Agent Value • Buyers • Sellers • August 12, 2026

Seriously? 5 Reasons You Probably Shouldn’t Hire Me…

by Joe Spanish

If you’re looking for a Realtor who will simply show you houses, tell you everything looks great, and do whatever it takes to get a deal closed, I’m probably not your guy.

And I’m completely comfortable saying that.

Real estate is a big decision. Often one of the biggest financial decisions you’ll make. So I don’t believe my job is to tell you what you want to hear or push you toward a transaction.

My job is to help you make the right decision for you.

That means sometimes asking harder questions, pointing out things you may not have considered, and even telling you when I think you should walk away.

Here are five reasons you probably shouldn’t hire me.

1. Don’t hire me if you want to start with houses.

I want to start with you.

Before we start scrolling through listings or scheduling showings, I want to understand what you’re actually trying to accomplish.

What matters most to you?

What are your priorities?

What are you willing to compromise on—and what are you not?

Because finding a house is relatively easy.

Finding the right house for your life, your goals, and your financial situation takes a lot more thought.

The house is the vehicle. You are the destination.

2. Don’t hire me if you only want to hear what you want to hear.

You’re not hiring me for agreement.

You’re hiring me for judgment, experience, and perspective.

Sometimes that means I’ll tell you something you don’t want to hear.

Maybe the house you’re excited about has issues that aren’t obvious at first glance.

Maybe the price doesn’t make sense.

Maybe the neighborhood doesn’t fit what you’re really looking for.

Or maybe it’s simply not the right time for you to buy.

My job isn’t to be the person who says, “Absolutely! Let’s do it!” every time.

My job is to help you see the decision clearly—even when the conversation isn’t necessarily the one you hoped we’d have.

3. Don’t hire me if you want to overpay.

When representing buyers, my clients have averaged 97.5% of the listing price.

That number matters because I don’t believe winning a house means paying whatever it takes to get it.

Buying the house isn’t the goal. Buying it well is.

There will always be another house.

There will always be another opportunity.

My job is to help you understand the market, evaluate the property, understand its value, and negotiate from a position of knowledge—not emotion.

Because getting the keys feels great.

Getting the keys without wondering if you paid too much feels even better.

4. Don’t hire me if getting the deal closed matters more than making the right decision.

This might be the most important one.

Sometimes the best advice I can give a client is:

“Don’t buy this house.”

That isn’t always the easiest thing for a Realtor to say.

But a commission is never a good enough reason for you to make a bad real estate decision.

There are plenty of reasons a transaction might look good on paper but not make sense for the person buying it.

Maybe the inspection uncovered something significant.

Maybe the numbers don’t work.

Maybe the property doesn’t fit your long-term plans.

Or maybe your gut is telling you something your excitement is trying to ignore.

I’d rather help you walk away from the wrong house than help you close on a decision you’ll regret.

5. Don’t hire me if you just want someone to open doors.

That’s the easy part.

Yes, I’ll open doors.

But my job doesn’t end there.

I’m bringing perspective, preparation, construction knowledge, negotiation experience, market knowledge, and a clear plan to the process.

I’m looking at the things you may not notice.

I’m asking questions you may not think to ask.

I’m helping you understand what you’re actually buying—not just how it looks in the listing photos.

Because there’s a big difference between facilitating a transaction and advising someone through one.

So, who should hire me?

Someone who wants more than a Realtor.

Someone who wants an advisor.

Someone who values honest feedback over easy answers.

Someone who wants to understand the risks, opportunities, numbers, and long-term implications before making a decision.

Someone who understands that the goal isn’t simply to buy or sell a house.

The goal is to make a decision that makes sense for you.

A good Realtor can help you complete a transaction.

A great advisor remembers the transaction isn’t the point. You are.

Helping People Succeed.

Buyers • Sellers • August 10, 2026

Home Price Growth Slowed Down. That May Be Changing.

by Joe Spanish

After more than a year of headlines talking about how home prices are going to crash, the latest data shows that price growth may be starting to pick back up again. And depending on whether you’re buying or selling, that shift means something different for you.

