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.

    Content previously posted on Keeping Current Matters

    Rajeev Vashist

    Serving Northern Virginia real estate needs for over 27 years – Rajeev Vashist has built his reputation through surpassing his clients’ expectations at every turn. Whether they are buying or selling, his knowledge of the local market is unparalleled and has proven to be advantageous in every transaction for his clients. Rajeev provides each client with extraordinary customer care and services, always implementing –cutting-edge technology in the process, which has earned him raving reviews from his past clients. His passion for real estate and focused determination has helped him excel in his career and afforded him with numerous achievement awards. Rajeev is recognized for consistently placing in the top one percent of all real estate professionals in America. Specializing in navigating the ups and downs of the Northern Virginia Real Estate market, his integrity, dedication, insight, and hard work are only a few of the reasons that over 98 percent of Rajeev’s business comes from repeat clients and referrals. His clients acknowledge the value of his unending, local expertise, negotiation skills, and exceptional personal attention– the level discriminating clientele expect and deserve.
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