According to the National Association of Realtors “2022 Profile of Home Buyers and Sellers” that just came out, buyers are getting their down payment from multiple sources. For example, First-time buyers rely on savings as the primary source, but 22% (down from 28% last year) used a gift or loan from friends and or family, 15% either sold stocks and or bonds or took a loan from their 401k/retirement fund. Something new in 2022 is that 2% of first-time buyers sold cryptocurrency to help with the down payment. Repeat home buyers used 50% of the proceeds from the sale of their past home. However, 41% used savings, 11% sold stocks or took out a retirement loan. This report only included primary residence buyers/sellers and did not include investors or vacation buyers. Contact me to find out about other down payment sources.
