Waiting for the market to “drop” DOESN’T SAVE YOU MONEY! It only COSTS YOU what you can get for the same payment and what you can get your family. $101 monthly difference is keeping your from getting a way better home FOR THE SAME PRICE. Wake up and do the math!!!!
Your payment is about your interest rate. The home price has little to do with how much you pay every month. Stop looking at home prices and look at interest rates. That’s what actually makes up your payment and how much you pay overtime. The home price is just a barometer for lending metrics.
And this is based on a person with excellent credit. If you have less than 700, you’re paying EVEN MORE per month on the 600k, because you won’t qualify for more, if you even get approved for the 600k with that low of credit, because your interest will be even HIGHER.
Interest is the bulk of your payment. That’s what you should be most worried about.
If you have less than 700 credit scores and waited for the market, you are now paying MORE than the person with a 700 and lower interest despite “saving” 130k on the home.
Look how 2% completely changes how much you are approved for and how much it costs you!
Same client, same day. Why are the loan amounts so different and what are the different loans?
As the graphic shows conventional loans require a smaller debt load in order to qualify and get a higher approval rate. They’re beneficial to properties not able to be purchased under FHA guidelines and they also help you build equity faster with more of your payment actually going to your total balance/purchase price.
FHA loans have property requirements and some homes like condos do not qualify for an FHA loan so you’d have to go conventional. If you can qualify for FHA, particularly if you require down payment assistance, then you will pay more for services and private mortgage insurance (sort of like collateral for the lender) but you can qualify for a more expensive home even with the exact same circumstances.
For instance, if you have two car payments that will greatly hinder your buying power with a conventional loan while FHA is more forgiving; allowing up to 45% DTI. With conventional you need to cap it at 30% and watch your credit card balances so they don’t rise over that.
Rates have dipped below 5% for buyers which is reminiscent of pre-pandemic levels. Home prices are dropping as well and sellers are providing incentive’s towards closing. Now is a time to buy!
Need a lender? I know a few. Text me at 760-625-6836 for a list of recommendations.
Before you do anything, you need to speak with a lender in the state you wish to purchase in. If you’re wanting to move to Florida or Texas, you need to get approved with a lender licensed in those states BEFORE you do anything here. THEN, you call me to sell. You need to have a new job already lined up where you are moving and it should be in the same line of work you are already in. You probably will need to show at least one month of employment at the new job as well to show paystubs and prove employment. Those are key to making a cross country move and getting approved for an out of state move.
After your lender has approved you in your new state, then it time to promptly list your home in California to sell and begin the home buying process also where you’re moving to. This type of life change has a lot of moving parts in every facet of the process so be prepared for the stress and busy season it will take you through. It’s not easy!
More questions? Contact me at (760) 625-6836 or text to leave a message.
1. Billy Reeds offers a classic setting of antique decor, elaborate wood detailing, pattern, and old fashioned American diner meals. It’s been an iconic Palm Springs staple since it opened in December 7th of 1975. It’s been a local treasure ever since.
2. Elmer’s is another classic and local gem of American diner favorites and pancake house plates. If you’re looking for a good breakfast and lunch spot, this is it.
3. Stuft Pizza is a well known Coachella Valley spot in Old Town La Quinta and at the Palm Desert mall near Barnes and Noble. Pizza, drinks, comfort food, and sports night collide here. Everyone in the family will find something delicious to enjoy.
4. Enzo’s also has two locations in the Desert to serve you their famous housemade pasta platters. Carb lovers, this is where you belong. Grab some wine and pasta with all the fixings near Old Town in La Quinta or on 111 in Rancho Mirage.
5. The Cliffhouse is legendary in the Desert for it’s mountainous location and exquisite dining experience. Enjoy decadent seafood while watching the sunset and enjoy nature as you’re nestled in the rocks and feeling the cool night air on the patio. If you’re looking for finer dining for date night and special occasions this is where you call for reservations.
