We know that the higher down payment puts a sour taste in just about everyone’s mouth, but it’s pretty clear — these days, the trends are that many prospective home buyers are actually putting more money down when considering a home purchase, with the average down payment percentage rising past 17% in this third quarter, even higher than 2014’s third quarter. But why is that?
When the Housing Supply Doesn’t Match the Consumer Demand….
You then get a competitive seller’s market… However, there are major reasons why it’s actually a great idea for a buyer to consider a heftier down payment:
- What About the Closings? — How does a higher down payment affect the closing, especially in the wake of these new mortgage loan rules we now have in effect? Click here to find out.
- Let’s Talk About Built-In Equity — Find out right here why a bigger down payment on your potential home mortgage may get you instant value down the road on your property….
- Lastly, You Get Something Lowered — And that’s what we like to hear. Lower something. After all, if buyers are going to compete by offering higher down payments in this market, we want something in return. Find out what that is right now.
You Want That House? Consider a Down Payment That Beats the Competition!
That’s the trend we’re looking at as home buyers will boost their credentials with that larger down payment. You do, however, have to know where the trends are exactly, and you can find that out right here. What kind of trends? Well, let’s just say that an average down payment in this current market for New York might be waaaaay different than in Mississippi! So consider your options carefully.
Information is power. Take that power and exercise it as you register here to buy a home.