”

Know that the best offer might not be the highest. Even if one party is offering you more money, it might not be the best offer. Money is money, but a cash offer is generally stronger than an offer that comes with financing. An offer that includes a mortgage will take longer to close than a cash deal, and if the buyers’ financial profile is at all questionable (for example, how is their credit?) there’s a chance they might not secure their financing, especially if they are heavily invested in unstable assets. And do these offers come with contingencies? Offers that have an inspection contingency waived might be particularly attractive, for example.

If financing is involved, the seller must understand the buyer’s financial profile and their likely ability to secure a loan. But if the purchase requires further approval, perhaps from a homeowners association or from a co-op or condo board, then vetting each buyer is even more relevant and imperative. It’s possible that the second-highest bidder might have a more straightforward and simple financial profile, and thus be more of a slam dunk to make it to the closing table. For example, if the highest bidder is taking out a large mortgage and presents a financial profile that includes student debt, outstanding child support payments or a lackluster credit score, it might be wiser to accept a lower bid that might be all cash from a buyer with no debt.

Leave the door open with your backups. In a competitive bidding situation, buyers can become overly enthusiastic, get caught up in the moment and bid above their comfort level or well above their perceived value of the property. There is always a good chance that the winning bidder may walk away for any number of reasons, including buyer’s remorse or a reassessment of value after a few nights of sleep while the contract is being drawn up. It is prudent to stay in touch with the backup bids and keep them in play, if possible, to be called upon if needed.

Even if the market is slow, in low inventory environments bidding wars should be expected for well-priced properties. The New York City market, for example, seems sluggish, but the data tells a different story. “About 20% of deals are trading at or above the asking price,” says Walkup. “In a true buyer’s market, this would be lower. Historically, discounts for deals signed within 30 days remain very low, including for Q4 2023. This is a sign that the market remains robust and transactional.”

Of course bidding wars are more common under certain housing market conditions than others, but a great property that is priced well will almost always get the attention it deserves. And for buyers, it’s important to note that just because there isn’t a bidding war and you’re the only interested party, it doesn’t mean it’s not a great home. If it’s meant to be, well, it’s meant to be.

Source: realestate.usnews.com ~ By: ~ Image: Canva Pro

913 Dancer Way, Turlock, 5 bed/3 bath/3,452sf/7,235sf lot

913 Dancer Way, Turlock

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$699,900 – Northeast Family Home! Around the way from the Park and Dennis Earl Elementary. Well Cared For and Turn-key condition with Brand New Carpet. Approx. 3452sf with 5 Bedrooms with an Enormous Loft. Big Living and Family Spaces with High Ceilings and Grand Entrance. Perfect for the In-laws or Teenagers with a Downstairs Bedroom and Full Bath with Outside Access. Big Kitchen with Granite and Large Island. Big Family Room with Cozy Fireplace and Built-in Cabinets. Big Backyard with Patio area to Entertain. A Must See! 

Property Features

Bedrooms

  • Bedrooms: 5
  • Bedrooms Possible: 6

Appliances

  • Equipment: Built-In Electric Oven, Gas Cook Top, Built-In Gas Range, Dishwasher, Disposal, Microwave, Double Oven
  • Laundry Facilities: Sink, Inside Room

Other Rooms

  • Loft, Possible Guest, Great Room

Heating and Cooling

  • Cooling Features: Ceiling Fan(s), Central, MultiZone
  • Fireplace Features: Family Room
  • Heating Features: Central, MultiZone
  • Number of Fireplaces: 1

Bathrooms

  • Full Bathrooms: 3
  • Bathroom 1 Features: Tub w/Shower Over

Interior Features

  • Interior Amenities: Main Level: Bedroom(s), Living Room, Dining Room, Family Room, Full Bath(s), Garage, Kitchen, Street Entrance, Upper Level: Bedroom(s), Loft, Master Bedroom, Full Bath(s)
  • Flooring: Carpet, Laminate

