The past few years have been challenging for homebuyers in San Bernardino and Riverside Counties, with rising home prices and higher mortgage rates putting a strain on many budgets. But here’s what you need to know: locally, the number of homes for sale has grown significantly—and that’s true for both existing homes and new builds. Whether you’re eyeing a cozy starter home in Riverside or a...
Buyers
The Truth About Credit Scores and Buying a Home Your credit score plays a big role in the homebuying process. It’s one of the key factors lenders look at to determine which loan options you qualify for and what your terms might be. But there’s a myth about credit scores that may be holding some buyers back. The Myth: You Need To Have Perfect Credit According to Fannie Mae, only 32% of...
Are There More Homes for Sale Where You Live?One of the biggest bright spots in today’s housing market is how much the supply of homes for sale has grown since the beginning of this year. Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for...
What Credit Score Do You Really Need To Buy a House?When you're thinking about buying a home, your credit score is one of the biggest pieces of the puzzle. Think of it like your financial report card that lenders look at when trying to figure out if you qualify, and which home loan will work best for you. As the Mortgage Report says:"Good credit scores communicate to lenders that you have a track record...
How Mortgage Rate Changes Impact Your Homebuying PowerIf you’re thinking about buying or selling a home, you’ve probably got mortgage rates on your mind. That’s because you’ve likely heard that mortgage rates impact how much you can afford in your monthly mortgage payment, and you want to factor that into your planning. Here’s what you need to know.What’s Happening with Mortgage...
The real estate market in San Bernardino County continues to evolve and react to economic factors such as mortgage rates, inflation, and a shortage of homes for sale. San Bernardino County has a diverse market that caters to a wide range of buyers and offers various housing options across its many cities, including Fontana, Ontario, Rancho Cucamonga, and San Bernardino.This report will share insights on...
Amid economic volatility and speculation, the housing market has remained remarkably resilient. Despite earlier concerns and sensational headlines predicting a collapse in 2023, the reality is far from the painted doomsday scenarios. Among other reports, here are some examples of what we saw in some publications:During the fourth quarter of last year, many housing experts predicted home prices were going...
When you look at the numbers today, the one thing that stands out is the strength of this housing market. We can see this is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime. Here are two fundamentals that prove this point. 1. The Current Mortgage Rate on Existing Mortgages First, let’s look at the current rate on...