Fun Fact Friday: Misperception, Education, & More. [#DHallTheINSIDER]

Recent survey found 4-in-10 Americans believe a 15% or more downpayment is needed to purchase a home. Reality: median downpayment for first-time homebuyers is about 6%. And it could be on the decline with many lenders trending lower. This myth and unfortunate misperception is leading to affordability concerns, which concerns 6-in-10 Americans surveyed.

Could education boost homeownership? It’s possible. According to a recent study that suggests emphasizing need for and importance of an education could boost homeownership levels as there’s a correlation between the two. Job success (higher income and wealth) breeds homeownership.

New homebuyers outspend existing home buyers and non-moving homeowners, especially in the first two years of purchasing a new home. In fact, the only category in which they were beat was by existing homebuyers for alterations and repairs, and it wasn’t by much. Sofas are the number one item on the hot purchase list.

Best paint color to sell a home quickly: shades of white and off-white. There’s an increasing request for lighter and brighter colors—it can be easier to work with but difficult to pick out thanks to the various hues: “Even a pure white is going to look different.” Makes sense though, it’s easy to paint over for the new homeowners.


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