Real estate agents say that there is hope for young buyers.
Redfin surveyed 750 agents this month. The results found that more than half of the respondents said that successful homebuyers cited a down payment below 20 percent. Nearly a quarter of agents said that buyers were successful with a down payment between 3 and 5 percent.
“The conditions that challenged first-time and millennial homebuyers this spring are starting to ease,” said Redfin chief economist Nela Richardson. “There are fewer bidding wars and less of a need to escalate significantly above the list price to get an offer accepted. … They are demanding less from buyers than they were just a few months ago, which means a wider spectrum of buyers and down payments can be successful now.”