Triangle families are more prepared to buy

Posted on 02/13/15 No Comments


One of the most daunting obstacles for people looking to buy their first home is the down payment.

For years after the real estate downturn, a major economic crisis that the Triangle managed to recover from much earlier than most markets, people have been faced with the prospect of mandatory 20% down payments. reports that the median sales price for a home in Raleigh is $202,250. That translates into a down payment of $40,450. A lot of cash.

Here’s the thing though: you don’t need 20% down.

There are now a number of very reputable mortgage products that have much lower down payment requirements. Moreover, there have been a number of federal programs established to provide people with down payment assistance. In fact, there are also programs to help with closing costs and some that offer affordable first-time homebuyer mortgages.

Home ownership is a core pillar of our economy, and with it comes a range of long-term immeasurable emotional and financial benefits. For too long issues of down payment and lender resistance have permeated the home buying market.

Here’s the thing though: you don’t need 20% down.

While we’re very fortunate here in the Triangle to have one of the nation’s healthiest real estate markets, more people can own. And they should.

If you happen to be one of many families who may have been pushed out of the market years ago, you are much more “prepared to buy” today than you probably realize. The value in our home market remains exceptional, and the mortgages and help are out there.

Give us a call to find out more. We’re prepared to help.

Post a Comment

Your email is never published or shared. Required fields are marked *