"I'm Saving for Down Payment!"
- Robert Silva
- 1 day ago
- 1 min read
How Waiting for Enough Savings Might Cost You More!
Let’s break this down.
If you’re saving about $6,000 per year, it would take roughly 3.5 years to save the $21,000 needed for a 3% Down Payment on a $700,000 Home. But during those same 3.5 years, if the home appreciates at just 5% per year, that $700,000 home could increase in value by about $122,500.
So, while you’re working hard to save $21,000, the price of that same home may have increased in value. In other words, the cost of waiting could be six times more than the down payment you were trying to save.
This is why many buyers explore First-Time Buyer Programs, Down Payment Assistance, or Low Down Payment Loan Options. Sometimes getting into the market sooner can make a much bigger difference than waiting for the perfect savings number.
If you’re curious about what programs might be available to help you buy sooner, feel free to reach out. I’m always happy to walk through the numbers with you.
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