The National Association of Realtors (NAR) reported stable down payment trends for first-time buyers, ranging from 6% to 9% since 2018, compared to 23% for repeat buyers, highlighting equity growth. Almost 29% of first-time buyers used FHA loans, indicating a preference for accessible financing. Lautz underscored the need for professional guidance, as 97% of NAR members observed clients confiding in family for advice instead. With median down payment sources mainly from personal savings, there's an emerging trend of buyers tapping into financial assets for assistance.
The typical down payment for first-time buyers has consistently remained between 6% and 9% since 2018, while repeat buyers put down 23% last year.
Nearly 29% of first-time buyers utilized FHA loans that require a minimum 3.5% down payment, highlighting the critical role of affordable financing options.
Lautz emphasized the importance of consulting real estate professionals, as most NAR members reported clients relying too heavily on family advice instead.
With the median age of first-time buyers now 38, fewer are seeking help from family, indicating changing dynamics in home buying assistance.
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