• HOME
  • Search For Homes
    • Detailed Search
    • Search by Area
      • Beaches
      • East County
      • North County
      • South Bay
    • Map Search
    • Browse By City
    • Existing Users
    • Luxury Homes
  • Information
    • Information for Home Buyers
      • Guide for Home Buyers
    • Information for Home Sellers
      • Guide for Home Sellers
    • Information and News
  • About Me
    • Why Choose Me
  • Contact
    • Call Now

62% of Buyers Are Wrong About Down Payment Needs

62% of Buyers Are Wrong About Down Payment Needs | Simplifying The Market

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):

62% of Buyers Are Wrong About Down Payment Needs | Simplifying The MarketThe 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.

SHANNON ANDERSON

REALTOR®, RMS, SFR, SRES

CA DRE #01380510

619-261-1133

iPRO REAL ESTATE

CA DRE #01942838

888-603-4776

 

  • Facebook
  • LinkedIn
  • Phone
  • Twitter
  • YouTube
Copyright © 2000-2022 ShannonAnderson.com - All information provided is deemed reliable but is not guaranteed and should be independently verified.
Properties subject to prior sale or rental. Our privacy policy.