Average American putting less money down when buying a home

Average American putting less money down when buying a home

California down payment percentage remains highest

October 26, 2018
 
Alcynna Lloyd
The average down payment on a U.S. home fell in the third quarter, according the latest data collected from digital loan sourcing site LendingTree.
Each quarter, LendingTree compares average down payment percentages and conventional 30-year, fixed-rate purchase mortgage offer amounts across the country. They found that the average down payment decreased nearly 10% in the third quarter — falling from $52,480 to $47,265.
According to the report, despite a decrease in payment amount, down payments as a percentage of purchase price remained relatively the same.
The report indicates that the average down payment percentages for conventional 30-year, fixed-rate purchase mortgage offers rose 0.03 percentage points, inching forward from 18.02% to 18.05%. Furthermore, the average loan amount offered to potential homebuyers fell from $285,903 in Q2 to $257,749 in Q3, dropping around $28,000.
When it came to offering the lowest down payments, Alaska, West Virginia and Mississippi took the lead.
  • Alaska’s down payment percentage was 15.41%, averaging $36,476. The average loan offer amount was $236,643.
  • West Virginia’s down payment percentage was 15.44%, averaging $21,415. The average loan offer amount was $138,696.
  • Mississippi’s down payment percentage was 15.78%, averaging $22,964. The average loan offer amount was $145,523.
However, when it came to offering the highest average own payments, California, Hawaii and Delaware reigned over all.
  • California’s down payment percentage was 21.44%, averaging $97,809. The average loan offer amount was $454,146.
  • Hawaii’s down payment percentage was 21.32%, averaging $69,923. The average loan offer amount was $328,046.
  • Delaware’s down payment percentage was 21.29%, averaging $51,678. The average loan offer amount was $242,735.
The image below highlights the top ten highest and lowest down payment percentages across the country.
LendingTree Down payments
 NOTE:  LendingTree’s report covers conventional 30-year fixed mortgages offers that borrowers received on LendingTree’s platform in the third quarter of 2018. According to the company, the down payment is the total dollar amount contributed to the purchase price excluding the mortgage.

Source: https://www.housingwire.com/articles/47237-average-american-putting-less-money-down-when-buying-a-home

Popular posts from this blog

45% of Homes Sold in Less Than a Month

Image
Most homes are spending less than a month on the market. There are many factors you should look at when selling your house. If you've been thinking about selling, contact me at 571-970-7195 or whitney@whitneyminnich.com, to learn about what you can do to sell your home quickly. 45% of Homes Sold in Less Than a Month DAILY REAL ESTATE NEWS | MONDAY, JUNE 29, 2015 Homes are spending less time on the market. Forty-five percent of homes sold in May were on the market for less than a month, according to the National Association of REALTORS®. On average, properties in May stayed on the market for 40 days. While that is up from 39 days in April, it still marks the third shortest time since NAR began tracking days on the  market in May 2011.  NAR's REALTORS® Confidence Index Survey showed that properties were selling in some of the shortest times -- within 30 days -- in Colorado, the District of Columbia, California, Texas, Oregon, Washington, Idaho, North Dakota, Kansas, ...
Read more

Sell Your Home with a 3D Tour

Image
I'm excited to announce that I'm now offering 3D tours as part of my services when working with clients to sell their house. The technology is amazing and allows potential buyers to experience home buying in a unique way. Check out an example by clicking on the image below. If you've been thinking about selling your house, it's the perfect time to start the conversation. Contact me today at 571-970-7195 or  whitney@whitneyminnich.com , to learn more.
Read more

Builders Bet on Luxe Townhomes to Win Over Young Buyers

Builders Bet on Luxe Townhomes to Win Over Young Buyers January 17, 2019 Builders across the country are betting on luxury townhomes to try to get more young adults into homeownership. Open floor plans, high ceilings, and upgraded amenities are features they hope will lure millennials to buy their first home. “When a lot of people think of townhouses, they think of these very narrow homes because the floors are stacked on top of one another,” Felix Bravo, a sales executive with Pordes Residential in Miami, told Forbes.com. He is selling townhomes up to 3,000 square feet starting at $900,000. “With the amount of space we have, they have a very open feel.” The amenities include a private rooftop terrace with a jacuzzi and outdoor kitchen. “The wow factor is how much space they have and how luxurious the interior is in terms of appliances, cabinetry, and the kitchen island,” says Bravo. “The second biggest wow factor is being able to go up to your own private roof...
Read more