Verrado | 61% of First-Time Buyers Put Down Less than 6%

 

Located at the foot of the White Tank Mountains, surrounded by high palm trees and over 21 miles of walking trails…Verrado is one of the most beautiful planned communities in the surrounding Phoenix area. 

The developers of Verrado put a lot of focus to paved walking trails meandering through common spaces and the creation of over 70 neighborhood parks framed and surrounded by mountain views and incredible natural views. 

There are many communities that are planned around specific locations to fit budgets and work force…but Verrado is one of the few places where its natural beauty took precedence on the development of an environmentally friendly area for the enjoyment of all the lucky residents  

Homes in Verrado are relatively new, it is one of the largest suburban communities in the Phoenix Metropolitan area. There are many types of homes available, from open floor plans, rustic ranch haciendas to relaxing front-porch models with modern amenities and luxurious finishes. This includes traditional two-story homes, European-style bungalows, single-family desert oases, and trendy lofts. 

Today, I would like to bring your attention to the following: 61% of First-Time Buyers Put Down Less than 6%

 

According to the National Association of Realtors’ latest Realtors Confidence Index, 61% of first-time homebuyers purchased their homes with down payments below 6% from October 2016 through November 2017. 

Many potential homebuyers believe that a 20% down payment is necessary to buy a home and have disqualified themselves without even trying. The median down payment for all buyers in 2017 was just 10% and that percentage drops to 6% for first-time buyers. 

Zillow Senior Economist Aaron Terrazas’ recent comments shed light on why buyer demand has remained strong, 

“Looking into 2018, rent is expected to continue gaining. More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.” 

It’s no surprise that with rents rising, more and more first-time buyers are taking advantage of low-down-payment mortgage options to secure their monthly housing costs and finally attain their dream homes.

 

Bottom Line

If you are one of the many first-time buyers who is not sure if you would qualify for a low-down payment mortgage, let’s get together and set you on your path to homeownership!

 

Source.. KCM Cheryl Benjamin Blog

 

If you are looking to move to Verrado, allow us to help you find the perfect home, If you have any questions about Verrado, the schools, the amenities or the surrounding community, don’t hesitate to call on us at 623–206–9936  

We will be happy to help you.  

Our agents specialize in Verrado Real Estate.