Relocating With A Low Down Payment
Author:
Carla AyersJul 12, 2023
•6-minute read
Employees considering relocation have a lot to think about before they accept a job offer. Things like the cost of living in their new city, available housing inventory, and the upfront cash necessary to purchase a home will weigh heavy on their mind when making a decision.
One of the biggest misconceptions among potential home buyers is the amount of money required up front to purchase a home. In a survey conducted by the National Association of REALTORS® (NAR), 35% of those surveyed believe they will need to have 16% – 20% of a home’s value for their future down payment. In reality, first time home buyers have been purchasing homes with an average 6% – 7% down payment since 2018. This is good news for transferees who are on the fence about the affordability of relocation.
In this article we will discuss the ins and outs of down payments and how your transferees can relocate with less.