The Numbers May Be Starting To Turn

For the past couple of years, home price growth has been moderating – cooling from around 7% in mid-2024, according to Redfin (see graph below). But look at the right side of that graph. The pace of that growth appears to have hit its low point and started to turn.

While a couple months of data doesn’t necessarily mean this will be a lasting trend, there are some other signs that this could continue.

For example, fewer markets are seeing prices decline. According to ResiClub and Zillow, about 36% of the 300 largest housing markets had falling prices as of the middle of last year. Since the start of this year, that share has been shrinking. Now? Only 23% are experiencing those mild dips (see graph below):

When fewer markets see prices falling, that means more markets are seeing prices rise again.

And forecasts suggest this shift has room to run. On average, experts project home prices will rise about 2.3% nationally this year. And for that to happen, price growth would have to pick up a bit in the second half of 2026.

But Remember, Real Estate Is Local

While it looks like national prices may be starting to pick back up a tiny bit, that doesn’t mean that’s what’s happening in your neighborhood.

National home prices are really just an average of hundreds of local markets. Some are climbing faster. Others are still cooling. But one reason the national average may be looking up is because a growing number of metros may actually be net positive for prices this year.

Not long ago, the major metros were split about 50/50 – half seeing prices rise and half seeing them fall. Now, that balance looks like it’s starting to tip in a more positive direction. Just last month, more than half of the major metros saw prices go up, according to Redfin (see graph below):

As Selma Hepp, Chief Economist at Cotality, explains:

“. . . local markets continue to tell very different stories. Annual home price growth has changed little since the start of the year, but some markets, especially those supported by strong job and income growth in the West and more affordable Midwest markets, have seen notable acceleration in price gains.”

What This Means for You

Home price headlines can be confusing because they don’t always tell the full picture. Lean on an agent to understand what’s happening in your local market and what the early signs say for where prices may go from here.

That’s the best way to stay one step ahead of the market.

If you’re buying: slower price growth has worked in your favor. You’ve had more room to negotiate and a budget you could plan around. If price growth is picking up in your area, buying now may mean paying less than you would later this year.

If you own a home: you’ve been gaining equity all along, even while growth moderated. If growth keeps picking up, those gains could speed up, too. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), projects the typical homeowner will gain roughly $16,000 in housing wealth this year. And if you’re thinking about selling, this shift is a good early sign for you. Just remember, the market is still pretty balanced and buyer-friendly in a lot of areas right now.

Home price growth slowed way down, and now it’s showing early signs of picking back up. Whether you’re buying or selling, let’s connect so you can see exactly what prices are doing in our local market and what that means for your plans.

Bottom Line

Housing Market Updates • Sellers • August 4, 2026

Selling a Luxury House? Here’s Why Now Is a Good Time

by Joe Spanish

If you own a luxury house, you’re in a stronger spot than most sellers right now. While much of the market has cooled, the high-end tier hasn’t. Sale prices and buyer demand are both up. So if you’re considering selling, now could be a great time to make your move.

Luxury Is Leading on Price

Let’s start with prices. But before we get into it – what actually counts as a luxury home? Generally, these are homes in the top 5% price range for the area, so it varies depending on where you live.

But what’s interesting is that according to the latest data from Redfin, sale prices for luxury houses have risen about three times faster than for non-luxury.

Right now, the typical home’s sale price is up about 1.5% year-over-year. But high-end homes? Their sale prices have gone up nearly 5% since last year (see graph below):

That’s a bigger deal than it sounds like.

Despite all the talk about slowing price growth lately, sale prices in this segment of the market may be rising faster than you’d expect based on the headlines. That’s going to be a good thing if you’re thinking about selling. And rising sale prices are only half the story.

Buyers Are Showing Up, Too

While so many headlines are talking about how buyers are pulling back, that’s not necessarily true when it comes to luxury homes. In fact, right now, it looks like the higher the price point, the more active the buyers.