Kitchen and Dining

  • Dining Room Description: Formal Room, Dining Bar, Dining/Family Combo, Formal Area
  • Kitchen Features: Pantry Cabinet, Island

Exterior and Lot Features

  • Fencing: Fenced

Land Info

  • Lot Description: Auto Sprinkler F&R, Shape Regular
  • Lot Size Acres: 0.1661
  • Lot Size Dimensions: Approx 7236 sf
  • Lot Size Square Feet: 7235

Garage and Parking

  • Garage Spaces: 2
  • Garage Description: Attached, Garage Door Opener, Garage Facing Front
  • Open Parking Spaces: 2

Homeowners Association

  • Association: No
  • Calculated Total Monthly Association Fees: 0

School Information

  • School District: Stanislaus

Other Property Info

  • Source Listing Status: Active
  • County: Stanislaus
  • Cross Street: Colorado
  • Directions: Taylor-East of Highway 99. Right on Berkeley. Right on Dancer. on the Right Side. On Dancer between Colorado and Olive.
  • Source Property Type: Residential
  • Area: Turlock NE, No of Canal, E of Ge
  • Source Neighborhood: 20302
  • Parcel Number: 072-069-016-000
  • Postal Code Plus 4: 8312
  • Zoning: RES
  • Property Subtype: Single Family Residence
  • Source System Name: C2C

Utilities

  • Electric: 220 Volts
  • Sewer: In & Connected, Public Sewer
  • Public
  • Electric
  • Natural Gas Connected
  • Water Source: Public

Building and Construction

  • Year Built: 2002
  • Construction Materials: Stucco, Frame
  • Foundation Details: Slab
  • Levels: Two
  • Living Area Source: Assessor Auto-Fill
  • Property Age: 22
  • Roof: Roof Description: Tile
  • Levels or Stories: 2
  • Structure Type: Detached

Home Features

  • Security Features: Carbon Mon Detector, Double Strapped Water Heater, Smoke Detector

1506 Almador Ter. Atwater 3 bed/2 bath/1,315sf/7,236sf lot

1506 Almador Ter, Atwater

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$375,000 – Great Starter Home!! Corner Lot with an Attractive Home. Over 1300sf with 3 Bedrooms and 2 full baths. Newer Roof, Newer Exterior/Interior Paint, Newer Flooring, Newer Fixtures, Fresh Landscaping, and Ready to Move Into. Solar Power System is Leased. Inside Laundry. 2 Car Garage. A Must See!

Property Features

Bedrooms

  • Bedrooms: 3
  • Bedrooms On Main Level: 3

Bathrooms

  • Total Bathrooms: 2
  • Full Bathrooms: 2
  • Bathrooms On Main Level: 2

Appliances

  • Kitchen Appliances: Dishwasher, Electric Oven, Disposal, Microwave
  • Appliances YN: Yes
  • Laundry Features: Inside

Other Rooms

  • All Bedrooms Down, Entry, Family Room, Kitchen, Laundry

Heating and Cooling

  • Cooling Features: Central Air
  • Heating Features: Central
  • Heating: Yes

Kitchen and Dining

  • Breakfast Room Description: In the Kitchen
  • Kitchen Features: Tile Counters

Interior Features

  • Flooring: Carpet, Laminate, Tile

Land Info

  • Lot Description: Irregular Lot
  • Lot Size Acres: 0.1661157
  • Lot Size Source: Assessor
  • Lot Size Square Feet: 7236

Garage and Parking

  • Garage Spaces: 2
  • Garage Description: Attached
  • Parking Features: Parking YN: Yes, Parking Features: Garage, Garage Faces Front
  • Parking Total: 2

