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Sign into your accountInfographic: How Recent Buyers Purchased Their Home
January 10 2018
WASHINGTON, Jan. 8, 2018 -- A strengthening U.S. economy, rising home values and the ongoing stretch of remarkable job creation sparked both growing demand and ability to purchase a home over the past year.
While supply and affordability constraints are indeed making homebuying a challenging endeavor for many households, data from the National Association of Realtors®' 2017 Profile of Home Buyers and Sellers reveals some hopeful news: an overwhelming majority of successful buyers obtained a mortgage and made a down payment of less than 20 percent.
Here is a look at how recent buyers purchased their home:
- Median purchase price – $235,000
- Obtained a mortgage – 88 percent
- Down payment amount – 10 percent
- Down payment sources – savings (59 percent); sales proceeds from previous home (38 percent)
- Received down payment help from family/friends – 16 percent
- Obtaining a mortgage was not difficult/easier than expected – 66 percent
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.nar.realtor.