209-988-5254 | Century21 Select | DRE #01225017. – Serving Stanislaus, San Joaquin & Merced Counties.
Featured Homes for Sale listed by Clarence Oliveira
Mobile Home that’s Turnkey and Ready to Move into! Approx. 1344sf with 2 Bedrooms and 2 Full Baths. Located near the Park of the Clubhouse with Pool and BBQ amenities. Laminate floors throughout. Carport for Two Cars. Close to Schools and Highway Access.
Price Change $385,000 – Great Starter Home in Hilmar! Over 1121sf with 3 Bedrooms and 2 Full Baths. Good Size Yard with a 2 Car Garage. Open Living Room. Windows, Roof, HVAC, and Bathroom have been updated through the years. This property is at the end of Campbell Street, Dead End Street.
If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.
In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.
But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. The graph below helps give you a visual of how this relationship works and where we are today:
As Lisa Sturtevant, Chief Economist for Bright MLS, explains:
“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”
If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought.
When rates come down, more people are going to get back into the market. And that means you’ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.
But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases.
If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, talk to a real estate agent.
Source: keepingcurrentmatters.com ~ Image: Canva Pro
$524,900 – El Camino Drive… The Heart of Turlock. This Charming Home features Wood Flooring, Detailed Stucco interior finishes, Remodeled Kitchen, and Remodeled Bathrooms. Over 1500sf with 3 Bedrooms and 2 Full Baths. 2 Car Garage off the Alley with Tall Doors and Cabinets. The Kitchen has Corian Counters, Designer Cabinetry with Custom Glass and Hardware, & Stainless Appliances with Commercial Gas Range. Large Family Room with Fireplace with Formal Dining Area. Den/Bonus for Additional Living Spaces. Good Size Backyard with Lounging Areas near the KOI Pond, Wood Decking, and Privacy. All Bedrooms are Good Size with Hardwood Floors throughout with Closet Organizers. Around the Corner from Julien Elementary and Turlock High School. This is a Turn-Key Home.. This Custom ERA of a Home is hard to duplicate with all of these Newer Windows, HVAC, Updated Kitchen, and Updated Bathroom with a touch of Class. A Must See!
$499,900 – 10 Acre Ranchette!! Currently with a Mobile Home at Approx. 1200sf, 2 Bedrooms and 2 full Baths. Ag Land, Building Site, Trees, and on the Edge of Hilmar with Turlock Address. Nonpareil and Aldrich with a Blue Diamond Contact. 10hp with Booster Pump off the TID Canal on One Set, Double Drip.
$10,395,000 – 75.95 Acres of Prime Real Estate Along Highway 33 where the High Traffic Zone on Highway 33 and Interstate 5 meet. This Location has been expanding and growing at a Fast Pace. This property has a Good Ag Well which would contribute to the development of this property. This Property is also in the San Luis Water District for Farming Purposes. Here’s your opportunity to have a large stake in this Claim. It’s Triple Zoned: Zoned C-2 (General Commercial) along highway 33 (Santa Nella Blvd). The Southeast corner is Zoned R-4, and Northeast corner is Zoned R-3. Currently Farmed, Leveled, and Ready for Your Project.
$7,305,600 – 304 Acres with Solar Power, Ag Business Capability with Certified Organic Crops of Rye, Potatoes, and Other Specialty Crops. Irrigation Infrastructures are in place with Main Irrigation lines at 6-inch main pipes and 8-inch main pipes running to laterals with a 300′ spacing with risers. They currently have 4 Ag Wells; #1 60hp, #2 60hp, #3 40hp, #4 100hp. Total Irrigation water is 3200gpm. Class 2 Irrigation Water available from MID using a 50hp Booster Pump off Howard canal, Approx. 550gpm. The Class 2 Contract is a 9-year contract. Solar Panels that are owned, and used to offset the 7 electrical meters and 15,000sf Metal Shop Building with 2 loading Docks 8 bins height capacity for Storage with Fans, Insulated, Multiple Roll-up doors, breakroom, Bathrooms, and More. There’s a Separate 30X200 Storage Shed, a 3311sf custom-built home, a Modular Home, an office, and More. On A Squared Country Block surrounded by Country Roads.
$5,908,560 – Young Almonds in West Modesto. Within the Modesto Irrigation Water District with a 50Hp Booster Pump, 600gpm Deep Well, and MID Flood Water with Irrigation Gates Available. Orchard is on Double Line Drip, irrigates in 3 sets with Booster Pump. 35 Acres Independence Planted in 2016. 42 Acres of Nonpariel-50%, Aldrich-25%, and Monterey-25% Planted in 2016. 23 Acres of Nonpariel-50%, Aldrich-25%, and Monterey-25% Planted in 2019. Orchard Well-Cared For and Well-Maintained. Crop records are available, Blue Diamond has been the processor and handler for this orchard. This Ranch is Multiple Parcels. A Must See!
$1,750,000 East Turlock..20 Acres with 2 Custom Homes!! Young Trees on TID Irrigation Water. The Main Custom Home has a Newer 50-year roof, a Bigger newer HVAC system, Solar, a Newer Water Heater, Newer Appliances, and lots of living space, Approximately. 2,828sf. There are 3 Bedrooms and 2 Full Baths with large Family and Game Room Areas. Built in 1984. Custom Landscaping Backyard, Patio, and a Very Nice Privacy Fence. Oversized 2 Car Garage with Workshop area. The second house has been Remodeled and was originally built in 1991. New Hardwood Floors, Newer Remodeled Kitchen Cabinets/Appliances, Newer Paint, and More. Approx. 1856sf with 3 Bedrooms and 2 Full Baths. 2 Car Garage. Remodeled Metal Building of Approx. 80×40 with Storage yard. Almonds varieties are Nonpareil 50%, Monterey’s 25%, and Fritz 25%. Good Soil, Good Water, Good Setup!!