6. Sammy’s wood-fired pizzas hit the spot when you want comfort food with flair and more taste in a beautiful location along El Paseo.
If you get it confused with Sammy G’s Tuscan Grill, don’t worry, you won’t be disappointed! Their amazing patio and menu will also delight your appetite.
You might also get it confused on GPS for Sammy’s Place in Cathedral City where you can find even more Italian cooking to stuff your belly with. No matter, it’s all good eating!
7. LG’s Prime Steakhouse has been around the Valley forever and us longtime locals remember LG himself making memorable touchdown commercials during NFL games and telling folks “after the game, come on down and have some dinner with us.”
They had 4 locations including San Diego before his passing years ago. Their Palm Desert location has since closed now as well but you can still find a packed house downtown or right at the corner of 111 and Washington in La Quinta.
8. Fisherman’s Market is right behind LG’S if you prefer all the seafood and shrimp scampi you can handle with a lively atmosphere. La Quinta isn’t their only location though. You can also find them downtown adjacent on Indian Canyon. They even have a location tucked sweetly in a corner to the left of Trader Joe’s in Palm Desert on Fred Waring.
9. Cactus Jack’s is another longtime Desert staple to locals and it’s never not roaring with a packed house and vibrant crowd. Located right on 111 near Deep Canyon, this is where you find the elevated and simple dishes you’re wanting under one roof. And they have great drinks too!
10. Johannes in Palm Springs is a local crowd pleaser for its truly unique dishes of international flair and tastes you don’t get anywhere else. It’s an elegant dining experience for good company, good wine, good service, and good memories.
11. Sherman’s Deli is yet another classic in the Desert for decades. They’re downtown adjacent on Indian Canyon across from the Spa Resort and on Country Club in Palm Desert right off Monterey in front of Bristol Farms.
12. Spencer’s is well known and loved for its beautiful architecture and scenery as well as culinary experience and presentation. You will find many beloved American favorites here but with next level artisanal taste and fine dining plating.
13. 849 is all about the vibe and it is a VIBE! Color, style, flair, outstanding food, and space to host events and catering, this is where your next date night will be AND your next company party. Our company does their holiday party here every year!
14. Las Casuelas is a local landmark for Mexican cuisine and atmosphere that brings you live entertainment with music and dancing with all the drinks you can handle. Downtown is my favorite location because of its huge inside open air dining experience with the patio style seating along the strip or the private space on the other side that’s still beautiful and enjoyable. You can also visit them in Rancho Mirage on 111. Their awesome La Quinta location closed years ago but you can also drive further north and try their original location on Palm Canyon; OR have a good time on the dance floor with great food and family on 111 in Palm Desert at Casuelas Cafe for a more casual and exciting vibe.
15. Okura took over the LQ Las Casuelas location right across the busy intersection of 111 and Washington from LG’s. Their mainstay is sushi especially and fresh Japanese cuisine. Seafood lovers will enjoy it and the owners are as wonderful as the food.
Sooooo….
Did I miss some amazing landmark restaurants here in the Coachella Valley? Yes. There are just too many! Are these just the best? No! There are definitely more. There’s Lulu’s, Melvyn’s, Mr. Lyon’s, Keedy’s, and the Nest next to the Sand’s hotel (which also has a fantastic restaurant), to name just a few more. There truly are just too many amazing places to name them all!
Every year I like to do a round up of my favorite restaurants in the Desert of all different cuisines. From family friendly atmosphere to fine dining here are my personal favorites and a few I know many of my fellow locals love too; in no particular order. Enjoy!
1. Backstreet Bistro on El Paseo, west of 74/Monterey behind the old Vons and Tweeter. We absolutely loved the service and menu. Our server was terrific as was each course of our meal. We dined in the patio and thoroughly appreciated the casual yet elegant experience.
