Recent survey indicates that the general public may be over-estimating the amount needed for a down payment. You can purchase for as little as 3% down. In addition, some cities will offer down payment assistance and rural housing may require $0 downpayment.
So if purchasing a home for $200,000 – 3% would be $6,000. There are closing costs for a purchase in addition which either the buyer can be prepared to cover or negotiate with the seller in the offer for this if cash is a barrier. If selling, know that buyers may ask for help with closing costs.
Happy House Hunting 2016!