School Information

  • School District: Atwater

Homeowners Association

  • Calculated Total Monthly Association Fees: 0

Amenities and Community Features

  • Community Features: Sidewalks

Other Property Info

  • Source Listing Status: Active
  • County: Merced
  • Directions: Shaffer Rd to E. Clinton, left on Amador Terrace.
  • Source Property Type: Residential
  • Parcel Number: 004161001000
  • Postal Code Plus 4: 4560
  • Zoning: R-1 6
  • Property Subtype: Single Family Residence
  • Source System Name: C2C

Building and Construction

  • Total Square Feet Living: 1315
  • Year Built: 1983
  • Common Walls: No Common Walls
  • Entry Level: 1
  • Entry Location: Front
  • Living Area Source: Assessor
  • Property Age: 41
  • Roof: Composition
  • Levels or Stories: One
  • Building Total Stories: 1
  • Structure Type: House
  • House Style: Contemporary
  • Year Built Source: Public Records

Utilities

  • Electric: 220 Volts
  • Sewer: Public Sewer
  • Water Source: Public

Home Features

  • Green Energy Generation: Solar

SOLD – 3716 Creedmoor Ave, Modesto

SOLD

Home that is Ready to Move Into!! Approx. 1440sf with 3 Bedrooms with an optional 4th bedroom available. Vaulted and Open Floor Plan with Newer Amenities. Newer Laminate Flooring Throughout, Newer Paint, Newer Granite Counters, Newer Appliances, and More. Master Suite Has A Walk-in Closet. The backyard has Newer Fences and Fire Pit for Entertaining. Large 2 Car Garage. A Must See!

549 N Hopper Rd. Modesto, 3 bed/2 bath/2,034sqft/3.77ac Ranchette

549 N Hopper Rd, Modesto

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$850,000 – Ranchette For Horse Lovers!! Well Manicured, Groomed, and a Show-Place. 3.77 acres of MID Irrigated Pasture with Fencing, Tac room, 30×30 Workshop, and a Riding Arena. This Cute, Ranch Style home is Approx. 2034sf with 3 Bedrooms, 2 Full Baths, and a 3 Car Garage. Newer Windows, Newer Roof, Newer Paint, Newer Floors, and More. Gorgeous Family room with Wood Stove, Vaulted Ceiling with Wood Beams, and Outside access to Private Patio Deck. Inside Laundry. Updated Amenities throughout including Fixtures. Newer Stamped Concrete Driveways with Metal Front Fencing with Private Gates. A Perfect Private Setting within this Ranchette. A Must See!! 

Property Features

Bedrooms

  • Bedrooms: 3

Appliances

  • Equipment: Built-In Electric Range, Dishwasher, Disposal
  • Laundry Facilities: Cabinets, Inside Room

Other Rooms

  • Family Room, Great Room, Workshop, Living Room
  • Family Room Features: Cathedral/Vaulted

Heating and Cooling

  • Cooling Features: Ceiling Fan(s), Central
  • Fireplace Features: Brick, Wood Stove
  • Heating Features: Central
  • Number of Fireplaces: 2

Bathrooms

  • Full Bathrooms: 2
  • Bathroom 1 Features: Tile, Tub

Interior Features

  • Interior Amenities: Main Level : Bedroom(s), Living Room, Dining Room, Family Room, Master Bedroom, Full Bath(s), Kitchen
  • Flooring: Carpet, Linoleum, Tile

Kitchen and Dining

  • Dining Room Description: Dining Bar, Formal Area
  • Kitchen Features: Pantry Cabinet, Tile Counter

Exterior and Lot Features

  • Fencing: Full

Land Info

  • Lot Description: Auto Sprinkler F&R
  • Lot Size Acres: 3.77
  • Topography: Level
  • Lot Size Square Feet: 164221

Garage and Parking

  • Garage Spaces: 3
  • Garage Description: Attached, RV Access, RV Possible, Garage Door Opener, Garage Facing Front
  • Open Parking Spaces: 2

Home Features

  • View: Orchard, Panoramic, Pasture, Mountains
  • Security Features: Carbon Mon Detector, Double Strapped Water Heater, Smoke Detector

