Are you missing out on the home of your dreams because you don't have a 20% down payment saved? San Diego realtor Damian Kowalczyk shows how waiting to save up for a 20% down payment can lead you to miss out on the home of your dreams, plus missed equity.

Don’t Let Not Having 20% Down Saved, Stop You from Buying the Home of Your Dreams

Wait, don't put 20% down on your first home. Hi, I'm Damian with Whissel Realty Group here in San Diego, and today I want to tell you about down payments.

Experts say it takes the average American about six and a half years to save up for their 20% down payment. Now, using that data, let's say you're looking at a home that costs $700,000. 20% of that is roughly about $140,000. S

o, for the next six and a half years, you would have to save up over $21,000 per year to get to $140,000. Now, what if I told you that instead of all this saving money for the next six and a half years, you could actually be making money? What I mean by that is if you bought that same home today for $700,000 and put down 5%, which would be about $35,000, you could be making equity for the next six and a half years. Now, the current appreciation rate here in San Diego is right around 7%. So for six and a half years at that rate of 7%, that means your home would appreciate 45 and a half percent, which means that you would be gaining over $350,000 in equity instead of having to save $21,000 every year.

Now, you might also think that having a higher down payment will strengthen your offer, and might be easier to then buy that dream home. Well, I have an option here for you as well. Here at Whissel, we have an exclusive program that will allow you to turn your offer into a cash offer as well without needing that 20% down.

So if you have any questions about down payments or our exclusive cash offer, or just a home buying process in general, feel free to leave a comment below or shoot me a message, and let's find your next home today.

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