In recent years, we have seen a trend towards ever larger down payments on homes

However, this seems to be shifting as homebuyers are now able to put down less and still compete in the housing market. This is due to a combination of high home prices and higher mortgage interest rates, which have resulted in an overall decline in the size of down payments. With rates rising and inflation on the horizon, buyers are looking for ways to win heated bidding wars without having to rely on extra cash. The covid-19 stimulus payments have also helped many buyers save millions in down payment costs. According to a recent survey by the National Association of Realtors, 13% of buyers were able to purchase a home with no down payment at all.

Isaiah 32:18 – And my people shall dwell in a peaceable habitation, and in sure dwellings, and in quiet resting places;

According to an economic data analyst, the factored extreme rise in median home list price percentage puts more pressure on buyers who may not have the funds to put down a large down payment. However, the National Association of Realtors’ recent survey found that 13% of buyers were able to purchase a home with no down payment at all.

With the slowed housing market at the beginning of the pandemic

And the turbocharged pandemic first quarter, it seems that buyers can now put down less money and still compete. Finding buyers has become more difficult for sellers in certain markets, so they are willing to accept a smaller payment dollar amount upfront in order to close the deal. However, this trend is not uniform across all markets and prices.

Proverbs 24:3-4 – Through wisdom is an house builded; and by understanding it is established:   (Read More…)

Government back loans like VA loans through the Veterans Affairs Home

And other such loans can also allow for smaller down payments. Using more buyers who have access to these types of loans can help in competing in a cooling market. In Dayton, Ohio, the board of realtors has reported that accepted offers with smaller down payments have increased by 10% compared to the same time last year.

In expensive cities like New York or San Francisco, a 3% down payment can equal more money

That’s right, more money than a 20% down payment in Syracuse, Richmond or Allentown. This has caused many homebuyers to reduce their loan amount by putting less money down in order to compete with other offers. In Dayton, Ohio, the board of realtors has reported that accepted offers with smaller down payments have increased by 10% compared to the same time last year. 

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