Where Do Home Buyers Get The Money?

Beresford Park San Mateo

San Mateo’s Median Home Price $755,000

With November’s median home price in San Mateo at $755,000 and the home prices higher here than most places in the US, people are always asking me where first time home buyers get the money.

My standard answer is everywhere and anywhere.  The National Association of Realtors has the breakdown.

National Association of Realtors Reports:

61% of first time home buyers used savings; 22% got a gift from friends or family – 6% got a loan from them; 6% dipped into what’s left of their 401(k); 6%sold stocks or bonds.

First time home buyers also became a little more miserly by making financial sacrifices to purchase a home: 39% cut spending on luxury items, 38% cut back on entertainment and 30% cut spending on clothes.

Thanks for reading the San Mateo Real Estate Blog.
I love questions and comments. So please leave one!
Vicki Moore, Realtor
Alain Pinel Realtors, specializing in San Mateo, CA Real Estate.
Need real estate help?
Contact me at 650.888.9268 or Vicki[@]CallVicki.com.

san mateo county home search

Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

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