62% of Buyers Are Wrong About Down Payment Needs

62% of Buyers Are Wrong About Down Payment Needs

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 | Keeping Current Matters

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. Meet with a local real estate professional who can show you your options today.

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If you are planning to buy or sell a home, you will need a good Realtor to navigate through the often complicated process. #ShubhAgent Your Trusted Realtor is fluent in English, Nepali and Hindi (Indian) and understands the unique needs of clients and is determined to provide superior service you deserve!

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Contact Info:

Aadit Sitaula #ShubhAgent
RealtyONE Group
CalBRE#02023960

Posted on October 7, 2019 at 6:19 pm
Aadit Sitaula | Category: Buying

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