Homeowners Association

  • Association: No
  • Calculated Total Monthly Association Fees: 0
  • Pets Allowed: Yes

Amenities and Community Features

  • Horse Amenities: Barn(s), Fenced, Irrigated Pasture

School Information

  • School District: Stanislaus

Other Property Info

  • Source Listing Status: Active
  • County: Stanislaus
  • Cross Street: Yosemite/Hwy 132
  • Directions: Highway 132. East of the Fruit Yard and Albers Road. Left on Hopper. on the Left side.
  • Source Property Type: Residential
  • Area: Rural E County N of Tuolumne Riv
  • Source Neighborhood: 20204
  • Parcel Number: 009-015-038-000
  • Postal Code Plus 4: 1817
  • Zoning: RES
  • Property Subtype: Single Family Residence
  • Source System Name: C2C

Farm Info

  • Irrigation Source: Irrigation Connected, Irrigation District

Utilities

  • Electric: 220 Volts
  • Sewer: In & Connected, Septic System
  • Propane Tank Owned
  • Water Source: Well

Building and Construction

  • Year Built: 1975
  • Construction Materials: Frame, Wood
  • Direction Faces: East
  • Foundation Details: Raised
  • Living Area Source: Assessor Auto-Fill
  • Property Age: 49
  • Property Condition: Updated/Remodeled
  • Roof: Roof Description: Composition
  • Levels or Stories: 1
  • Structure Type: Ranchette/Country
  • House Style: A-Frame, Ranch

1433 Daisy Dr. Patterson, 4 bed/3 bath/3,659sqft/6,708sqft lot

1433 Daisy Dr. Patterson

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$599,900 Patterson Big House!! This Exceptional Home shows Well.. 4 bedrooms and 3 full bathrooms, with Downstairs Office/Potential 5th Bedroom with Full Bathroom Access. Game Room Upstairs that could be another Bedroom. Elegant Kitchen with Large Island, Stainless Steel Appliances, Granite Counter-tops and Big Pantry. Cozy Family Area with Fireplace and Built-ins. There’s Fancy Shutters Throughout the Home. Huge Master Bedroom with Bonus Area, and Large Double Walk-in Closets. Huge Front Living/Formal Dining Room. 4 Car Tandem Garage. There’s Artificial Grass, Large Patio, and a Basketball Court for the Family Entertainment. A Must See!! 

Property Features

Bedrooms

  • Bedrooms: 4
  • Bedrooms Possible: 6

Appliances

  • Equipment: Built-In Electric Oven, Built-In Gas Range, Dishwasher, Disposal, Microwave
  • Laundry Facilities: Cabinets, Sink, Inside Room

Other Rooms

  • Master Bathroom, Master Bedroom, Office, Possible Guest, Game Room, Great Room
  • Living Room Features: Great Room

Heating and Cooling

  • Cooling Features: Ceiling Fan(s), Central, MultiUnits
  • Fireplace Features: Family Room, Gas Piped
  • Heating Features: Central, Fireplace(s), MultiUnits
  • Number of Fireplaces: 1

Bathrooms

  • Full Bathrooms: 3
  • Primary Bathroom Features: Closet, Shower Stall(s), Double Sinks, Sunken Tub, Tile, Window
  • Bathroom 1 Features: Double Sinks, Tile, Tub w/Shower Over, Window

Interior Features

  • Interior Amenities: Main Level : Dining Room, Family Room, Full Bath(s), Partial Bath(s), Garage, Kitchen, Street Entrance, Upper Level : Bedroom(s), Loft, Master Bedroom, Full Bath(s), Retreat
  • Flooring: Carpet, Tile

Kitchen and Dining

  • Dining Room Description: Breakfast Nook, Dining Bar, Dining/Family Combo, Dining/Living Combo, Formal Area
  • Kitchen Features: Granite Counter, Island, Kitchen/Family Combo

