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Posted • Many homebuyers believe the common misconception that you can’t purchase a home without coming up with a 20% for a down payment. ⁠
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As Freddie Mac says:⁠
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“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”⁠
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However, this chart shows what recent homebuyers have actually put down on their purchases.⁠
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Click the link in bio to share today's blog with your first-generation homebuyers!⁠
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Curious about how inventory affects home prices?
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Historically, a 6-month supply of homes for sale is needed for a normal or neutral market. That level ensures there are enough homes available for active buyers.⁠
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The latest Existing Home Sales Report from the National Association of Realtors (NAR) shows the inventory of houses for sale sits at a 2.4-month supply. ⁠
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This is well below a neutral market.⁠
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