“Many first-time buyers still believe they need a 20% down payment to buy a home in today’s market.”
According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down payment to buy a home in today’s market:
“More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.”
When potential homebuyers think they need a 20% down payment to enter the market, they also tend to think they’ll have to wait several years (in some markets) to come up with the necessary funds to buy their dream homes. The report continues to say,
“The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” (as shown below):
The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.
Bottom Line
Don’t let a lack of understanding keep you and your family out of the housing market. Let’s get together to discuss your options today.
To view original article, visit Keeping Current Matters.
What’s Behind Today’s Mortgage Rate Volatility?
The best way to navigate this landscape is to have a team of real estate experts by your side.
Don’t Let These Two Concerns Hold You Back from Selling Your House
Working with a local real estate agent is the best way to see what inventory trends look like in your area.
More Homes, Slower Price Growth – What It Means for You as a Buyer
Having a real estate agent who knows the local area can be a big advantage when you start the buying process.
What’s Motivating Homeowners To Move Right Now
Selling your home isn’t just about market conditions or mortgage rates—it’s also about making the best decision for your lifestyle and future.
The Majority of Veterans Are Unaware of a Key VA Loan Benefit
VA home loans are designed to make homeownership a reality for those who have served our country.
Renting vs. Buying: The Net Worth Gap You Need To See
If you’re on the fence, it may be helpful to speak with a local real estate agent. They can help you weigh your options.