Down Payments Are Up
Down Payments Are Up
Faced with more expensive home prices, home buyers are bringing more money to closing. The median down payment on a single-family home and condo purchased in the third quarter increased by nearly 67% compared to a year ago. Median down payments are at the highest level recorded since at least 2000, according to a new analysis from ATTOM Data Solutions, a real estate data firm.
The median down payment of $20,775 was 6.6% of the median sales price for homes purchased with financing in the third quarter. The median loan amount was $275,500, the highest level since 2000.
ATTOM’s research shows the following 10 metros saw the highest median down payments in the third quarter:
- San Francisco-Oakland-Hayward, Calif.: $243,000
- Los Angeles-Long Beach-Anaheim, Calif.: $154,000
- Oxnard-Thousand Oaks-Ventura, Calif.: $138,300
- Boulder, Colo.: $123,600
- Santa Rosa, Calif.: $118,550
- San Diego-Carlsbad, Calif.: $112,000
- Bridgeport-Stamford-Norwalk, Conn.: $106,600
- Boston-Cambridge-Newton, Mass.-N.H.: $76,000
- Naples-Immokalee-Marco Island, Fla.: $76,000
- Fort Collins, Colo.: $69,125
Down payments can be among home buyers’ chief obstacle to achieving homeownership. The Federal Housing Administration offers loans with lower down payment requirements catered to first-time home buyers. Mortgages backed by FHA comprised 10.3% of all residential property loans originated in the third quarter, ATTOM Data Solutions reports.
Source:
©National Association of REALTORS®
Reprinted with permission
admin
For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.
Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.
Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.
When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.
For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.
