@[email protected] to United States | News & [email protected] • edit-22 months ago'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'fortune.comexternal-linkmessage-square22fedilinkarrow-up192
arrow-up192external-link'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'fortune.com@[email protected] to United States | News & [email protected] • edit-22 months agomessage-square22fedilink
minus-square@[email protected]linkfedilink5•2 months agoUh, even in more expensive areas $100k down payment seems a little insane
minus-square@[email protected]linkfedilink5•2 months agoRight, the comment I’m replying to is saying that 5 digits wouldn’t be enough
minus-square@[email protected]linkfedilink2•2 months agoNo it isn’t. It says “who has that?”, and “what bank would approve the loan for the falling apart shack that would buy”
minus-square@[email protected]linkfedilink1•2 months agoThe floor price to buy a 2/1 house is $750,000 in my town. Assuming a standard 20% down payment you have to come up with $150,000 cash to buy the worst house in town.
minus-square@[email protected]linkfedilink1•2 months agoMaybe. But. That’s assuming people are actually putting 20% down, which I doubt. And either way, even though prices are rising everywhere your area is still an outlier
minus-square@[email protected]linkfedilink3•edit-22 months ago$100k is 20% of a $500k house. 20% is the traditionally “normal” amount, and $500k is a pretty average price in big cities these days…
minus-square@[email protected]linkfedilink2•2 months agoI don’t think most people are putting 20% down anymore tbh. Especially not in those places
minus-square@[email protected]linkfedilinkEnglish1•2 months agoA lot of people put down 10-15% and pay the PMI. That’s what we had to do.
minus-square@[email protected]linkfedilink1•2 months agoOr 3.5% with an FHA loan (if that’s still a thing?).
Uh, even in more expensive areas $100k down payment seems a little insane
100k is 6 digits
Right, the comment I’m replying to is saying that 5 digits wouldn’t be enough
No it isn’t. It says “who has that?”, and “what bank would approve the loan for the falling apart shack that would buy”
The floor price to buy a 2/1 house is $750,000 in my town. Assuming a standard 20% down payment you have to come up with $150,000 cash to buy the worst house in town.
Maybe. But. That’s assuming people are actually putting 20% down, which I doubt.
And either way, even though prices are rising everywhere your area is still an outlier
$100k is 20% of a $500k house. 20% is the traditionally “normal” amount, and $500k is a pretty average price in big cities these days…
I don’t think most people are putting 20% down anymore tbh. Especially not in those places
A lot of people put down 10-15% and pay the PMI. That’s what we had to do.
Or 3.5% with an FHA loan (if that’s still a thing?).