Exterior and Lot Features

  • Fencing: Back Yard
  • Road Responsibility: Public Maintained Road

Land Info

  • Lot Description: Auto Sprinkler F&R, Shape Regular
  • Lot Size Acres: 0.154
  • Lot Size Dimensions: Approx. 6708sf
  • Lot Size Square Feet: 6708

Garage and Parking

  • Driveway: Sidewalk/Curb/Gutter
  • Garage Spaces: 4
  • Garage Description: Attached
  • Open Parking Spaces: 2

Home Features

  • View: City
  • Security Features: Carbon Mon Detector, Double Strapped Water Heater, Smoke Detector

Homeowners Association

  • Association: No
  • Calculated Total Monthly Association Fees: 0

School Information

  • School District: Stanislaus

Other Property Info

  • Source Listing Status: Active
  • County: Stanislaus
  • Cross Street: Scarlet Lane
  • Directions: Sperry to Baldwin south to Calvinson, east to Scarlet Ln. south to Daisy to #1433.
  • Source Property Type: Residential
  • Area: Patterson
  • Source Neighborhood: 20308
  • Parcel Number: 021-086-032-000
  • Postal Code Plus 4: 8361
  • Zoning: RES
  • Property Subtype: Single Family Residence
  • Source System Name: C2C

Utilities

  • Electric: 220 Volts
  • Sewer: In & Connected
  • Public
  • Water Source: Public

Building and Construction

  • Year Built: 2007
  • Construction Materials: Stucco, Frame, Wood
  • Direction Faces: South
  • Foundation Details: Slab
  • Levels: Two
  • Living Area Source: Assessor Auto-Fill
  • Property Age: 17
  • Roof: Roof Description:Tile
  • Levels or Stories: 2
  • Structure Type: Detached
  • House Style: Contemporary

Down Payment on a House: How Much Do You Really Need?

Down Payment on a House

Your minimum down payment depends on the type of mortgage, the lender and your finances.

Coming up with enough cash for a down payment to buy a house can be the single biggest roadblock for prospective home buyers. But how much of a down payment do you really need? That depends on the type of loan, your lender and your priorities.

What is a down payment?

A down payment is the cash you pay upfront to make a large purchase, such as a home. You use a loan to pay the rest of the purchase price over time. Down payments are usually shown as a percentage of the price. A 10% down payment on a $350,000 home would be $35,000.

When applying for a mortgage to buy a house, the down payment is your contribution toward the purchase and represents your initial ownership stake in the home. The mortgage lender provides the rest of the money to buy the property.

Lenders require a down payment for most mortgages. However, some types of loans backed by the federal government may not require down payments. (More on that below.)

Do you need to put 20% down on a house?

You may have heard that you need to make a 20% down payment on a home, but that’s really just the threshold many lenders use for requiring mortgage insurance on a conventional loan. You don’t have to make a 20% down payment to buy a house.

In 2023, the typical down payment for first-time home buyers was 8%, according to the National Association of Realtors. The typical down payment was 19% for repeat buyers.

Minimum down payment requirements

The minimum down payment required for a house varies depending on the type of mortgage you plan to apply for to purchase a home.

Loan type

Minimum down payment required

Conventional

3%

FHA

3.5% (with a credit score of at least 580)

10% (with a credit score of 500-579)

VA

0%

USDA

0%

Jumbo

5-10%

Second homes or investment properties

Varies

VA and USDA loans: 0% down payment

Guaranteed by the U.S. Department of Veterans Affairs, VA loans usually do not require a down payment. VA loans are for current and veteran military service members and eligible surviving spouses.

USDA loans, backed by the U.S. Department of Agriculture’s Rural Development program, also have no down payment requirement. USDA loans are for rural and suburban home buyers who meet the program’s income limits and other requirements.

