A survey of more than 750 Redfin agents revealed that hope may be on the horizon for millennial home buyers, as more than half of the agents surveyed cited down payments below 20%. Redfin staffer Jeffery Marino takes a look at how this benefits millennials who struggle to save for down payments given student loan payments and high rents.
Redfin's experts explained the how these conditions can be good to both buyers and sellers:
...One major piece of advice I always give to sellers is that the highest offer is not necessarily the best. You have to look at the whole package. If a buyer has a low down payment but comes in with a fully pre-approved and underwritten loan agreement from their lender, and agrees to waive the appraisal contingency, that’s practically as good as cash.”