The Market for Today’s Homebuyer
Today’s homebuyers are looking for a single-family home. This accounts for about 82% of the market. The average purchase price for a home is $250,000 with a 13% down payment. For first time buyers, this down payment goes down to 7%! A common misconception is that a 20% down payment is required, but there are loan programs to help home buyers with a lower down payment. The average income for home buyers is a little above $90,000 and their credit score is 724.
There are a few reasons that now is a great time for a lot of potential home buyers. Today’s housing market is in great shape. Not only are interest rates at historic lows, but housing is becoming increasingly affordable as more inventory comes on the market. What’s more, unemployment remains low, while wage and job growth are still relatively strong. If you want to start reaping the benefits of homeownership for yourself, now is a great time to take the leap!
Talk to one of our Loan Officers about taking advantage of the market right now.
Are you eager to buy a home but not sure you’re ready? Our Loan Officers can work with you to help you better understand the requirements and develop a plan to get you ready for owning your own place. Get started today!