Lawrence Yun, Chief Economist with the National Association of Realtors (NAR), explains:

“The luxury market has really performed better compared to the lower price point. . . . if we look at price points, any home priced under $250,000, virtually no change in unit sales from one year ago. Then you go into the upper price category, and home sales are up about 10% from one year ago. But the million dollar-plus homes, it is up by 18% from one year ago.“

Basically, more homes are selling on the upper end of the market. A big reason is that high-end buyers tend to feel less of the affordability pressure weighing on many households today, so they keep buying even when the wider market slows.

That demand also means that luxury houses don’t stay on the market as long as they used to.

Luxury Houses Are Selling Relatively Quickly

According to the most recent data from Redfin, for luxury homes the median number of days on market is under 50. That’s much faster than pre-pandemic norms going even as far back as 2014 (see graph below):

That means you probably won’t spend a ton of time sitting in limbo wondering when you’ll get an offer.

Bottom Line

Selling a high-end house is a big decision, and you deserve to feel confident going in. With sale prices climbing and buyers active at the top, this is a strong window to make your move.

Ready to cash in? Let’s talk strategy.

Buyers • Sellers • July 29, 2026

Why Americans Still Believe Real Estate Is the Best Long-Term Investment

by Joe Spanish

For the 14th Year in a Row

For the 14th year in a row, Americans have named real estate as the best long-term investment.

That’s an impressive streak—especially considering everything the housing market has experienced over the past decade. From rising mortgage rates and inflation to shifting market conditions, real estate has consistently remained the investment Americans trust the most.

The Numbers Speak for Themselves

The Gallup poll wasn’t even close.

Real estate earned the highest percentage of votes as the best long-term investment, finishing well ahead of stocks, gold, savings accounts, bonds, and cryptocurrency.

Why Real Estate Continues to Lead

Unlike stocks, bonds, or savings accounts, a home provides value beyond dollars and cents.

Yes, it has the potential to appreciate over time and help build long-term wealth through equity. But it also provides something just as important—a place to create memories, build stability, and put down roots.

For many homeowners, their home becomes both their largest financial asset and the center of their everyday lives.

Buying Smart Matters

Of course, not every home purchase automatically becomes a great investment.

The key is buying the right home for your goals and financial situation. Factors like:

Location
Purchase price
Property condition
Monthly affordability
Long-term plans

all play an important role in making a sound real estate decision.

That’s why working with an experienced real estate professional can make such a difference. Having someone who understands the market, negotiates on your behalf, and helps you evaluate opportunities can help you make a confident, informed decision.

Thinking About Buying?

Many buyers wonder if they should wait for the “perfect” market. The reality is that there is rarely a perfect time to buy. The best time is when your finances, lifestyle, and long-term goals align.

Every buyer’s situation is different, which is why personalized guidance is so valuable.

Buyers • Sellers • July 27, 2026

The “Take It or Leave It” Attitude Is Fading from the Market – What That Means for You

by Joe Spanish

Negotiations are back. More buyers are asking for better deals, and more sellers are giving them. Builders are throwing in extras, too.

That’s why whether you’re buying or selling today, there are two terms you’ll hear a lot: concession and incentive.

A concession is something a seller agrees to during negotiations to get a deal done.
An incentive is a perk a builder (or a seller) advertises upfront to attract buyers.

Let’s run through what you need to know about both and how they could play a role in your move.

More Sellers Are Agreeing to Concessions

Almost half (46%) of homeowners who sold recently gave the buyer a concession, according to Redfin. That’s the highest share on record for this time of year. And roughly 1 in 7 (16%) sellers went a step further, cutting their asking price and offering a concession on top (see chart below):

So, what kind of concessions are we talking about?

A seller might cover part of your closing costs, take care of a repair, or offer a credit that trims your upfront costs. It’s how they keep a deal on track when buyers have more options to choose from – and homeowners aren’t the only ones compromising.

