62 Of Buyers Are Wrong About Down Payment Needs

Dated: October 7 2019

Views: 175

62% of Buyers Are Wrong About Down Payment Needs

62% of Buyers Are Wrong About Down Payment Needs | MyKCM

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 | MyKCMThe 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.

Blog author image

Jennifer Dorn

Jennifer Dorn is an Associate Broker with Berkshire Hathaway HomeServices Select Realty (BHHS Select Realty) and served as the Managing Broker for both Realty World Select (RWS) and BHHS Select Realty....

Latest Blog Posts

Knowledge Is Power On The Path To Homeownership 12012020

Knowledge Is Power on the Path to HomeownershipHomeownership is on the goal list for many young adults, but sometimes it’s hard to know exactly how to get there. From understanding the homebuying

Read More

Knowledge Is Power On The Path To Homeownership

Knowledge Is Power on the Path to HomeownershipHomeownership is on the goal list for many young adults, but sometimes it’s hard to know exactly how to get there. From understanding the homebuying

Read More

5 Tips For Homebuyers Who Want To Make A Competitive Offer 11302020

5 Tips for Homebuyers Who Want to Make a Competitive OfferToday’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited

Read More

5 Tips For Homebuyers Who Want To Make A Competitive Offer

5 Tips for Homebuyers Who Want to Make a Competitive OfferToday’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited

Read More