Conventional mortgages: As low as 3% down payment

Some conventional mortgages, such as HomeReady and Home Possible, require as little as 3% down, provided you meet certain income limits. Conventional loans are not backed by the government, but they follow the down payment guidelines set by the government-sponsored enterprises — or GSEs — Fannie Mae and Freddie Mac.

FHA loans: As low as 3.5% down payment

FHA loans, which are backed by the Federal Housing Administration, require as little as 3.5% down if you have a credit score that’s at least 580. If you have a credit score that’s between 500 and 579, FHA loans require a 10% down payment.

Jumbo loans: As low as 5%-10% down payment (varies)

Jumbo loans are home loans that fall outside of the Federal Housing Finance Agency’s conforming loan limits. Because these outsized loans can’t be guaranteed by the GSEs, lenders tend to ask for higher down payments to offset some of the risk.

With low- or no-down-payment loans, you pay for the guarantee through fees or mortgage insurance, depending on the program.

Benefits of a larger down payment

Saving enough money for a substantial down payment takes time, so a zero- or low-down-payment requirement may speed up your ability to buy a home. But making a larger down payment has advantages that include:

  • A better mortgage interest rate. Lenders may shave a few fractions of a percentage point off your interest rate if you make a larger down payment. When you borrow less of the home’s price, there’s less risk for lenders, and they tend to reward this with more favorable terms.

  • More equity in your home right away. Your home equity is your home’s value minus the amount you owe on your mortgage. In other words, it’s the extent to which your home is an asset rather than a debt. More equity means more wealth.

  • A lower monthly mortgage payment. Borrowing less of your home’s price lowers your principal, which also means you’ll pay less interest over the life of the loan.

  • Lower upfront and ongoing fees. Low- or no-down-payment government-backed mortgage programs reduce lenders’ risk by guaranteeing a portion of the loans. If a borrower defaults on one of these loans, the associated government agency will reimburse the lender. To offset some of that cost, these loans can come with significant one-time costs, like the VA funding fee, or added ongoing costs like FHA mortgage insurance.

How much should you put down on a house?

The right down payment for you depends on your goals and financial situation. While there are plenty of pluses with a larger down payment, putting down too much could leave you strapped for cash after you move in.

Conventional mortgages usually require you to pay for private mortgage insurance if you put down less than 20%. Once you start making mortgage payments, you can ask to cancel PMI after you have over 20% equity in your home.

Try out some different scenarios to help you better understand how changing the size of your down payment can affect other costs.

Other considerations to determine your down payment

Your mortgage payment is just one piece of your overall household budget. With that in mind, here are some other factors to consider when planning for the size of your down payment:

  • Keep some savings in the bank. Avoid using your entire savings for a down payment. You could end up “house poor,” spending too much of your income servicing your mortgage or depleting your emergency fund.

  • Don’t forget about closing costs. It’s also important to make sure you have enough cash on hand to cover closing costs, which are usually 2%-6% of the home’s purchase price.

  • Plan for the ongoing costs of homeownership. Leaving a cushion for home maintenance and repairs, as well as potential emergencies, is a good idea even if you’re purchasing a move-in-ready home. In all, you want to be sure your down payment leaves you with enough room to cover all the costs of buying a house — and furnishing it once you’ve moved in.

  • Shop around. Do your research and compare mortgage rates from three to five lenders. Don’t forget to look into programs offered by lenders and consider down payment assistance options, especially if you’re a first-time home buyer.

