62% of Buyers Are Wrong About Down Payment Needs – Discover Living & Real Estate in Solano County

62% of Buyers Are Wrong About Down Payment Needs

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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 | MyKCM

The 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.

Serge Santos
Serge Santos
Serge Santos, is a Broker-Associate at RE/MAX Gold Elite Team, based in Fairfield, California, 18-year veteran of the real estate industry and has represented clients all over Solano and Sacramento areas in all sorts of real estate transactions, selling more than 400 properties representing both sellers and buyers. Active in the community, Serge is a long-time resident of Solano County for almost 20 years. He has extensive knowledge and experience in the local real estate market. As a client, you will benefit from Serge's in-depth knowledge of the local housing market and his "people-first" approach to business. He looks forward to helping you achieve your real estate goals.

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