Builders Are Cutting Prices, Too

Newly built homes are seeing the same push and pull. According to the National Association of Home Builders (NAHB), 62% of builders are offering incentives right now. And about 35% are cutting prices outright (see chart below):

Those incentives often look like:

Price adjustments
Mortgage rate buydowns
Free upgrades, like nicer finishes or appliances

Danielle Hale, Chief Economist at Realtor.com, explains why:

“New construction has been one of the steadiest parts of the housing market over the past few years, but builders are clearly responding to today’s affordability pressures and higher levels of existing-home inventory.”

Even builders, who many people think rarely negotiate, are competing on price and perks. They have been for over a year now. The same data shows this is the 15th straight month where more than 60% of builders have offered incentives to sweeten the deal. And that’s significant.

What This Means for Your Move

If you’re buying, this is a good time to ask. Whether you have your eye on an existing house or a newly built home, there’s a chance the seller or builder will meet you partway on price, terms, or both.

If you’re selling, expect buyers to ask. Even builders of brand-new homes are making concessions more often than not right now. Holding firm on every term could mean more time on the market, or a lost sale altogether.

Bottom Line

Sellers and builders are both giving buyers more to work with this year. Want to know what’s realistic to expect in concessions and incentives in our market? Let’s connect.

Buyers • Housing Market Updates • Sellers • July 23, 2026

What To Expect from the Housing Market in the Second Half of 2026

by Joe Spanish

If the first half of this year has left you feeling stuck, you’re not the only one. Mortgage rates stayed higher than people wanted. Affordability remained tight. And uncertainty overseas added another layer of pressure nobody saw coming.

That’s why so many people are asking the same question: Will the second half of the year be any better for the housing market?

While nobody has a crystal ball, there are a few encouraging signs things could start moving in a better direction. Here’s what to watch.

Mortgage Rates Could Be Near a Turning Point

One of the biggest reasons mortgage rates haven’t come down yet is inflation. And higher energy prices and uncertainty overseas are at least part of the reason inflation is still elevated. The encouraging news?

Oil prices have already started coming back down.

That may not sound like it has much to do with buying a home. But historically, mortgage rates and oil prices tend to move in the same direction.

Take a look at the graph below. Generally, they rise and fall together. Both went up in February when the conflict began. While there’s been some volatility lately, experts at the U.S. Energy Information Administration (EIA) say oil prices are forecast to come down. And since oil prices have been on an overall downward trend lately, mortgage rates could come down too:

It’s too soon to say exactly when that will happen (or by how much they’ll fall), but if energy prices go down, inflation cools off, and tensions overseas ease, mortgage rates could come down in the second half of the year.

And that’s good news for anyone thinking about moving. The first half of the year tested everyone’s patience. The second half may finally reward it.

Home Prices Could Pick Back Up

A lot of people want home prices to fall too. But that’s not what most forecasts show.

While price trends are going to vary by area, and some places are seeing mild declines, experts still expect home prices to net positive this year at the national level.

In fact, they’re projecting prices will rise by an average of 2.3% in 2026 (see graph below):

What does that mean for you? Right now, Federal Housing Finance Agency (FHFA)data shows prices are up about 1.7% nationally year-over-year. The average forecast for all of 2026? 2.3%.

Based on those projections, home price growth would have to pick up a bit during the second half of the year. Nothing dramatic, just enough to finish the year around that projected 2.3% gain.

Here’s why that’s possible.

The number of homes for sale has grown, but that growth may be starting to slow down. And if rates improve, more buyers could jump back into the market. More buyers competing could put modest upward pressure on prices, especially if inventory’s not growing as fast.

That’s why buyers shouldn’t assume waiting will guarantee a lower price later. And for sellers, that’s great news if you’ve been worried about your home’s value.

More Homes Are Expected To Sell

If you’ve been wondering why the housing market has felt quieter lately, you’re not imagining it. Home sales have been slower than many experts expected. But that doesn’t mean people have stopped wanting to move.

A lot of people still want or need to make a change. They’ve just been waiting for more certainty, better affordability, or a clearer read on where the market is headed. And early signs show that may be on the horizon.

