Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but also review different food every month! This month’s snack is… Alejandro’s tortilla chips! In this episode, we’ll be informing you of down payment misperceptions that current potential homebuyers are believing. According to Realtor Magazine, the majority of home buyers—87%—finance their home purchase. But what we are finding is that some potential buyers may delay their purchase due to myths over down payment requirements. Thirty-five percent of consumers believe they need a down payment of 16% to 20% of the purchase price. According to the National Association of REALTORS®, ten percent believe they need more than 20% for a down payment. Jessica Lautz, NAR’s vice president of demographics and behavioral insights states, “for first-time home buyers, the average down payment over the last three years has ranged between 6% and 7%”. For repeat buyers, the typical down payment was 17% last year, according to NAR. The down payment among those buyers has been rising over recent years as home equity for owners has grown. Many repeat buyers roll the equity from the previous home into buying their next home. Buyers in today’s market have several options when it comes to their financing. So if you are someone who is even slightly interested in learning more about where they stand in the home buying process, then we at Suburban would love to help! The more work we do, the more we realize that buyers are simply misinformed and uneducated when it comes to the buying process. And we at Suburban are striving towards educating people who have the dream of homeownership. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our new website at suburbanrealestategroup.com. Also, make sure to follow us on Facebook, Instagram, and YouTube all at SuburbanRealEstateGroup. Thanks for watching, my name is Cade Olof and we will see you in the next one!
Suburban Real Estate Group2023-01-30T09:07:52-07:00February 12, 2022|Suburban Snacks|
Share This Story, Choose Your Platform!
About the Author
Suburban Real Estate Group
Our team of experienced agents have facilitated the transfer of nearly $80 Million worth of Real Estate and currently manage over $30 Million worth of rental properties. By using the latest technology available in the industry, combined with their family values, buyers, sellers, and property owners can rest assured that their best interest is Suburban’s number one priority.
What Is the Future of Real Estate?
February 24, 2023
Leave A Comment
You must be logged in to post a comment.