– Crystal Vagnier – Select Group – Writer/Editor
The nation’s premier property database, ATTOM Data Solutions, recently released their 2017 4th quarter report which showcased a 20% increase in median down payments compared with 2016’s 4th quarter statistics. The average down payment on condos and single family homes was $18,000, 7.1% of the sales price of homes purchased with financing, compared with 2016’s $14,950 down payment and 6.2% of the sales price. This is down from a four-year high of 7.3% from the last quarter but above 2016’s 4th quarter. When analyzing the statistics of 143 metro areas, it was discovered that California had the top five cities where residents paid the highest amounts: San Jose, San Francisco, Santa Rosa, Los Angeles, and Ventura. This news is beneficial to homeowners with a foot in the market as it can serve as a cushion if home prices dip.
For specific details regarding your area, call your local Stanford Mortgage Advisor to see what your potential clients may be paying in down payments. Contact Stanford Mortgage at (866) 912-3017 or at www.StanfordLoans.com