The Eastside Real Estate Team Blog - Recently posted or modified blog posts by tag - Down Paymentshttps://www.theeastsiderealestateteam.com/blog/Copyright TheEastSideRealEstateTeam.com2019-10-07T10:25:29-07:00tag:theeastsiderealestateteam.com,2012-09-20:212462% of Buyers Are Wrong About Down Payment Needs<img width="750" height="410" src="https://files.mykcm.com/2019/10/03065907/20191007-Share-KCM.jpg" class="attachment-entry size-entry wp-post-image" alt="62% of Buyers Are Wrong About Down Payment Needs | MyKCM" srcset="https://files.mykcm.com/2019/10/03065907/20191007-Share-KCM.jpg 750w, https://files.mykcm.com/2019/10/03065907/20191007-Share-KCM-600x328.jpg 600w, https://files.mykcm.com/2019/10/03065907/20191007-Share-KCM-100x55.jpg 100w" sizes="(max-width: 750px) 100vw, 750px" style="font-size: 17px;" />
According to the ‘<a href="https://www.nerdwallet.com/blog/2019-home-buyer-report/" title="2019 Home Buyer Report" target="_blank" rel="noopener noreferrer">2019 Home Buyer Report</a>’ 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 <a href="https://www.simplifyingthemarket.com/2019/04/29/how-quickly-can-you-save-your-down-payment/?a=68168-7059900b3ff0cac2ba0f2347cfa32e5b" title="wait several years" target="_blank" rel="noopener noreferrer">wait several years</a> (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):
<a href="https://files.simplifyingthemarket.com/2019/10/03065937/20191007-MEM.jpg?a=68168-7059900b3ff0cac2ba0f2347cfa32e5b" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-89655" src="https://files.mykcm.com/2019/10/03065937/20191007-MEM.jpg" alt="62% of Buyers Are Wrong About Down Payment Needs | MyKCM" width="600" height="450" /></a>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.
2019-10-07T10:15:00-07:002019-10-07T10:25:29-07:00Lorenz Laurito