Real Estate, Updates, News & Tips

The majority of buyers who obtained a mortgage last year made a down payment of less than 20 percent, according to the National Association of REALTORS®’ 2017 Profile of Home Buyers and Sellers. The median down payment in 2017 was 10 percent, according to the report. The bulk of buyers’ down payments came from their personal savings, but a fraction also came from the sales proceeds of a previous residence or assistance from family or friends. Among first-time buyers, 61 percent made an average down payment of zero percent to 6 percent, according to the November 2017 REALTORS® Confidence Index Survey. Source: “61 Percent of First-Time Buyers Made a Low Downpayment in November 2017,” National Association of REALTORS® Economists’ Outlook blog (Jan. 2, 2018)