Down Payment - Southern California
Wife (38) and I (41) are touring properties and will be ready to buy within the next 6 to 9 months. We have a decent down payment locked and loaded ($80k) but I like for us to continue to add to that to cover closing costs, cash reserves, moving expenses, etc.
We’ve been finding listings off Redfin and a local agent who works there has been helping us tour properties. We asked him what down payment amount is he seeing lately that buyers like us are using. His response was the minimum 3.5%.
I’m reluctant to believe that because of the high list prices of properties in San Diego. Condos and Townhomes alone are easily $400k and up. SFH’s are $750k to over a million.
Curious for those who’ve purchased since 2022, what was your down payment amount as a percentage and closing costs? What was the list price of the property?