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62% of Buyers Are Wrong About Down Payment Needs

Monday, October 7, 2019   /   by Juan Grimaldo

62% of Buyers Are Wrong About Down Payment Needs

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.


Keller Williams Realty Professional Partners - The Grimaldo Group
Juan Grimaldo
7025 West Bell Road #10
Glendale, AZ 85308
480-365-8346

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