How Homebuying is Changing

Redfin released a report analyzing down payments and home purchases through the month of January. The typical homebuyer made a $42,000 down payment, the lowest level in nearly two years.

Here are other homebuying stats from January:

• Nearly one in three home purchases were paid for with all cash, up 29.7% year-over-year. This is the highest share in nine years.

• 16% of home sales used an FHA loan, up 13.3% year-over-year. This is the highest share since April 2020.

• The share of sales using VA loans climbed to 7.5%, their highest level in more than two years

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Our take

Macroeconomic conditions have caused homebuyers to get creative. It’s our responsibility as agents to help our clients understand what they can and can’t afford. Our strong relationships with lenders, allows us to understand all the options that are available for our clients. We know several lenders and rely heavily on them for advice.

If you’re planning to buy or selling your house, work with a real estate professional so you have the expert insights you need to make the best possible move today and we would love to assist, please fill out the form below.

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We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors who are community leaders, and customer-service-oriented staff. Whether you’re looking to find a new home, sell your home, or invest in your future; let us be your trusted real estate advisors.

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