Clarksburg MD | 69% of Buyers are Wrong About Down Payment Needs
Clarksburg MD Local Market Tidbits:
What can you say about our local Real Estate Market for this year?
I like to analyze it with a depth study and perspective to bring you the facts and insights that should matter to you.
If you are a buyer, you should proceed with caution in choosing existing homes vs new construction.
If you are a seller, you have major competition with new construction in the area and it is very important that your marketing should primarily highlight the benefits from your home's perspective.
Today I want to talk to you about 69% of Buyers are Wrong About Down Payment Needs
According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, 69% of mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.
Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.
If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream homes.
The greatest source of confusion cited in the survey results centered around down payments. The results are broken down in the chart below:
Rohit Gupta, CEO of Genworth Mortgage Insurance had this to say,
“While first-time homebuyers continue to drive the purchase market, we believe many are staying on the sidelines due to the misconception that a 20 percent down payment is required to secure a mortgage.
There are various low down payment options available today that allow prospective homebuyers to reach their dreams of homeownership sooner. It is crucial that, as an industry, we proactively educate eligible borrowers about solutions that will enable them to buy a home when they’re ready.”
Don’t let a lack of understanding of the home-buying process keep you and your family out of the housing market. Let’s get together to discuss your options!
The Clarksburg Maryland real estate market is uniquely hyper-local, meaning that you can't throw the latest sales numbers within local/national levels and expect meaningful results about its condition.
Buyers should be very observant about the trends and direction of the market before putting an offer for a house.
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