“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 You Should Know About Rising Mortgage Rates
If you stay the course, you’ll likely face less competition among other buyers when you’re looking for a home.
The Two Big Issues the Housing Market’s Facing Right Now
The biggest challenge the housing market’s facing is how few homes there are for sale. Here’s a look at why.
Spring into Action: Boost Your Home’s Curb Appeal with Expert Guidance
Remember to lean on your trusted real estate advisor for the best advice on the updates you should invest in.
Wondering What’s Going on with Home Prices?
U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached last summer.
Why It’s Easy To Fall in Love with Homeownership
Over the last few years, we’ve fully embraced the meaning of our homes as we spent more time than ever in them.
What You Should Know About Closing Costs
Understanding what closing costs include is important, but knowing what you’ll need to budget to cover them is critical, too.