The Monica Foster Team
Menu
  • Home
  • Buyers
    • Close
    • Properties
      • Search For Homes
      • Request Home Search
      • 24/7 Virtual Open Houses
      • Our Listings
      • New Listings
      • Home Walkthroughs
    • Buyers
      • Buyer Representation
      • Luxury Home Buying
      • New Home Construction
      • Virtual Buying
      • Market Snapshot
      • American Dream TV
    •  
      • Cities / Neighborhoods
      • Schools
      • Relocation
      • Short Sales & Foreclosures
      • Trusted Lenders
    • Buyer Resources
      • Buyer Videos
      • Millennial Home Owner Guide
      • Community & School Reports
      • Area School Districts Facts
      • When Choosing a Home
      • Buyer Negotiation Process
      • Housing Programs
    •  
      • Buying a Home Guide
      • Property Disclosures
      • Ready to Buy
      • Ready to Move
      • Final Walkthrough Checklist
      • Homestead Exemption
      • Real Estate Flow Chart
    •  
      • Title Policy Rates
      • Contract to Close Process
      • Who Pays What?
      • Owning a Home
      • Mortgages
      • Mortgage Rates
      • Property Tax Records
    • Close
  • Sellers
    • Close
    • Sellers
      • Selling Your Home
      • Virtual Selling
      • Luxury Home Marketing
      • Market Snapshot
      • American Dream TV
    •  
      • Value My Property
      • Easy Home Offer
      • Home Offer Consultant
      • Short Sale
      • Expired Listing
      • Relocation Company
    •  
      • Selecting Your Agent
      • Professional Photos
      • 3-D Tours
      • Home Staging
      • Virtual Staging
    • Seller Resources
      • Seller Videos
      • Ready To Sell
      • Priced To Sell
    •  
      • Selling Your Home Guide
      • Ready To Move
      • Contract to Closing
    •  
      • Who Pays What?
      • Remodeling
      • Real Estate Flow Chart
    • Close
  • Raving Fans
  • About
  • Contact
    • Close
    • Social
      • Facebook
      • Twitter
      • Pinterest
    •  
      • Social Wall
      • Blog
      • YouTube
    • Help
      • Ask Us
      • Refer Us
      • Join Us
    • Close

Realty Blog By Monica

62% of Buyers Are Wrong About Down Payment Needs

1
October 7, 2019 - General Information

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.

Source: simplifyingthemarket.com

Monica Foster October 7, 2019
Tags:   Buying MythsDown PaymentsFirst Time Home BuyersFor BuyersHousing Market UpdatesMove-Up Buyers

RELATED POSTS

ONE COMMENT

  1. Debbie Casey Peeples
    Debbie Casey Peeples
    October 7, 2019  - Reply

    Another great and very informative article.

Leave a comment Cancel reply

Your email is never published or shared.

SubscribeSubscribe to Blog

Recent Posts

  • Things to Avoid after Applying for a Mortgage [INFOGRAPHIC]
  • Why Right Now May Be the Time to Sell Your House
  • Will Forbearance Plans Lead to a Tsunami of Foreclosures?
  • 4 Reasons People Are Buying Homes in 2021
  • What Does 2021 Have in Store for Home Values?

Categories

  • Credit
  • Curb Appeal
  • Decor
  • Financing
  • General Information
  • Green Living
  • Home Buying
  • Home Inspections
  • Home Ownership
  • Home Selling
  • Home Staging
  • Home Walkthrough
  • Insurance
  • Lifestyle
  • Local Area
  • Market Conditions
  • Marketing
  • Mortgage
  • Moving
  • New Construction
  • New Listings
  • News
  • Parks and Recreation
  • Property Taxes
  • Quality of Life
  • Remodeling/Home Improvement
  • Rent vs. Buy
  • Schools
  • Sold Listings

Archives

Our Social Networks

Our Social Networks

Brokered by eXpRealty

Certified Residential Specialist
Accredited Buyer Representative
Certified New Home Specialist
Accredited Staging Professsional
Certified Luxury Home Marketing Specialist
Seller Representative Specialist

Monica M. Foster

Monica M. Foster
The Monica Foster Team

Houston – Clear Lake – Seabrook
League City – Friendswood
Pearland – Galveston

Main: 346.202.7307

Contact Us

© 2020 Realty By Monica, LLC  • 

Terms of Use  •  Privacy Policy
Texas Real Estate Commission Information About Brokerage Services
Texas Real Estate Commission Consumer Notice