Warning: count(): Parameter must be an array or an object that implements Countable in /home/reelevated/public_html/wp-includes/post-template.php on line 275

62% of Buyers Are Wrong About Down Payment Needs

 In Blog Post, Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers

62% of Buyers Are Wrong About Down Payment Needs | Simplifying The Market

Contrary to common misconception, a down payment is often much less than many believe.

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):

62% of Buyers Are Wrong About Down Payment Needs | Simplifying The MarketThe 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.

Content previously posted on Keeping Current Matters

Powered by WPeMatico

Eric Auger, Entrepreneur, Innovator and Realtor. If you enjoyed this content and are ready to take the next step, you can find out how much your house is worth in minutes here or you can start your home search using the fastest listing notifiation system in the industry here. (faster than Zillow, Realtor dot com and Trulia)
Recent Posts

Warning: count(): Parameter must be an array or an object that implements Countable in /home/reelevated/public_html/wp-includes/class-wp-comment-query.php on line 405

Leave a Comment