CLIENT LOG IN

Margo Borkin

Persistent Perserverance, Consistent Results

248-419-3160
Cell: 248-318-4776
Fax: 248-419-0930
margo@movewithmargo.com
  • Menu
  • Home
  • About
    • About Margo Borkin
    • Client Reviews
    • Margo Vs The Market
    • Professional Resume
  • Communities
    • Berkley
    • Beverly Hills
    • Bingham Farms
    • Birmingham
    • Bloomfield Hills
    • Bloomfield Township
    • Commerce Township
    • Farmigton
    • Farmington Hills
    • Ferndale
    • Franklin
    • Huntington Woods
    • Keego Harbor
    • Novi
    • Oak Park
    • Orchard Lake
    • Royal Oak
    • Southfield
    • Sylvan Lake
    • Walled Lake
    • Waterford
    • West Bloomfield
    • White Lake
    • Wixom
    • Wolverine Lake
  • Property Search
    • Address Search
    • Basic Search
    • Advanced Search
    • Map Search
  • Home Buyers
  • Home Sellers
  • Blog
  • Contact

62% of Buyers Are Wrong About Down Payment Needs

62% of Buyers Are Wrong About Down Payment Needs | Simplifying The Market

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: KMC

Posted in: Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Housing Market Updates, Move-Up Buyers Tagged: Real Estate

© Margo Borkin Real Estate 2010

Post navigation

« 5 Homebuying Acronyms You Need to Know [INFOGRAPHIC]
What FICO® Score Do You Need to Qualify for a Mortgage? »

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
... See MoreSee Less

Message Page

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour! ... See MoreSee Less

Message Page

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 9
  • Shares: 1
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
3 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 1
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
4 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
4 months ago
Margo Borkin Real Estate

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
... See MoreSee Less

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didnt think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while youre at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Load more

Blog by Category

  • Baby Boomers (25)
  • Buying Myths (108)
  • Demographics (38)
  • Distressed Properties (15)
  • Down Payments (58)
  • First Time Home Buyers (574)
  • For Agents (1)
  • For Buyers (838)
  • For Sellers (672)
  • Foreclosures (17)
  • FSBOs (30)
  • Gen Z (6)
  • Generation X (16)
  • Holidays (3)
  • Home Decor (1)
  • Home Maintenance (2)
  • Housing Market Updates (448)
  • Infographics (183)
  • Interest Rates (145)
  • Investment (1)
  • Local Market Updates (3)
  • Luxury Market (13)
  • Millennials (75)
  • Move-Up Buyers (629)
  • New Construction (30)
  • Pricing (207)
  • Rent vs. Buy (96)
  • Selling Myths (50)
  • Senior Market (15)
  • Short Sales (1)
  • Time-sensitive (6)
  • Uncategorized (14)
  • Weekend Wanderings (1)

Recent Posts

  • Ready to Buy in 2022?
  • What you can expect from me as a buyer
  • Is your home ready to sell? Answer these quick questions to find out!
  • What do I offer for free? Glad you asked!
  • Preparing Your Home for Winter