If rates ease and confidence improves, more people may finally move. As Odeta Kushi, Deputy Chief Economist at First American, explains:

“Overall, we expect pent-up demand to continue emerging gradually. But the pace of recovery will vary significantly across markets and will depend on the path of rates, labor market conditions and inventory growth.”

Based on the latest forecasts, to hit the number of sales expected this year, here’s what would have to happen. The second half of the year would need to outperform the first in sales (see graph below):

In fact, each month for the rest of 2026 would have to come close to matching the best month we’ve had so far this year (May). That’s a sign the experts are calling for more momentum headed into the second half.

More people will finally make their move happen – and you’ve got the chance to be one of them.

Bottom Line

The second half of the year probably won’t be perfect. But it could be better.

Mortgage rates may ease. Home sales could pick up. And prices are expected to continue rising at a healthier, more sustainable pace. If you’ve been waiting for signs of progress, this is it.

If you want to understand what these forecasts mean for your plans and what’s happening in our local market, let’s connect.

Buyers • July 21, 2026

Student Loans Are Back in the News. Don’t Let It Put Your Homeownership Plans on Hold.

by Joe Spanish

Student loans are back in the spotlight. And whether you’ve been following the headlines closely or just catching bits and pieces here and there, there’s a good chance they’ve been on your mind lately.

And if you’re questioning whether you have to hit pause on your plans to buy a home, here’s the thing you have to remember:

Having student loans doesn’t automatically mean buying a home has to wait.

The Biggest Myth About Student Loans and Buying a Home

One of the most common misconceptions among first-time buyers is that they have to pay off their student loans before they can qualify for a mortgage. But in most cases, that’s just not true.

As an article from Redfin explains, student loans usually get evaluated the same way other debts do, like credit cards or car payments:

“Yes, you can get a mortgage with student loan debt. Lenders primarily assess your debt-to-income (DTI) ratio, which compares your monthly debt payments, including student loans, to your gross monthly income. Having student debt doesn’t automatically disqualify you if your DTI is within acceptable limits.”

So having that loan on your credit report isn’t some special red flag that immediately disqualifies you.

Instead, lenders look at your overall financial situation, including your income, credit history, and more. Student loans are one piece of that puzzle, but they’re not the entire picture.

You’re in Better Company Than You Think

Just to really drive this home, here’s a stat from the National Association of Realtors (NAR) that proves you can have student debt and still buy a home. Their research shows 33% of first-time homebuyers still had student loan debt.

That’s 1 out of every 3 first-time buyers. The median amount they owed? $30,400.

Let that reassure you that people are buying homes with student debt every day. And carrying student loans doesn’t automatically put homeownership out of reach.

Don’t Count Yourself Out Before You Even Try

At the end of the day, here’s where a lot of buyers trip themselves up. They assume the worst and never even check what they could actually qualify for. But your situation is more unique than a blanket “no.”

If your income is steady and the rest of your finances are in decent shape, buying a home could be more realistic than you think. The only way to know for sure is to actually run the numbers with someone who does this for a living.

You may discover you’re closer to buying than you think.

Bottom Line

Student loans don’t have to be the thing standing between you and owning a home. If you’ve been putting off your homebuying plans because of that debt, talk to a lender about your options. It may not be the barrier you think it is.

Agent Value • Buyers • Sellers • July 20, 2026

Why I Don’t Talk About My Negotiation Strategy

by Joe Spanish

One of the questions I hear most often is:

“What is your negotiation strategy?”

The honest answer is that I do not have just one.

After nearly 1,000 real estate transactions, I have learned that great negotiation does not come from following a script. It comes from understanding the people, the property, the timing, and what each side truly needs.

Every transaction is different because every person is different.

There Are Four Primary People in Every Negotiation

At the center of most real estate negotiations are four primary people:

The buyer.
The seller.
The buyer’s agent.
The listing agent.

Each person enters the transaction with different goals, concerns, pressures, personalities, and timelines.

A buyer may be worried about paying too much. A seller may care more about certainty than squeezing out the final few thousand dollars. One agent may be direct and fast-moving, while the other needs time and detail before making a recommendation.

