High rents and tight credit requirements, have buyers seeking assistance for down payment options. The overall percentage of buyer today nationally and locally are relying on friends, or family to give them the much needed money for a down payment. This number has a staggering effect on the market today. This position highlights a roadblock to home ownership: lack of savings.
Most people will spend less of their income on a house payment vs rent, but in order to buy, buyers need down payment monies. Trending today over 20% of buyers have used family, or friends for the help with their down payment. Being able to secure a down payment has always been one of the main hurdle for buyers especially young buyer, when transitioning into home ownership. Even the Generation X and Generation Y buyers are finding a way to ultimately clear that roadblock by utilizing their friends and family network.
With home values increasing at a much more rapid pace than in previous years, the “Mom and Dad” banking will be the most utilized option for young buyers today. Agents actively working buyers today will need to educate themselves about how and why buyers will be seeking this plan and how to educate along the way. Should you be considering your next Nashville home purchase and need to discuss your best options, please feel free to contact us for your private session.
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