At Housley Homes, we serve those looking to buy or sell in the St. Croix Valley area and help you through each step of the process. This blog is a collection of posts including design tips for your home, current market trends and just a creative outlet for me to stay connected to all of you!
62% of Buyers Are Wrong About Down Payment Needs
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):
The lack of knowledge about the home-buying process is unfortunately keeping many motivated buyers on the sidelines.
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.