Ridgecrest CA Homes Clint Freemen– The median home price in Ridgecrest presently sits at $279,500. This price fluctuates from month to month, and over the past 24 months, it has risen as high as $315,000 and as low as $248,656. It has been repeated here many times Ridgecrest remains one of the most affordable housing markets in California. Last month we were just above Siskiyou County, which recorded the lowest median home price in the state at $208,000.
The average California median home price now sits at $735,480, while the highest can be found in San Mateo at $2,080,000. What does it take to purchase one of these affordable Ridgecrest, California homes at $248,656? If purchasing with a conventional loan, and if you have a credit score above 700, you need to have at least 5% of the purchase price for a downpayment. If your credit score is less, you may be required to bring in 20%. With an FHA loan, you’ll have a 3.5% downpayment, and a VA loan requires no downpayment.
5% of $248,656 is $12,432.80. Along with a downpayment, you’ll need to have additional funds for the buyer’s closing costs. These fees will include escrow/title fees, taxes, homeowner’s insurance, loan interest, lender fees, and appraisal. These fees total around an additional 3% of the purchase price, or $7,459.68.
Adding the downpayment with closing costs, you’re now looking at $19,892.48. Wow! Sounds overwhelming? Keep in mind your buyer’s closing costs can be negotiated to be paid by the sellers. Many offers in our present market are now requesting sellers pay for buyers’ closing costs which is a bit of relief for buyers.
However, some sellers may not be as willing to negotiate such terms and may counter the $7,459.68 to be added to the purchase price instead of it coming out of their pocket. Keep in mind that raising the home price by $10,000 only adds about $75 to a monthly payment. This might be a reasonable sacrifice for a buyer to make in order to get into an affordable home.
Interest rates hover just below 7% at the moment. Monthly payments for a Ridgecrest median-priced home with a 5% downpayment on a conventional loan, a 700 FICO score, and an interest rate of 6.875% run $2239. Depending upon the mortgage lender you choose, rates and incentives can vary, and your monthly payment may even be less.
Give me a call, Clint Freeman, at (760) 382-1082. Let’s talk more about purchasing a great home in Ridgecrest!
RIDGECREST FAST FACTS
AS OF APRIL 2023
To date, there are 56 homes on the market ranging from $154,900 to $800,000.
Past three months’ price per square foot average of sold single-family homes: College Heights $229; NW $165; NE $148; SE $158; SW $171; RC Heights $152. CALIFORNIA FAST FACTS
California median home price: $735,480; Lowest median home price: Lassen $208,000 Ridgecrest: $279,500; Highest median home price by region: San Mateo: $2,080,000 (Source: CAR)FACTS
California median home price: $751,330; Lowest median home price: Lassen $260,000
Ridgecrest: $294,250; Highest median home price by region: San Mateo: $1,625,000 (Source: CAR)
