Real Estate: Average Down Payment by State

The average size of down payments by state usually follows prices, as a rule of thumb. These figures tell us a bit more:

Down payments are:

Highest in California, with a 21.44% average DP (about $97.8k)

And                 Hawai, with a 21.32% average DP (about 69.9k)

Lowest in Alaska, with a 15.4 % average DP (about 36.4k)

And                 West Virginia at 15.4% average DP (about $21.4k)

And                 Mississippi at 15.8% average DP, averaging $22.9k.

This information is provided by the digital loan sourcing site LendingTree, and is reported by Alcynna Lloyd of HousingWire in her article dated Oct 26, 2018.

LendingTree also shows the following graph, which recaps the subject pretty well:

As always, thank you for reading, and share if you like!
Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   steady...  (stock market volatility...)

Interest Rates Above 5?

It's hard to believe but interest rates are not that high, when you look at them with a 10 or 20-year perspective..

Click on picture to see a larger version.

Of course, we are now used to paying little when we take on a mortgage, and who did not refinance in the past 8 years?  So it looks expensive now to consider a new mortgage - but 10 years ago we were looking at around 6%.
We all hope we don't go back there...

Still, a majority of renters say they want to buy, according to a survey by the National Association of Realtors (NAR).

Thanks for reading,
Francis

Home Valuation tool
Detailed, local trends etc...
Current mortgage rates   (slight regular uptick)
A worthy local non-profit to remember: Second Harvest Food Bank Santa Clara County.

Real estate no longer top investment choice for Americans

Real estate no longer top investment choice for Americans?  (Source: Housing Wire)

Americans are beginning to shift their investments to other areas as real estate fell not one but two spots from being the top investment choice back in 2016.

Americans across all ages said that real estate is their third pick for the investment of money they won’t need for more than 10 years, according to a survey by Bankrate.

The survey showed 32 percent of American prefer to invest in stocks, followed by 24 percent percent who say cash investments is best and 22 percent in real estate. This is down from 2016, when real estate was the No. 1 choice. In fact, Bankrate explained that this is the first time in four years that respondents didn’t favor real estate as their top choice. “For investment horizons of longer than 10 years, the stock market is an entirely appropriate investment,” Bankrate Chief Financial Analyst Greg McBride said. “Cash is not, and especially if you’re not seeking out the most competitive returns.”
The majority of Americans actually favor investing in the stock market, including 33 percent of Gen Xers, 38 percent of Baby Boomers and 44 percent of the Silent Generation, however Millennials favored cash investments. The survey showed 30 percent of Millennials said cash is their favorite long-term investment.

My concern: have people given up on their homeownership dreams? I am not sure this is the case. But the article was written in July of 2018, and the stock market was very high, and had been going up consistently.  We can safely assume this is not always going to be the case in the future, which may in turn change those stats.

See the whole article by Kelsey Ramirez, Reporter at HousingWire.  

Thanks for reading,

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates  

A worthy local non-profit to remember: Second Harvest Food Bank Santa Clara County.

Buyers and Lenders...

Are you thinking of purchasing a home soon?  Do you need a loan?

Here are some interesting statistics, from the California Association of Realtors.

The Take-Away: buyers should have chosen their loan, and their lender before starting their home search, as it is an important part of the decisions they have to make relative to the whole process.  Their search will depend in part on what they find out with their lender.

Thank you for reading!  If you like my blog, share it! ;-)

Francis

Home Valuation tool

Detailed, local trends etc...

Current mortgage rates   (slightly up....)