July 23, 2021
“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”According to the most recent Home Buyers and Sellers Generational Trends Report from the National Association of Realtors® (NAR), the median down payment for homes purchased between July 2019 and June 2020 was only 12%. That number is even lower when we control for age – for buyers in the 22 to 30 age range, the median down payment was only 6%.
“Millennials underestimated how much home they can afford right now, how much interest they would pay over a 30-year mortgage, and how much home values appreciate, on average, over 10 years…”Knowing how much home you can afford when starting the buying process is critical and could be the game-changer. Need help with that? We got you!
“As the economy progresses and inflation remains elevated, we expect that rates will continually rise in the second half of the year.”Most experts expect interest rates to rise in the months ahead, and even the smallest increase in rates can decrease your purchasing power. If you’ve been on the fence about buying a home, there’s no time like the present.
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Aspire Los Angeles has partnered with high-tech brokerage Side, Inc
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Homebuyer Tips from Aspire Los Angeles
You’ve got questions and we can’t wait to answer them.