62% of Buyers Are Wrong About Down Payment Needs

I came across some really interesting information about first-time buyers and I wanted to share this information with YOU!

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.”

Can you believe that?

When a potential homebuyer thinks 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. This 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. Do your research or please contact me if you have any questions about buying a home. I have been in this business for quite some time and would love to share my knowledge with you.

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.