That is why negotiation cannot be reduced to one clever phrase or tactic.

The first job is to understand who is sitting at the table.

The Highest Offer Is Not Always the Best Offer

People often assume that negotiation is primarily about price.

Price matters, but it is only one part of an offer.

A seller may care about:

A quick or delayed closing date
The amount of earnest money
Financing strength
Inspection terms
Appraisal risk
Possession after closing
The likelihood that the buyer will perform

The highest offer can still be the weakest offer if it contains too many opportunities for the transaction to fall apart.

The best offer is usually the one that gives the seller the strongest combination of price, terms, certainty, and likelihood of closing.

For a buyer, the question is not simply, “How much should we offer?”

The better question is:

“What does this seller need in order to accept our offer, and can we meet those needs while still protecting you?”

That is where thoughtful negotiation begins.

The Human Layer Changes Everything

Great negotiations start with understanding people.

Negotiation is not just about numbers and contract language.

It is also about motivations, deadlines, fear, risk, communication, and relationships.

A family selling a longtime home may be making an emotional transition. A buyer may have already lost several homes and feel pressure to act quickly. A seller may need the proceeds from one home before purchasing another. Someone may be relocating for work, going through a divorce, managing an estate, or trying to coordinate a move around the school year.

Those details matter.

They help determine which terms are valuable and where flexibility may exist.

The goal is not to manipulate the other side. The goal is to understand the full situation well enough to create the strongest possible outcome for the client I represent.

Good Negotiators Adapt

This is why I am cautious when people talk about having a single negotiation strategy.

There is no universal strategy.

There are hundreds of possible approaches, and the right one depends on the specific transaction.

Sometimes the right move is to act quickly.

Sometimes it is better to slow the conversation down.

Sometimes price is the strongest lever.

Sometimes certainty, timing, repairs, possession, or fewer contingencies matter more.

Sometimes the best response is not to respond immediately at all.

My job is to listen, identify what matters, and help my client focus their energy in the right place.

Experience does not give you a perfect script. It gives you judgment.

It helps you recognize patterns, anticipate problems, and see the potholes before you hit them.

Negotiation Is About the Best Possible Outcome

The best negotiation is not always the one where one side feels defeated.

It is the one that protects my client’s interests and creates the strongest path toward a successful closing.

That means understanding the market, the contract, the property, and the people involved.

It also means knowing when to push, when to pause, when to ask another question, and when to change the strategy completely.

My clients do not hire me because I have a script.

They hire me because I know when to change it.

Thinking About Buying or Selling?

Every move begins with a different set of needs, tradeoffs, and opportunities.

My role is to listen first, help you understand the decisions in front of you, and develop a strategy that gives you the strongest opportunity for success.

Helping people succeed.

Where I manage. Where I coach. Where I sell.

Buyers • Sellers • July 16, 2026

What Buying or Selling a Home Gives Back to Your Community

by Joe Spanish

Buying or selling a home is a big financial decision. And right now, it feels even bigger. Inflation is high, costs are high, and you want to be sure the timing is right before you make your move.

But if you do decide to go for it, whether you’re buying or selling, here’s something reassuring to hold onto. Not only does your move change your own life, but it also gives your whole community a boost.

Real estate is a huge part of the economy. In 2025, it added up to about $5.6 trillion, according to the National Association of Realtors (NAR). A good share of that comes from everyday people buying and selling homes, just like you.

Your Move Puts Real Money Into the Local Economy

Every sale sends money flowing through your area. NAR data shows that buying an existing home (one that’s already been lived in) adds about $64,000 to the local economy. Buy a newly built home, and that number climbs to more than $134,000 (see graph below):

Over half of that comes from the work of building the home itself. The rest flows to real estate services, like agent and lender fees, plus what you spend settling in afterward, on things like furniture and remodeling.

And the money doesn’t stop there. As local businesses earn it, they spend it again in your area, so a single sale ripples further than the sale price alone.

