Coming up with a down payment strategy can be difficult for some buyers – especially first-time home buyers who don't have the benefit of a home to sell. In fact, among first-time home buyers, nearly 60 percent put less than 20 percent down on their house. And while that can be a good option for some buyers, it does have downsides. For one, smaller down payments typically mean you'll have to pay mortgage insurance. It also means you may be edged out when making an offer on a home. Data from Zillow shows that buyers with larger down payments are more likely to get their offer accepted. On the other hand, waiting to save a larger down payment means risking an increase in home prices that makes it so you can't afford next year what you could afford right now.
What is the best move for today's buyer? Well that depends a lot on their personal financial situation and how much they already have saved. But, according to Zillow, the median home will be worth just over $6,000 more next year at this time – which means you'll have to save an additional $105 per month to cover the rise in prices
Author:Tim Stoll Phone: 214-868-2959 Dated: November 16th 2017 Views: 413 About Tim: It’s hard to find another real estate agent in Dallas who is as hard working, honest, experienced ...
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JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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"Kimberly has helped me find a temporary place, until I am ready to buy a home and is also assisting me through this process as well. I haven't met anyone who takes the time out as much as she does, even though I haven't yet bought a home, and she is fully aware that I am not yet ready, nor is she pushing me. I just really feel as though, she really has the knowledge of the industry and what it really out there. I am so happy we now have the resources to find such great realtors as Kimberly, and I look forward to purchasing my future home with her.