A weekly review of recently sold homes in Wallingford PA and current market statistics.
There are 22 homes listed for sale – 13 Active listings and 9 Active Under Contract listings – in Wallingford PA and Nether Providence Township on June 22, 2021 with an average asking price of $415,109.
Skyrocketing home values may make it more difficult for buyers to put 20% down on a home, particularly for first-time home buyers and those finding themselves in intense bidding wars paying above asking price to get the home they want.
A 20% down payment on an entry-level single-family home in the Los Angeles area, for example, could reach levels of from $200,000 to $400,000. And bidding wars are pushing home prices even higher, requiring buyers to bring more funds to closing.
David Rae, a certified financial planner, wrote an article for Forbes.com about how first-time buyers who made a 5% down payment were able to keep bidding on the home, and paid about 33% above the asking price.
“Waiting for a larger down payment could mean missing out on their ideal home or what seems like an ever-increasing home price to base the 20% down payment against,” Rae notes.
But smaller down payments do mean larger mortgage payments, and they could lead to a higher interest rate. A 20% down payment can also help buyers avoid paying private mortgage insurance. But it’s not a requirement to get a mortgage—a myth the real estate market has long tried to dispute.
The average down payment among buyers is 12%, according to the “2021 National Association of REALTORS® Home Buyer and Seller Generational Trends” report. Younger buyer age groups tend to put down the least.
Mortgage rates are at historical low averages, helping to offset higher home prices and allow home buyers to save as they finance their home.
Lenders may have specific down payment requirements to get the best term mortgage interest rate given a buyer’s individual financial picture. But for conventional loans and the Federal Housing Administration, it is possible for a qualified buyer to snag a down payment as low as 3% or 3.5%.
“The reality is you can buy a home without a 20% down payment,” writes Rae for Forbes.com. “If you are just rushing out to buy a house without the ability to save for a down payment, you are asking for trouble. … For those with strong financial habits, stable incomes, and adequate savings, choosing not to put down 20% (or more) may sometimes be a wise choice.
View all Nether Providence Twp Homes For Sale
View all Homes Listed In The Last 7 Days
*DOM = Days On Market
10 Wallingford PA homes went under contract
7 new listings came onto the market
1 listing was withdrawn from the market
No listings were temporarily taken off the market
1 listing expired
51 homes are Under Contract at this time
11 Wallingford PA homes sold
|708 Blue Hill Road||SNG||4||2.1||$519,900||06/07/21||6|
|207 Sykes Lane||SNG||4||2.0||$625,000||06/08/21||4|
|322B Saybrook Lane||CONDO||2||1.0||$118,000||06/08/21||4|
|24 Mallard Mill Run||TOWN||3||2.1||$400,000||06/08/21||6|
|808 Ridge Lane||SNG||4||2.2||$628,500||06/10/21||14|
|800 Avondale Road #2M||CONDO||1||1.0||$139,000||06/11/21||15|
|11 Dale Lane||SNG||5||2.1||$650,000||06/11/21||4|
|701 Blue Hill Road||SNG||5||2.1||$617,000||06/11/21||4|
|858A Putnam Blvd||CONDO||2||1.0||$145,000||06/15/21||5|
|1366 Putnam Blvd||TOWN||2||2.1||$240,000||06/15/21||5|
|6 Kelly Lane||SNG||5||4.1||$905,000||06/15/21||6|
3 homes sold with a Seller Assist:
– 24 Mallard Mill Run – $1,000
– 701 Blue Hill Road – $1,500
– 1366 Putnam Blvd – $1,000
Wallingford PA Real Estate – Wallingford, PA 19086