    Source: nerdwallet.com ~ By: Kate Wood ~ Image: Canva Pro

4912 Hultberg Rd. Turlock, 235.76 Ac & 7 Homes

4912 Hultberg Rd Turlock

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$9,396,080 – TID Farm Ground and Trees. Approx. 235.76 Acres of 3-Year-old Independence Almonds and Open Ground! TID Water from Two TID Canals, 2 Ag Wells (25hp and 30hp), and with Automated water from the Large Reservoir. There are two variable speed Booster pumps of 75hp & 40hp to pump the Double line system. There are 7 Homes within the Multiple Parcels. The Almonds were planted in 2021 of Approx. 110 acres, Viking Root Stock on Double line drip that irrigates in One-Set or TID flood water. The Open Ag ground (Approx. 125 acres) is TID flood water with New Flood Gates/Boxes and/or Self-Propelled Irrigation Pivot from Booster irrigation water. The Property is very efficient for irrigation and suitable for obtaining large crops. This Ag Ground is suitable for Tree Plantings with the help of the nearby-Two TID Drain/Tile/Ag Pumps. There’s an Improvement Ag Pump to Add additional irrigation water by pumping for Credit. This Property is on both sides of the road on Hultberg and Fronts along Washington Road. 

Property Features

Land Info

  • Lot Description: Building Pad, Sprinkler Irrigation
  • Lot Size Acres: 235.76
  • Lot Size Dimensions: Approx. 235.76
  • Topography: Agricultural Leveled, Trees
  • Vegetation: Orchard
  • Lot Size Square Feet: 10269706

Exterior and Lot Features

  • Road Frontage Type: County Road

Home Features

  • View: Orchard, Panoramic, Valley, Hills, Mountains

Homeowners Association

  • Association: No
  • Calculated Total Monthly Association Fees: 0

Rental Info

  • Income Includes: Crop(s)

School Information

  • School District: Stanislaus

Commercial Info

  • Business Type: Agricultural, Residential, Row Crops, Single Family, Orchard

Other Property Info

  • Source Listing Status: Active
  • County: Stanislaus
  • Cross Street: Elaine
  • Development Status: Farm Land
  • Directions: Highway 99. Go West on Bradbury (west of Lander/Hwy 165). Left on Hultberg.
  • Disclaimer: All measurements and calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information. Copyright © 2024, MetroList Services, Inc. Any offer of compensation in the real estate content on this site is made exclusively to Broker Participants of the MetroList® MLS & Broker Participants of any
  • Distance To Electric Comments: Electricity To Site
  • Distance To Phone Service Comments: Phone To Site
  • Source Property Type: Land
  • Possible Use: Agricultural, Farm, Ranch, Livestock, Single Family, Tree Farm, Orchard
  • Area: Turlock Rural W of Hwy 99 So of
  • Source Neighborhood: 20305
  • Parcel Number: 057-018-013-000
  • Postal Code Plus 4: 8733
  • Zoning: AG
  • Zoning Description: 2nd Unit Possible, Agricultural, Orchard, Agricultural/Residential, Farm/Ranch, Residential, Single-Family, Livestock, Tree Farm
  • Property Subtype: Agriculture
  • Source System Name: C2C

Farm Info

  • Irrigation Source: District, Drip System, Pipeline

Utilities

  • Electric: Electric Available
  • Sewer: Septic Tank, Sewer Connected
  • Phone Connected
  • Propane Tank Leased
  • Water Source: Domestic Well With Pump

Building and Construction

  • Other Buildings: Modular Home

22336 American Ave Hilmar, 20ac, 6 Beds/4.5 Baths/5,300 Sq Ft

22336 American Ave Hilmar

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$2,800,000 – Timeless & Gorgeous, It’s a Hilmar 20-acre Estate. This Resort grasps you From the Front Gate to Stone Walkways to Hard Wood Finishes. There was a Team of Top-Notch Designers and Builders on these finishes to create the desirable atmosphere. There are Concrete Counters, Copper Front Door, Newer 40-year Comp Roof, Anderson Windows, Hardwood floors, Vaulted Wood Finished Ceilings, Imperfect Stucco Finishes, Designer Cabinetry, Picture-like Window Views, and More. The Views are Special and Private within this Park-like Setting, with lots of concrete decking and Lush Landscaping. Huge Lap Pool with Cover and Personal Built-in Spa. The Main Home is 3600sf with 5 Bedrooms and 3.5 Baths. There’s a Studio Apartment of Approx. 1700sf with Full Bath, Loft, Kitchenette, and Walk-in Refrigerator within the 3 Car Garage Area. Playhouse, Grass Area. Plenty of Room to Park and Play within the Blacktop and Driveways. Approx. 18 net farmable acres with Multiple Sources of Irrigation Water Including TID Flood Water. One of these two Parcels is in the Williamson Act.

