“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.
How to Navigate a Market Where Multiple Offers Is the New Normal
To help you navigate bidding wars with multiple offers, an expert real estate advisor is key.
How Global Uncertainty Is Impacting Mortgage Rates
Rates will likely fluctuate in the short-term based on what’s happening globally.
Why It’s Critical to Price Your House Right
There are several factors that go into pricing your house and balancing them is the key.
An Expert Advisor Will Give You the Best Advice in Today’s Market
It’s critical to have an expert on your side who’s well versed in navigating today’s rapidly changing market.
Millennials: Do You Need a Home with More Space?
The past two years brought about significant changes for many people, and homeowners are reevaluating what they truly need in a home.
The Perks of Owning More Than One Home
With the rise in remote work, more people are reconsidering where they want to live and second homes give them greater flexibility.