Inventory continues to remain tight in California and it sounds like buyers are bringing more money to the table make their deal happen. Competition is strong and sellers are at an advantage. Multiple offers, prices above asking and no contingency requirements are fairly common now a days. It makes it difficult for those that don't have a lot of room to negotiate. Check out the following down payment levels:
Among 143 metro areas analyzed, the top five cities where residents paid the highest down payments in the fourth quarter of 2017 were in California:
San Jose, Calif.: $268,000
San Francisco: $174,500
Santa Rosa, Calif.: $123,450
Los Angeles: $119,800
Ventura, Calif.: $107,000
The share of loans backed by the Federal Housing Administration dropped to a three-year low, according to ATTOM Data Solutions. FHA loans accounted for 12 percent of all residential property loans originated in the fourth quarter of 2017, down from 12.3 percent a year ago and the lowest share since the fourth quarter of 2014.
Residential loans backed by the U.S. Department of Veterans Affairs comprised 6.6 percent of all residential property loans originated in the fourth quarter of 2017, down from 7.6 percent a year ago.
Source:ATTOM Data Solutions