Down Payment Needs

Dated: 10/08/2019

Views: 5

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.

Latest Blog Posts

Homeownership

Homeownership is the Top Contributor to Your Net WorthMany people plan to build their net worth by buying CDs or stocks, or just having a savings account. Recently, however, Economist 

Read More

Down Payment Needs

62% of Buyers Are Wrong About Down Payment NeedsAccording to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, many first-time buyers still believe they need a 20% down

Read More

How To Be A Great Seller

This all goes back to the Golden Rule to  "Treat others the way you want to be treated."  The same applies to Sellers.  Now I am not talking about giving Buyers the moon or

Read More

Home Inspection

Buying a Home Inspection is an absolute must when purchasing a home.  Imagine buying a home without knowing about the condition of the roof, HVAC, electrical or foundation or if it

Read More