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Jul 10

1h 10m

First-Time Homebuyer Step #5: Saving for...

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Seller Panic Is Boosting First Time Homebuyer Affordability

20.8% of homes had a price cut in September, the highest since 2018, and you can turn that seller panic into real savings even with rates over 7%.Headlines say rates over 7% have created an affordability crisis, but for the first time in 15 years, sellers can't hold their prices. ... Show More

Real Estate Terms That Trip Up Every First Time Homebuyer

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Debunk the persistent myth that a 20% down payment is required, revealing how most first-time buyers achieve homeownership with significantly less cash upfront.

This episode shatters the common misconception that first-time homebuyers need a 20% down payment, highlighting that the true amount needed is far lower for most. You'll learn the truth about typical down payments, how the "Cost of Waiting" can outweigh Private Mortgage Insurance (PMI), and why a personalized plan with a trusted local expert is essential to uncover your actual savings goal and available financial options. Discover actionable strategies to save faster and achieve homeownership sooner than you thought possible.

"You don't save to save. You save for a reason. And this was my reason." – Joelle (Episode 169)

Highlights

Is the "20% down payment" rule an outdated myth for today's first-time buyers?
What's the actual amount of cash most buyers put down to purchase a home?
Why does waiting longer to save for a larger down payment often cost you more in the long run than paying PMI?
How can a trusted local expert help you uncover hidden down payment assistance programs and seller credits?
What is the "8% Conservative Savings Formula" and why is it often a maximum estimate?
Are you sabotaging your homebuying dream by not considering your 401k as a savings option?
What simple budgeting rules can help you accelerate your savings and reach your goal faster?

Episode Guide & Featured Guests

Episode 405 - Nicholas Zaworski
Episode 459 - John
Episode 430 - Cynthia
Episode 456 - Kennedy Higdon
Episode 358 - Mitchel & Allison
Episode 189 - Stephanie Green
Episode 169 - Joelle
Episode 478 - Matt & Jess Price
Episode 463 - Kyle, Carla, and Hayden
Episode 113 - Stephanie
Episode 273 - Anna Van Devender

Additional Playbooks & Context Mentioned

Episode 441 - The Last Lease Ever Program
Episode 423 - 401(k) for Primary Home Purchase
Episode 416 - Top Budgeting Apps for First-Time Home Buyers
Episode 415 - 7-Part Savings Strategy Series
Episode 239 - Isaiah
Episode 168 - Get Off Your Ass!
Episode 161 - Saly

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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with two decades of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.

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