One Sale Keeps a Lot of People Working

Behind every sale is a whole network of people doing their jobs. Contractors, lenders, inspectors, movers, and more. When you buy or sell, you help keep them busy. Lawrence Yun, Chief Economist at NAR, puts it this way:

“Increased home sales mean more economic activity — lawn care, furniture purchases, moving services, mortgage originations and other related business activities all get a boost.“

So, your move supports your neighbors’ livelihoods, too. The deal that gets you into your next home also helps a local crew make payroll. In a year when every paycheck counts, that’s no small thing.

Your Local Impact May Be Even Bigger

What your move financially adds to your community depends a lot on where you live. To help you see how it can vary, here’s a look at the impact of a typical newly built home sale by state.

The national average for a newly built home is about $134,000, but some states see far more (see map below):

In California, a single sale adds more than $300,000 to the local economy. In Hawaii, it’s over $350,000. Even in the most affordable states, the number lands in the tens of thousands.

Want to know what a move would mean where you live? A local agent can show you the figure close to home.

Bottom Line

Moving is both a personal milestone and an investment in your community. So, if the time is right for you, let’s connect. You’ll make a difference for more people than you know.

Buyers • July 15, 2026

Down Payments Are Smaller Than They’ve Been Since 2021

by Joe Spanish

Saving for a down payment can feel like the hardest part of buying a home. And with affordability as tight as it’s been lately, it’s fair to wonder how anyone manages it right now. Here’s something you may not have seen coming.

Some people are getting their foot in the door with a smaller down payment.

According to Realtor.com, the typical buyer put down about $23,400 in early 2026 – that’s around $5,000 below what was typical the year before (a 19% drop year over year). That’s the lowest down payments have been since 2021 (see graph below):

So why are buyers putting less money down, and how can you put less down, too? Here’s your answer.

Why Down Payments Are Getting Smaller

There are a few things driving the trend:

Less competition between buyers. Part of it comes down to a more balanced market. With buyers facing less competition than they did a few years ago, there’s less pressure to put a big sum down just to stand out.
More moderate home prices. Your down payment is a percentage of the purchase price. So, as price growth cools, the amount you need to put down may change too. In a lot of markets, prices have slowed or leveled off, and some areas are even seeing slight dips. That can translate into smaller down payments.
Buyers opting for loans with lower down payments. More buyers are also turning to government-backed loans, like FHA and VA, which often need little or no money down. FHA loans have made up more than 24% of purchase mortgages for five straight quarters, and VA loans recently hit their highest share in over a decade, according to Mortgage Professional America.

But even a smaller down payment is still a significant chunk of cash, and saving it can be hard. So where does the rest come from? For many buyers, two things make the difference: programs built to help, and a hand from loved ones.

Help You May Not Know You Qualify For

Down payment assistance is one of the most overlooked tools out there. Looking at the 10 largest U.S. metros, Urban Institute and Down Payment Resource found nearly 44% of recent buyers already qualified for a down payment program, but many of them closed on their loan without tapping the help (see chart below):

The options are broader than you might assume, too. According to Down Payment Resource:

There are more than 2,600 down payment assistance programs available
More than half (62%) are designed to help first-time buyers
38% have no first-time buyer requirement, so you may qualify even if you’ve owned before
62% are open to buyers earning $100,000 or more

A Boost from Loved Ones

For a growing number of buyers, help comes from closer to home. Research from Veterans United shows about 59% of parents have provided or plan to provide financial support to help their child buy a home.

That support most often goes toward the down payment, followed by help qualifying for a mortgage and covering closing costs. Chris Birk, VP of Mortgage Insight at Veterans United, puts it this way:

“For many families, helping a child buy a home has become less of an optional gesture and more of a practical response to today’s affordability challenges.”

If your loved ones are in a position to help, it can make a real difference in how soon you can buy.

Bottom Line

Down payments are smaller than they’ve been in years, and that opens the door for more buyers.

And with added help from assistance programs and a little help from loved ones, you may have more ways forward than you realized. Connect with a trusted lender to talk through your options.