So, while I don’t like to use the term “triplex” because it is misleading, as an investment that is what I am offering.
If you’re shopping for a mortgage right now, chances are you’ve heard a lot of opinions about how much you should spend on a down payment. Many people think that the more you can spend on a down payment the better, but there are some factors at play that may dissuade you from making a large down payment. Keep reading to find out what it really means to make a small or large down payment on a home.
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NATIONAL
Existing Homes
At the national level, NAR says current price growth rate is not sustainable. Home prices have increased 48% over the past 6 years, while wage rates have increased only 14%. Many fear this is leading to the bursting of another bubble.
Financing
Rates are trending up and expected to be at 5% by year end. But those who feel the sky is falling should keep in mind, that the 30 year historical average rate is 8%.
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Housing prices in most parts of California and the country have returned to or exceeded previous highs attained in the 2006-2008 market peak, and many are beginning to ask if we are in another bubble that will see a collapse of housing prices similar to what happened 10 years ago.
My sense of the market is that we are not in danger of a collapse in housing prices, but we face a much more insidious problem.
10 years ago home prices were escalating rapicly and people felt they needed to buy now or be left out of the market. The home finance industry created some very innovative loans that allowed people to qualify to buy homes they simply were not qualified to pay for...
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