[city] mortgage
With home values projected to rise in every major U.S. metro in 2018, a 20% down payment will cost thousands of dollars more, according to Zillow’s home value forecasts.

A year from now, the median U.S. home will be worth $6,275 more.

In hot markets such as San Jose, Calif., home values will increase another $35,934, the largest rise in dollar volume of all major cities, followed by Washington, D.C., where prices will cost about $23,651 more next year.

When looking at year-over-year change, home prices in Las Vegas will face the greatest rate of appreciation, where they will grow 5.9%. Currently, a consumer will need an average of $46,720 for a 20% down payment in Las Vegas, but will need $2,746 more for a down payment there a year from now.

“Sky-high rents and rising home prices are putting first-time buyers in a bit of a Catch-22. Buying now with a low down payment can be riskier, and the offer may not be considered as competitive by the seller. However, a renter who saves for another year to reach a larger down payment may find that the home they love today is outside their budget a year from now,” said Svenja Gudell, Zillow’s chief economist, in a press release.

“For those considering buying in the next year, getting into the market today may make more financial sense than they think.”

Currently, more than half of first-time buyers, or 59%, are putting less than 20% down on a home purchase.

Article originally appeared on National Mortgage News

Questions? Contact [name] Today!

What's Your Home Worth?

Get your FREE, instant valuation now!

Get Home Value

Sold Reports

Get your FREE Sold Home Report for homes in your area!

Subscribe
Apply Free Home Valuation Sold Home Alerts Questions?
X

Give us a call today @ [phone] or fill out the quick form below and we will follow up with you asap!

Powered by Lenderd.com

Contact [name] Your local [city] area mortgage professional.
[address]
[city], [state]
Phone: [phone]
Fax: [fax]
Get Directions

NMLS#[nmls]