Average Down Payment On Houses Drops

  • “One silver lining of high mortgage rates and economic turmoil is that they’ve slowed competition,” Redfin Senior Economist Sheharyar Bokhari said in a statement.
  • “That means buyers are often able to purchase a home without facing a bidding war and don’t need to fork over a huge portion of their savings for a down payment to grab sellers’ attention. Today’s buyers are also able to save money in other ways: Nearly half of sellers are offering concessions, like helping pay for a mortgage-rate buydown or covering closing costs, to attract buyers.”
  • Home prices and median down payments had soared over the past three years as competition for properties accelerated.
Click to read full article

Sign Up for Our Newsletter

Join our list!

Sign up here to get our daily newsletter with the top trending headlines.