2. Nearby the Backstreet Bistro is Chef Tanya’s vegan cuisine. This is an adorable quick bite to go or sit down venue for health enthusiasts, vegans, and just anyone wanting something different. They also have a location in Palm Springs and you can purchase a wide selection of their items for a healthy fast food alternative at Tower Markets throughout the Coachella Valley. I eat them all the time when on the road for work!
3. I mention Fresh Agave every year because they are still my favorite Mexican food in the central CV. The service is always wonderful as is the food and it’s great for the whole family. My kids always scarf down their plates. It’s a very reasonably priced establishment and terrific small business bustling for years. We love it!
4. Don Diego’s is another favorite we love. It’s in Indian Wells behind Eureka and IW Coffee where the big fountain is next to CVS. Great food, service, prices, restaurant, and location. Completely wonderful every time we go.
5. Both locations of Wilma and Frieda’s for breakfast welcomed us with cool decor, friendly staff, delicious food and drink, reasonable prices, and views! Located on the upper level of El Paseo and downtown. Be sure to take home one of their stunning pastries before leaving. Must visit!
6. Kaiser Grille in downtown or 111 and Portola in Palm Desert are great for family get togethers. My family came in town to visit and we had such a blast on the patio in Palm Springs. Everyone enjoyed their steaks, entrees, drinks, and a couple desserts to take home. Even the kids said everything they ate was so good!
7. Manhattan in the Desert on 111 in Palm Springs is such a great spot for simple American classics at great prices for the entire family. We bring our kids often and they can never choose just one dish. They get pancakes and burgers together and almost eat both! So many great options for everyone with the nicest staff ever and prices that can’t be beat. Don’t forget to take home dessert from the bakery!
8. I put Casa Mendoza and El Ranchito at a tie, in La Quinta, because I basically flip a coin to decide which one I want for lunch with my colleagues. They both always welcome our group and accommodate when we bring a crowd from our office across the street. We’re a vibrant bunch but so are they! The patio dining at both is my favorite. Prices are good, food is perfect, atmosphere is adorable, and location is excellent near Old Town. Fantastic Mexican food at both!
9. Aspen Mills Bakery for fresh baked bread that beats the supermarket any day and for the same price. They make huge croissants, muffins, coffee and juice, and other pastries. Near Sunrise and Ramon by Native Foods in Palm Springs, in Clark’s in Rancho Mirage, or off Washington south of 111 near Marvin’s Magical Theater in La Quinta. We buy our bread from them multiple times per week and the kids are crazy about their giant croissants and muffins!
10. Fresh smootie bar in La Quinta, Rancho Mirage, Palm Desert is so good when you need a refreshing and healthy pitstop for smoothies and plant based snacks. We stop in there a lot and in the summers it’s the best way too cool down while getting nutrition in too. Delicious and great staff in all locations.
Greetings neighbors and friends. I hope you are doing well enjoying the beautiful change in weather and our beautiful desert. I just wanted to post a quick message to say “thank you” to all of my past, present, and inquiring clients and community. We all know the last couple of years have been trying and a strong period of adjustment. The most positive of all the chaos through this pandemic is the unwavering kindness our wonderful community continues to share and spread. Despite the challenges of these times I am so grateful for you all and wanted to make sure it was known.
You probably came across this message from my social sites or the cards I sent to my neighbors closest to me but I wanted all of our valley residents to know they’re appreciated and have made me continue to love this amazing area. ‘Tis the season to be grateful for everything we have in our lives, big and small, and that absolutely includes all of the people we meet in life and our day-to-day. I am beyond grateful to our community, our beautiful landscape, our incredible small businesses throughout the valley, and the kindness of people you don’t see in most places anymore. You all make me happy and exceptionally proud to be raised here. I continue to love living here and can’t imagine being anywhere else. Thank you so much.
I wish everyone a happy and extraordinary holiday season full of love, cheer, gratitude, appreciation, wellness, and lasting memories.
