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U.S. Homebuyers Put Up Biggest Down Payments In 20 Years

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Misleading at least for my local market. The current trend is for a buyer to write an offer for, say $15k over the asking price of the home, then request the seller provide that $15k in the form of a concession to be applied at closing towards closing costs and down payment.

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3 hours ago, AdamC said:

Misleading at least for my local market. The current trend is for a buyer to write an offer for, say $15k over the asking price of the home, then request the seller provide that $15k in the form of a concession to be applied at closing towards closing costs and down payment.

Fraud seems not to be the way to embark on perhaps the largest and longest financial arrangement most people will ever have in their lives.

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5 hours ago, AdamC said:

Misleading at least for my local market. The current trend is for a buyer to write an offer for, say $15k over the asking price of the home, then request the seller provide that $15k in the form of a concession to be applied at closing towards closing costs and down payment.

?? not misleading as it is referring to a national average and not an average for your market where it sounds like fraud is rife.

 

 

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I would attribute it to the large numbers of people pouring out of New York and California.  New York is listed as the most expensive city in the US and California has 5 of the other top ten slots including #2 for San Francisco. That equates to real estate prices that are at least one third higher if not more in the states they relocate to. Their purchasing power is much greater with the funds they come in with. 

 

We are seeing that here in Vegas now.  Despite the death rattle on our economy and a looming second covidiocy shut down Californians are flooding across the border trying to escape Gruesome Newsome and their taxes creating a huge seller's market.  A friend who is a high end real estate agent said every weekend there is a line of cars with California tags waiting to get in to the open house showings in the Ridges and Red Rock Country Club but the inventory just isn't there.  If you don't have cash for a purchase you are literally out of luck because a half dozen or more other buyers do.

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How very.
 

Borrowers put up 6.6% of the median sale price of homes financed in the quarter, up from 4.7% a year earlier and the highest level since 2018. The median loan amount in the quarter of $275,500 was the highest since 2000, up 24% from the third quarter of last year.

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Buyers from CA are scooping up every damn house that barely has a sale sign, and with cash.

 

The housing inventory is very low and local buyers cant get a house for the life of us, cant compete with CA cash.

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