A down payment on a house is money that a buyer will pay at closing, usually expressed as a percentage of the home’s total purchase price. The DiMora Team are real estate experts in the Northville and Novi neghborhoods and we know that a down payment isn’t a random number pulled out of thin air that you hope sounds impressive. Research and strategy are involved when deciding on a figure for a down payment, which will depend on your savings and how much you’re willing (and able) to finance. The median down payment for a house is around 12% for all buyers, 7% for first-time buyers, and 17% for repeat buyers. Down payment amounts have trended downward compared to 1989, when the median down payment for all buyers was 20%, with first-time buyers putting down 10% and repeat buyers putting down 23%. Check out below to see what sold in Blue Heron Pointe in December 2021:
18612 W. Blue Heron Drive, Northville: 3 bedrooms, 2.1 bathrooms, 1,865 sq. feet, 2 car garage, Sold Price: $459,900
Blue Heron Pointe Home Sold
December 2021
While most people have heard that 20% down is some kind of standard, many are unaware that it is possible to buy a home with as little as 3% down — or even no money down, depending on the loan requirements. For more information on Blue Heron Pointe, or similar Northville or Novi neighborhoods such as Country Club Village, The Villas at Northville Hills Golf Club and Island Lake Arbors, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.