Property features

Bedrooms

  • Bedrooms: 6
  • Primary Bedroom Features: Outside Access, Sitting Area

Appliances

  • Equipment: Dishwasher, Disposal, Microwave, Double Oven
  • Laundry Facilities: Cabinets, Inside Room

Other Rooms

  • Great Room
  • Living Room Features: Cathedral/Vaulted

Heating and Cooling

  • Cooling Features: Ceiling Fan(s), Central, MultiUnits
  • Heating Features: Central, Fireplace(s), MultiUnits

Bathrooms

  • Full Bathrooms: 4
  • 1/2 Bathrooms: 1
  • Primary Bathroom Features: Closet, Shower Stall(s), Double Sinks, Sunken Tub
  • Bathroom 1 Features: Double Sinks, Tile

Interior Features

  • Interior Amenities: Main Level : Bedroom(s), Dining Room, Family Room, Master Bedroom, Full Bath(s), Kitchen, Street Entrance, Upper Level : Bedroom(s), Loft, Full Bath(s)
  • Flooring: Wood

Kitchen and Dining

  • Dining Room Description: Breakfast Nook, Formal Room, Dining/Family Combo
  • Kitchen Features: Concrete Counter, Island, Kitchen/Family Combo

Pool and Spa

  • Pool Features: Pool Type: Built-In, Pool Cover, Lap
  • Spa Features: Spa/Hot Tub Built-In
  • Spa: Yes

Exterior and Lot Features

  • Fencing: Back Yard
  • Other Structures: Guest House

Land Info

  • Lot Description: Auto Sprinkler F&R, Landscape Back, Landscape Front
  • Lot Size Acres: 19.96
  • Lot Size Square Feet: 869458

Garage and Parking

  • Garage Spaces: 3
  • Garage Description: Boat Storage, RV Possible, Detached, RV Storage, Garage Door Opener, Garage Facing Rear, Guest Parking Available

Home Features

  • View: Panoramic, Valley, Mountains
  • Other Equipment: Central Vac Plumbed
  • Security Features: Carbon Mon Detector, Double Strapped Water Heater, Security System Owned, Smoke Detector, Security Fence, Security Gate

Homeowners Association

  • Association: No
  • Calculated Total Monthly Association Fees: 0

School Information

  • School District: Merced

Other Property Info

  • Source Listing Status: Active
  • County: Merced
  • Cross Street: Tegner Rd
  • Directions: Highway 99 to Lander Avenue (Hwy 165). Left on American (West). Between Tegner and Washington on the North Side of the Road. Lots of Trees and Privacy to cover the Home.
  • Source Property Type: Residential
  • Area: Merced County S of Hwy 99
  • Source Neighborhood: 20402
  • Parcel Number: 045-180-051-000
  • Postal Code Plus 4: 9628
  • Zoning: RES
  • Property Subtype: Single Family Residence
  • Source System Name: C2C

Farm Info

  • Irrigation Source: Agricultural Well, Private District, Irrigation Connected

Utilities

  • Electric: 220 Volts
  • Sewer: Septic System
  • Propane Tank Owned
  • Public
  • Water Source: Well

Building and Construction

  • Year Built: 1996
  • Construction Materials: Concrete, Wood
  • Direction Faces: West
  • Foundation Details: Raised
  • Levels: Two
  • Living Area Source: Builder
  • Property Age: 28
  • Property Condition: Updated/Remodeled, Original
  • Roof: Roof Description: Composition
  • Levels or Stories: 2
  • Structure Type: Custom, Ranchette/Country
  • House Style: A-Frame
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