Are down payments really rising?

There may be a completely different story behind the numbers.

According to data compiled by Redfin Corp. from 25 of the largest metro areas, the median down payment for the least expensive 25 percent of properties sold in 2013 was about $3,400 more than in 2007. And, down payments rose fastest for lower priced homes.

down payments rose fastest for low priced homes

Interest rates remain incredibility low, but it seems to be more difficult to become a homebuyer. Challenges such as increased fees for FHA loans, higher down payments for conventional loans, tighter credit and less supply are certainly contributing factors.

But, is there more at play here?

A big part of the problem is that many first-time homebuyers, who would be looking at starter homes with lower prices, have self selected themselves out of the home buying process. They fear high down payments, not getting approved and bidding wars. loanDepot’s consumer survey found that the fear of rejection drove almost half of today’s potential homebuyers from the housing market.

In fact, there are low down payment options and even homeownership programs that can help fund down payment and closing costs. However, those living with their parents or recommitting to a more expensive rental agreement don’t know affordable options are available through homebuyer programs and housing finance agencies. keep reading

Top 3 reasons we’re attending Real Estate Connect

Real Estate Connect creates the two biggest real estate technology gatherings of the year. But, it’s much more than that.  As regular conference attendees, we know it’s about new ideas, debates, consumer issues, and connecting with old and new friends. All of which have enhanced the trajectory of our entrepreneurial company.

Here are the top three reasons we wouldn’t miss it this year:

Startup Alley: Every company started somewhere! We appreciate the opportunity to talk to new startups who are solving problems, improving customer experiences and developing new technologies. In 2009, we were one of those start ups—one of 16 in the first ever Startup Alley. The event inspired a strategic decision to integrate Down Payment Resource into MLS property data, which became our core service. (Check out our list of partners today!)

2014 Innovator Awards: We were thrilled to be named the 2011 Most Innovative Technology. We wouldn’t miss this year’s presentation to get to know the up and coming people, businesses and technologies that are improving the way we do real estate.

User experience sessions: We look forward to taking in sessions dedicated to leveraging technology to improve the customer experience. What can we do to attract more homebuyers? keep reading

Down Payment Resource welcomes two new markets

We begin the New Year by bringing Down Payment Resource to two new markets. Down Payment Resource (DPR) is now available in the mid-Michigan market through the Greater Lansing Association of REALTORS® (GLAR) and DPR will soon be available in Corpus Christi, Texas through the Corpus Christi Association of REALTORS® (CCAR).

GLARWith GLAR’s 100-year history of serving the real estate interests in its market, we are excited to work together to bring DPR to its 1,800 members. All assistance-eligible property listings will display the DPR logo, allowing Realtors to view and easily share the information with their clients and invite them to complete a short survey that will match them with available programs.  DPR will also appear on eligible listings on GLAR consumer home search website, glaronline.com, helping to provide even greater awareness about down payment assistance programs. More than 88 percent of listings in mid-Michigan are eligible for one or more down payment assistance programs.

Corpus ChristiCCAR will integrate Down Payment Resource into their Coastal Bend MLS property listing data informing eligible buyers about a wide variety of programs that can help them save on down payments and closing costs. Homebuyers will also be able to find down payment assistance eligible properties when searching via www.coastalbendlifestyle.com keep reading