Consumers have traditionally believed that on today’s market, a 20% downpayment is required. However, the median average downpayment was 12%. First-time homebuyers had a median amount of 6% while repeat buyers have a median of 16%. In comparison, back in 1989, the median payment was 20%. First-time homebuyer’s average was at 10%, and repeat buyers were at 23%.
While a 20% payment can have its benefits, it’s not always possible for every buyer. And that’s okay! According to the numbers is not the norm for many buyers in today’s market.
Obstacles to 20%
13% of all buyers cited saving for a downpayment as the most difficult task in the home buying process. The report examined the common barriers to saving. Since 2015, the #1 expense preventing buyers from saving for this major cost has been student loan debt. The next most common answers included credit card debt and car loans.
When asked about what is holding them back from saving, most respondents said their limited income prevented them from saving (32%). Other obstacles included rising rents (22%), and health and medical costs (16%).
Saving for Your Downpayment
So how can you help yourself save for a downpayment? While there are some factors you can’t plan for, like health and medical expenses, you can do your best to set yourself up for success. Here’s how:
Look at your budget and see where you can save. Cut unnecessary spending when possible.
For example, if you buy a specialty coffee every morning from Starbucks before work, you could save up to $1,000 a year!
Transfer a specific account into a savings account every paycheck. Make sure it is a separate account that you won’t touch.
Work on paying down debts like credit cards and car loans
The bottom line: homeownership can be possible without a 20% downpayment. Questions about financing? Be sure to check out HUNT Mortgage and speak with a knowledgeable Mortgage Consultant today.
HUNT sold over 5,700 units and surpassed $1.2 billion in sales volume in 2020 in WNY
HUNT Real Estate ERA has announced that 2020 was a record-breaking year for the company in its Western New York region. HUNT Real Estate sales professionals based in the Buffalo Niagara region sold 5,753 units, totaling $1.235 billion in sales volume. The sales data was provided by the Buffalo Niagara Association of Realtors for the time period of January 1, 2020 through December 31, 2020. The data also shows that HUNT Real Estate finished 2020 as the leading real estate brokerage among the more than 340 broker members of the Association for the most units sold and the highest total sales volume in Western New York.
“We are grateful to the thousands of clients that chose to work with our Sales Professionals to reach their homeownership objectives,” stated Peter Hunt, Chairman & CEO of HUNT Real Estate ERA. “I’m personally grateful to our Professionals who combined their efforts to make HUNT Real Estate the #1 residential brokerage in this region in our 109th year of continuous service.”
We are pleased to welcome the following sales professionals to the HUNT Real Estate ERA family. Their association further affirms our commitment to offering the highest level of service to our clients.
Rochester & Southern Tier Region
Central & Northern NY Region
WHY SHOULD YOU JOIN HUNT? HERE ARE JUST A FEW REASONS…
The HUNT® Reputation Rankings & Accolades
#1 Family-Owned and Operated Real Estate Firm in New York State
Top-Ranked Broker in the ERA Real Estate network
Ranked #35 on REAL Trends Top 500 Brokerages Survey*
Gene Francis Memorial Award Winner Honoring ERA’s Top All-Around Company
Member of Who’s Who in Luxury Real Estate
Ranked one of Western New York’s Fastest-Growing Companies
The Most Productive Agents
1600 Licensed Real Estate Professionals in 50+ Branches
Are you considering selling your home? It can be a major decision to decide to sell your home. You could be looking for a larger space, or you’re ready to downsize. Whatever your reason for selling, it’s important that you familiarize yourself with the home selling process. Here’s a brief overview of what to expect and how to prepare for the sale of your home.
Understand Your Expectations
Are you selling to find a larger home? Are you looking for a bigger yard? Are you even going to buy another home? It’s important to know why you’re choosing to sell so that you can take care of your living situation following the sale of your home.
Be sure to discuss your expectations for the home selling experience with your real estate agent. They are going to be your partner throughout the process. They are also going to be a great resource for any questions you may have, including pricing!
Check out these blogs when you’re ready to work with an agent to sell.
It’s important to make sure your home is ready for sale. There are quite a few things to get in order before listing, including collecting all the necessary paperwork, making home repairs, organizing your home, and staging your home for success.
Here are a few blogs to check out if you’re looking for more information:
Now more than ever, it’s important to have a great marketing plan for your home. Once your home is ready for the market, you’ll need to advertise it to prospective buyers. HUNT Sales Professionals are experts in marketing your home and getting it in front of the right buyers. Learn more about how important it is to work with a real estate professional when selling your home the first time (or any time):
Once your home is listed on the market, buyers will view your home and decide if they’d like to place an offer. Your real estate sales professional can help walk you through all the offers so that you can make an informed decision before accepting.
Once you’ve accepted an offer, your sales professional will help guide you through the next steps before closing. HUNT Real Estate is a full-service real estate company, so we have the resources to help guide you through your entire home selling process! To learn more about negotiations and closings, check out these blogs: