Source: Housing Wire
Renters are losing confidence in housing as less say it’s a good time to buy a home, according to the National Association of REALTORS® Housing Opportunities and Market Experience survey. Part of this is due to a misconception among first-time homebuyers about how much of a down payment is needed to buy a home, according to NAR.
In NAR’s third quarter HOME consumer survey, respondents talked about their confidence in the U.S. economy and other questions about their housing expectations. Less than 20% in each age group and income bracket indicated that they need 10% or less to buy a home. Those over 65 and under 35 were the most likely to think they need more than a 20% down payment at 43% and 37% respectively.