Posts from November 25th, 2019
Wardley Real Estate Blog
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November
25
25
Tips for Saving up for a Down Payment
For decades, 20 percent was the traditional benchmark for down payments on a purchase of Las Vegas homes for sale, but today's real estate market has changed. According to data from the National Association of Realtors, approximately 60 percent of homebuyers make a down payment of six percent or less.
Do you still see the down payment as an obstacle to your dream of homeownership? Use these helpful saving tips that have been successful for clients of our brokers.
- Determine a Target Number
Once you've established a price range of homes within your means, calculate different down payment amounts to see your options. Prequalification, through a lender or online site like NerdWallet, is a great tool to help. - Create a Budget
Every goal needs a specific plan. Make a complete list of expenses, then set a reasonable timeline, so you know how much to put away each month. Breaking the total down into smaller amounts is also psychologically less intimidating. - Automate Savings
Technology makes it easy to save money painlessly. Set up a payroll transfer or other automatic transfer program like Digit to deposit money in a savings account before it ever gets in your hands.