cm0002@lemmy.world to United States | News & Politics@midwest.social · edit-212 days ago'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'fortune.comexternal-linkmessage-square22linkfedilinkarrow-up192arrow-down14file-text
arrow-up188arrow-down1external-link'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'fortune.comcm0002@lemmy.world to United States | News & Politics@midwest.social · edit-212 days agomessage-square22linkfedilinkfile-text
minus-squarebdonvr@thelemmy.clublinkfedilinkarrow-up5·12 days agoUh, even in more expensive areas $100k down payment seems a little insane
minus-squaregrue@lemmy.worldlinkfedilinkarrow-up3arrow-down1·edit-212 days 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-squarebdonvr@thelemmy.clublinkfedilinkarrow-up2·12 days agoI don’t think most people are putting 20% down anymore tbh. Especially not in those places
minus-squareBreadstickNinja@lemmy.worldlinkfedilinkEnglisharrow-up1·12 days agoA lot of people put down 10-15% and pay the PMI. That’s what we had to do.
minus-squaregrue@lemmy.worldlinkfedilinkarrow-up1arrow-down1·12 days agoOr 3.5% with an FHA loan (if that’s still a thing?).
minus-squareActuallyGoingCrazy@sh.itjust.workslinkfedilinkEnglisharrow-up1·12 days ago100k is 6 digits
minus-squarebdonvr@thelemmy.clublinkfedilinkarrow-up5·12 days agoRight, the comment I’m replying to is saying that 5 digits wouldn’t be enough
minus-squareExtantHuman@lemm.eelinkfedilinkarrow-up2·12 days 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-squareBartyDeCanter@lemmy.sdf.orglinkfedilinkarrow-up1·9 days 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-squarebdonvr@thelemmy.clublinkfedilinkarrow-up1·9 days 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
Uh, even in more expensive areas $100k down payment seems a little insane
$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?).
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