I found these down payment numbers (from my Real Estate Buyer’s Agent Council magazine) very interesting. Hope you do too. This data is according to: realestateeconomywatch.com and the National Association of Realtors.
The median down payment made by all buyers in 2012 was 9% (ranging from 4% for first-time buyers to 13% for repeat buyers).
The median down payment was the lowest since 2009, but still far above the levels during the housing boom, when nearly half of all first-time home buyers made no down payment at all.
After lenders tightened lending standards in the wake of the housing crash, the median down payment soared, reaching 11% in 2010-2011.
First time home buyers who financed their purchase used a variety of resources for the down payment: 76% tapped into savings, 24% received a gift from a friend or relative; and 6% received a loan from a friend or family member. 11% tapped into a 401K fund, and 6% sold stocks or bonds.
First-time buyers are coming back into the market. It’s a great time to start saving for a down payment and take advantage of the still low interest rates.
