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: 461 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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"I was a 1st time home buyer, and Pam Caywood is now and forever will be my personal realtor. If you need a realtor to buy or sell a house, Pam is the realtor to contact. She has the amazing ability to make the stressful process of closing on a home go as smooth as possible. During my closing process she made me aware of details I would not have thought of. From looking at the very first house to the closing date process, she made certain to be there right beside me on top of every situation. She kept in constant contact with me, keeping me informed of all the information required by me, for or from the listing agent and the lender. When I needed to make decisions and I was unclear of what option to make, she was very informative and knowledgeable with the details about each and every step. She never made me feel like she was just in it for the sale. She really cares that you are happy with the end result."