Quick Look at Home Financing Trends
2013 was a great year for home sellers in our area of California. With low inventory levels and strong buyer demand, prices went up and homes were for the most part, sold very quickly.
Let’s take a look at some numbers for home buyers. According to the California Association of Realtors, California home financing trends showed that most home buyers opted for a 30 year fixed-rate loan.
- 91% of California Home Buyers financed their home in 2013.
- 85% of California Home Buyers obtained a 30 year loan.
- 83% of California Home Buyers had no issues with their appraisal.
- The average down payment was 25%.
I don’t find these numbers to be too surprising, but it can be difficult to compare all of California to our area in Walnut Creek. As many home buyers probably experienced, there were a lot of all-cash deals or deals that were mostly cash with little financing. So if I had to say one stat that surprised me, I thought the average down payment would have been higher. But again, depends on the area. Even different neighborhoods will have drastically different performance. In terms of Walnut Creek Neighborhoods, Saranap is going to perform differently than Parkmead. Livorna Estates will be different than Walnut Heights. And Tice Valley will be different as well.
The above numbers are summarized by the image below, courtesy of the California Association of Realtors.
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