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David V. Fuentes Fuentes, GRI 661-932-0379 Email David V. Fuentes
David V Fuentes, GRI Real Estate, Notary Public All Documents Notarized-Apostilles-Translations-Weddings

When to buy a Home ??????

Lots of people have asked me a question like this: When is the best time to buy a home? my answer: the best time to buy a home is: when you are ready, willing and able! "Able" means you have money; a lot of people want to buy a home with no cash disbursment on their part. In a buyers market it is possible to get incentives, like: FHA loans, which are more flexible; Seller might want to contribute with up to 3% of Buyer's Closing costs and also are willing to do repairs from buyers list of repairs; additionally, The Lender might give you " A lender Credit", but all will be depending on appraised value. * In a Seller's market this is not possible. There are multiple offers, multiple buyers, offers with over the asking price, repairs don't matter, incentives don't matter, lender's credits don't matter.....what matters is to win the seller to accept your offer. Often it will be like an auction where the highest (price) and best (terms) Offer will be the winner. * Then there is the matter fact of Interest rates charged to give you a loan. on this date: 09/07/2021 the Interest rates are in a historic low: 1.89% for 360 months with a 7% Down Payment (FHA). but some other times the interest rates are very high, or is a Cash Loan at 12 to 17 % interest or it must be conventional Loan with a 20% Down Payment and up to date Interest rates. * Many people are not "willing" to go through the whole proceess of buying a home. It means to have great credit (over 640 Fico score, but the higher the better chances) Great Income (supported by your IRS-1040- income declaration) because this will tell the Lender how much a home you can afford. the bigger the income the bigger the price and size of home and location; Job Verification, Credit Verification, Address Verification, Income verification, Bank assets verification; I mean this lenders will look at all your financial life for the past 5 to 10 years.  * So the answer of when is the best time to buy a Home is: when You are "READY", ready to go through the whole process and have all the elements taht are required from you the buyer.  * I have seen people that purchased a home when interest rates were at 18% high, that means BIG monthly payments, but they qualify for a loan under those therms; because they were ready for that market.  * Nowadays people are more knowledgeable, more information is being diseminating on social media, and the news, and buyers are making better decisions. So remember, the buyer of a home has to be: Ready, Willing and Able.                                         

Contact Information

David V Fuentes, GRI, PSA, ABR, CPRES
Real Estate Agent Lic. # 01424018

Miramar International Real Estate Group DRE Lic # 01929237                                                                                                               

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Bakersfield, CA 93311