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):
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.
REAL ESTATE ARTICLES
- Feeding St. George Families During Covid Crisis & Real Estate Spectacle
- Real Estate Chaos: What do you do with 21 offers on your house?
- St. George Real Estate (Foreclosure) Halloween!
- The Social Dilemma, how Social Media actually affects the Real Estate Market
- The #1 Thing You Can Do Now to Position Yourself to Buy a Home This Year