As expected clients always have questions and requests for information during their real estate transactions. Whether you are buying, selling, leasing, or any combination of those, you will undoubtedly need to know a few things. I refer clients to this section to hopefully answer some of their questions day or night when I am unavailable.
If you are selling your home:
Have title sorted out. Know who is still on title and who has been added or removed with documentation handy for escrow. Always disclose immediately when the listing is taken.
If the home has any liens, structural defects, reasons it will struggle to sell or issues that will be discovered during title searches, inspections, walk throughs, and buyer diligence, EVERYTHING needs to be disclosed as soon as possible and is legally required to be in writing for buyers as well for escrow. If the the home has no known property or tax liens but the mortgage has not been paid, is underwater, risk of foreclosure, or any other conditions, those scenarios also need to be brought up immediately and known to me as the listing agent as well as legally disclosed to escrow and buyers.
Are there tenants on site? Pets? Anything to prevent easy showings or be a security factor? DISCLOSE. When in doubt, disclose everything. No matter how small or silly, let it be known up front.
If you are buying a home:
Make sure you have been preapproved by a great lender, local is always better, faster, and easier, who is responsive to you and answers your questions thoroughly. A lender who does not will be a nightmare during escrow and can delay closings as well as kill a deal completely, simply for lack of no response or diligence on your file.
Ask lenders lots of questions and make sure they are guiding you on the DOs and DONTs of approval. For instance: no big purchases or using of cash in accounts besides normal bills not affecting DTI. ASK YOUR LENDER. No opening and closing of credit cards and accounts without consulting with your lender first. Keep your savings healthy and protected. What you say you have needs to be there and available for closing. Don’t spend your down payment and closing costs! You don’t need new furniture, appliances, cars, etc before the deal is closed. THE DEAL IS NOT DONE UNTIL IT’S DONE! Escrows can be canceled at the last hour and sellers can affect closing on a home as well. Make sure you’re being smarter than ever with finances and credit during escrow. Ask your lender before everything you do. It’s important!
Be available and flexible for showings, inspections, service appointments, etc and BE ON TIME. Please respect everyone’s time and money and show up when you are supposed to. Always call if you will run a few minutes late or call ahead plenty to reschedule. Keep in contact by email and phone for documents to sign promptly, questions to answer, and to be reached by all parties including title and escrow throughout the sale.
If you are leasing:
Make sure your credit and rental history are solid. Your income should be sustainable, verifiable, sufficient, and well documented for at least a year, preferably two. Disclose if you have pets, children, disabilities (to make sure ADA requirements are also met at the property), vehicles, all persons living in the rental, and a clean record. If you have ever been evicted or will be, let that be known immediately.
Be diligent and available for smooth and speedy rental application. Be forthcoming to provide credit and background checks, rental history reports, income verification, and be available to sign leasing documents.
Property specific questions should be asked directly to the property owner or office. Do your own due diligence to check out the neighborhood, and rules, and anything else pertinent to your rental needs.
If you have been to the grocery stores you know food supply is limited on shelves and I’m sure you are missing some of our local favorites! Here’s a quick list of 5 places you can order ahead, even online, and pick up to go:
Dringk at the River in Rancho Mirage: They did recently have a flood in their restaurant but professional services have saved all food storage and supply and they’re open for business through the restoration process! Go online to order at http://www.dringkbar.com and pick up on site.
Stuft Pizza at Westfield in Palm Desert: order online and pay at http://www.stuftpizza.com and pick up curbside!
Fresh Agave has to go specials on their website for easy ordering of your favorite dishes. Visit http://www.freshagave.com to order then pick up on site.
Across 111 from Stuft and the mall Haus of Pizza Italian Slices, is making to go orders. Call 760-340-9040 to place a pick up order.
Little Bar on 111 across from Jensen’s in the old Randy’s Cafe location: You can place a pick up order by phone or their site http://www.little-bar.com for terrific deals including beer and wine!
Jennifer Larson 