Downpayment Sources For Recent Home Buyers, 2005-2010
by garyandlisa on September 27, 2011
in Latest News
Home buyers are asked the source of the downpayment for their recent home purchase in the Profile of Home Buyers and Sellers. The most common source for downpayments has consistently been savings for the last five years, however this has risen in prominence recently. In 2010, 66 percent of recent home buyers used savings for the downpayment on their home purchase, up from 50 percent of buyers in 2005.
Proceeds from the sale of a primary residence has decreased as a downpayment source, not only among all buyers (43 percent in 2005 to 22 percent in 2010), but also among repeat buyers (66 percent in 2005 to 43 percent in 2010).
Receiving a gift from a friend or relative has increased among all buyers as a source of downpayments, from a low of 9 percent in 2006 to a high of 18 percent in 2010. This source is most common among first-time buyers—27 percent of first-time home buyers used this in 2010.
Loans from financial institutions other than for a mortgage were more common in 2005 with 6 percent of buyers using them, compared to just 1 percent in 2010.
Lisa Schoeffler, CRS, ASP
Prudential California Realty
805-766-7373
GaryandLisa.com
A member of HomeServices of America, Inc.
a Berkshire Hathaway affiliate
Posted via email from venturarealestateexpert’s posterous
Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472
Gary and Lisa has written 240 articles.
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