If you’re preparing to buy a home in the future, you likely have a laundry list of things you need to do to get ready — and that includes getting your finances in tip-top shape.
Aside from double-checking your credit score and credit report and making sure you have enough money saved up to purchase in your desired market, you should also consider the ways your current debt balance might affect your ability to buy a home.
Having some debt on your credit report is still really important because lenders need “clues” about how good you are at managing different forms of debt. So having a student loan that you paid off on your credit report can be a green flag to lenders.
Or, maybe you’ve been managing two credit cards really well over the last five years; this is another positive trade line that will show up on your credit report and help you appear less risky as a borrower.
If you don’t have any history of managing debt — even one credit card — lenders may not feel comfortable giving you such a large loan because you lack those clues about your debt management habits.
Healthy debt management habits can set you up to have an easier time getting approved for your home loan. Not only do you have a history of managing debt, but you also have clues that point to positive management habits — and that can be reflected in your credit score.
Most mortgage lenders look for a credit score of at least 620. Some lenders, like Rocket Mortgage, may still consider applicants who have credit scores of at least 580 for some home loans. But the higher your credit score, the lower your mortgage interest rate will be. That’s why working to improve your credit score before you apply can work to your advantage.
Payment history makes up 35% of your credit score. So just by consistently making your credit card, auto loan, and other payments every month, you’re contributing to improving your credit score. Likewise, if you were to miss a payment, this could have a big impact on your credit score.
The amount of money you owe is the second most important factor in determining your credit score (it makes up 30% of your score). This is usually a measure of your credit utilization, which is the amount of money you owe in relation to your total credit limit. Experts typically recommend keeping your credit utilization below 30%.
So if you have $5,000 as a total credit limit and owe $2,500, your credit utilization is 50% and it would be a good idea to continue making payments so you can lower your utilization.
Because of that credit utilization rate, carrying too much debt could drag down your credit score. Coming close to maxing out your available credit makes lenders think that you’re spending beyond your means and would therefore be a risky borrower.
One criteria mortgage lenders assess when reviewing your home loan application is known as the debt-to-income ratio. Your debt-to-income ratio is a comparison of how much you owe to how much money you earn. Your gross income (pre-tax income) is used to measure this number.
A lower debt-to-income ratio suggests that you have a healthy balance between debt and income. However, a higher debt-to-income ratio suggests that too much of your income is going toward paying down debt, and this will make a mortgage lender see you as a risky borrower.
According to a breakdown from The Mortgage Reports, a debt-to-income ratio of no more than 43% is considered good; a ratio closer to 45% might be acceptable depending on the loan you apply for, but a ratio that’s 50% or higher can raise some eyebrows.
A higher debt-to-income ratio could make you unable to be approved for some home loan programs with attractive features, like lower down payment minimums. For instance, the HomeReady loan program from Ally Bank requires applicants to have a debt-to-income ratio of no more than 50%, among other criteria.
If you want to calculate your debt-to-income ratio, here’s what you do: Add up all your monthly debt payments, which include credit card payments, student loan payments, and payments to any other lines of credit you may have. Then Divide this number by your gross income amount. The result is your debt-to-income ratio.
If you have an unhealthy amount of debt and are preparing to get a mortgage, consider these strategies to consolidate and pay down your debt.
The debt snowball method is one debt management method where you focus on eliminating the smallest debt balance first while paying just the minimum on all your other debts. On the other hand, the debt avalanche method involves eliminating your highest-interest debt first. Both methods can be instrumental in helping you crush your debt balance in a more organized way.
Debt consolidation is another popular method for paying down debt if you carry balances on multiple credit cards or have multiple loans. Essentially, you’ll apply for a personal loan that’s enough to cover the total amount of debt on all your credit cards. Then, once you’re approved, the lender sends the funding amount to your creditors, which pays off your credit cards. From there, you’ll just have to pay back the personal loan you borrowed.
This method can potentially help you save on interest since personal loan lenders typically offer much lower interest rates compared to credit card issuers. The Happy Money personal loan is one of the best debt consolidation loans out there since this lender will send your funds directly to creditors.
Balance transfer credit cards with a 0% intro APR period are another useful option for getting rid of debt since these credit cards allow you to make interest-free monthly payments for a limited time. Interest charges can eat into your monthly payments and make it feel like your balance is barely going down. With this method, you basically transfer the balance of your current credit card onto a new credit card and you try to pay off the balance before the interest-free period is over.
The Citi® Diamond Preferred® Card offers an intro APR period of 0% for 21 months on balance transfers (after, the 18.24% – 28.99% variable). So you’ll basically have almost two years to make interest-free credit card payments. Just keep in mind that you’ll have to pay a 5% transfer fee on each balance that you transfer ($5 minimum). Balance transfers must be completed within 4 months of account opening.
The Wells Fargo Reflect® Card also offers an intro APR period of 0% for 21 months from account opening on purchases and qualifying balance transfers (after, 18.24%, 24.74%, or 29.99% variable). Balance transfers made within 120 days from account opening qualify for the intro rate, BT fee of 5%, min $5.
Having experience managing debt in a healthy manner can help you get approved for a mortgage, but the key here is to make sure you’re practicing positive habits with your debt. Continue making on-time monthly payments toward your debts, don’t let your credit utilization rate get too high, and be wary of the amount of debt you have in relation to how much you earn.
Source: cnbc.com ~ By: Jasmin Suknanan ~ Image: Canva Pro