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Cypress Texas Real Estate

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Home buyer financing trends

January 12, 2018 by Christine

From Houston Agent Magazine – 

Across the country, both home prices and demand for homes grew in 2017, driven by low inventory. As supply and affordability can be a hurdle for some homebuyers, many are still optimistic about their ability to receive financing even as down payments around the country are decreasing.

According to the National Association of Realtors’ 2017 Profile of Home Buyers and Sellers, the typical down payment for first-time homebuyers fell from 6 percent in 2016 to 5 percent in 2017, which matches the lowest amount since 2013. However, the median down payment offered by all homebuyers was 10 percent.

Where are homebuyers getting the money for their down payments? Nearly 60 percent are digging into their personal savings while 38 percent used money from sales of their previous residence to help provide a larger down payment, and 16 percent of respondents received some help from family or friends.

When it comes to getting a mortgage, 88 percent of recent buyers financed their home purchase. Of all buyers, only 34 percent thought the mortgage application and approval process was difficult, which is down from 37 percent last year.

Of those who got a mortgage, 58 percent opted for a conventional mortgage and 34 percent of first-time homebuyers took out a low-down down payment, FHA-backed mortgage. This is up from 33 percent last year, which is an indication that more first-time homebuyers want to get into the market.

However, the main challenge for many first-time buyers is student debt, with 41 percent saying they had debt in 2017. The average debt balance grew from $26,000 in 2016 to $29,000 in 2017, and more than half owe at least $25,000. Nearly half of respondents who said saving for a down payment was difficult cited student loans as being the reason behind their inability to save.

“NAR survey findings on student debt released earlier this fall revealed that an overwhelming majority of millennials with student debt believe it’s delaying their ability to buy a home, and typically for seven years,” said Lawrence Yun, NAR chief economist. “Even in markets with a plethora of job opportunities and higher pay, steep rents and home prices make it extremely difficult to put savings aside for a down payment.”

(read more…)

 

Filed Under: General Information, Home Buying Tagged With: cy fair real estate, cypress texas real estate, cypress texas realtors, homebuyers downpayments, homebuying

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Christine Hebel
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Re/Max Cypress
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previous
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    14422 Leaning Aspen Court , Cypress

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  • Photo of 7615 Golden Thistle Lane, Cypress, TX 77433 (MLS # 91672387)

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  • Photo of 18203 Doral Rock Court, Cypress, TX 77433 (MLS # 7632236)

    18203 Doral Rock Court , Cypress

    Home size: 2,311 sq ft Lot size: 8,734 sqft Year built: 2006

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  • Photo of 12603 Whistling Wind Lane, Cypress, TX 77429 (MLS # 84661807)

    12603 Whistling Wind Lane , Cypress

    Home size: 2,343 sq ft Lot size: 8,799 sqft Year built: 1971

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  • Photo of 20634 Bouganvilla Blossom Lane, Cypress, TX 77433 (MLS # 84841893)

    20634 Bouganvilla Blossom Lane , Cypress

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  • Photo of 12022 Silverwood Bend Lane, Cypress, TX 77433 (MLS # 32140051)

    12022 Silverwood Bend Lane , Cypress

    Home size: 5,000 sq ft Lot size: 16,670 sqft Year built: 2005

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    17710 Safe Haven Drive , Cypress

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    12915 Cloverwood Drive , Cypress

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    12922 Tall Spruce Drive , Cypress

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    14019 Fosters Creek Drive , Cypress

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    12711 Devotion Lane , Cypress

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    7124 Little Creek Court , Cypress

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    12942 Lake Parc Bend Drive , Cypress

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    14614 Birchwood Falls Trail , Cypress

    Home size: 2,564 sq ft Lot size: 6,360 sqft Year built: 2017

    Listed with K. Hovnanian of Houston II, LL

    4 beds 3 baths $284,995

  • Photo of 12711 Devotion Lane, Cypress, TX 77429 (MLS # 48458512)

    12711 Devotion Lane , Cypress

    Home size: 3,658 sq ft Year built: 2018

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  • Photo of 14919 Miller Meadows Lane, Cypress, TX 77433 (MLS # 45487630)

    14919 Miller Meadows Lane , Cypress

    Home size: 2,332 sq ft Lot size: 5,262 sqft Year built: 2014

    Listed with BHGRE Gary Greene

    4 beds 2.1 baths $220,000

  • Photo of 8243 Stratford Canyon Drive, Cypress, TX 77433 (MLS # 37096031)

    8243 Stratford Canyon Drive , Cypress

    Home size: 2,142 sq ft Lot size: 6,756 sqft Year built: 2007

    Listed with RE/MAX Fine Properties

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    20339 Tarpon Bay Lane , Cypress

    Home size: 4,511 sq ft Lot size: 9,356 sqft Year built: 2015

    Listed with NextHome Realty Center

    5 beds 3.1 baths $475,000

  • Photo of 16606 Hamilton Park Drive, Cypress, TX 77429 (MLS # 57715890)

    16606 Hamilton Park Drive , Cypress

    Home size: 4,200 sq ft Lot size: 26,541 sqft Year built: 2001

    Listed with RE/MAX Vintage

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  • Photo of 14903 Violet Willow Court, Cypress, TX 77429 (MLS # 17420723)

    14903 Violet Willow Court , Cypress

    Home size: 2,204 sq ft Lot size: 7,663 sqft Year built: 2016

    Listed with Champions Real Estate Group

    3 beds 2.1 baths $286,000

  • Photo of 17935 Alora Springs Trace, Cypress, TX 77433 (MLS # 40961001)

    17935 Alora Springs Trace , Cypress

    Home size: 2,310 sq ft Lot size: 5,880 sqft Year built: 2017

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  • Photo of 19327 Hays Spring Dr, Cypress, TX 77433 (MLS # 55719270)

    19327 Hays Spring Dr , Cypress

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  • Photo of 16627 Hope Farm Lane, Cypress, TX 77429 (MLS # 33087324)

    16627 Hope Farm Lane , Cypress

    Home size: 3,501 sq ft Lot size: 9,600 sqft Year built: 2000

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