Pixel ID: 275739503139554

62% of Buyers Are Wrong About Down Payment Needs

Dated: October 7 2019

Views: 39

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

Grant Reid

I am a South African expat living in the wonderful city of Cumming GA. I am a licensed real estate sales person and REALTOR in Cumming, GA. I have 30 years’ experience in running and managing severa....

Latest Blog Posts

It Pays to Sell with a Realtor Estate Agent

Some HighlightsToday, it’s more important than ever to have an expert you trust to guide you as you sell your house.From your safety throughout the process to the complexity of negotiating the

Read More

Will Mortgage Cost Remain Low Next Year?

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping 

Read More

Will Mortgage Cost Remain Low Next Year?

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping 

Read More

Will Mortgage Cost Remain Low Next Year?

In 2020, buyers got a big boost in the housing market as mortgage rates dropped throughout the year. According to Freddie Mac, rates hit all-time lows 12 times this year, dipping 

Read More