Too many wanna be home buyers think its tougher than it really is
This is an excerpt from an article I recently received and it is an eye opener.
“Lack of knowledge and misinformation may be discouraging Americans from buying a home according to a recent survey sponsored by Wells Fargo &Company.
The survey found that while 64 percent claimed to be knowledgeable about downpayment requirements, 44 percent think that a minimum of 20 percent is required and a lack of these funds was cited by respondents as one of the biggest barriers to owning, especially for millennial respondents, age 18 to 34.
For example, Wells Fargo said that, while 68 percent of Americans feel it is now a good time to buy, almost a third – 30 percent – of survey respondents think that only individuals with high incomes can obtain a mortgage and 64 percent believe that someone must have a “very good” credit score to buy a home.”
Looks like we have to educate our pool of home buyers, Why isn’t the NAR doing a better job?
