Using Tax Refund for a Down Payment
Tax Time = Saving Time?
The average estimated tax refund is expected to be $2,840 this year, down slightly from $2,895 the previous year. First-time home buyers, in particular, often say saving for a down payment is their biggest hurdle to homeownership.
As such, the tax time may be the perfect moment to remind clients that their refund may come in handy ahead of the spring market.
Last year, the median down payment was 10 percent. Depending on the average prices in an area, a couple thousand dollars could make a significant dent in that amount.
Twenty-five percent of first-time buyers said that saving for a down payment was the most difficult step in the buying process, according to report. Seven percent of first-time buyers say they plan to use their tax return to go toward their down payment.
Here is some insight on how Americans can invest their tax return and how first-time home buyers may look to invest long term. One of the major hurdles for potential home buyers is the downpayment. With a sizable tax refund, the average American would have a sizeable or partial downpayment depending on which region or market you live in.
Please feel free to explore our website at Precision Realty & Assoc. LLC, if you have any questions or would like to see homes in person, PLEASE give us a CALL 801-809-9866 today.
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